INCREASED OUTPUT

Otago Daily Times, Issue 27079, 13 May 1949, Page 9

INCREASED OUTPUT

NEW ZEALAND PAPER MILLS YEAR

The directors of the New Zealand Paper Mills. Ltd., in their report for the year ended March 31 last state that after making provision for depreciation and taxation, and for 1 bad and doubtful debts, there is a balance in profit and loss appropriation account of £43,862. Deducting the interim dividend paid on November 30, 1948, requiring £6OOO, there is available £42,862. The directors recommend that this amount be dealt with as under: Payment of final dividend of 4 per cent, for the year ended March 31 (making 7 per cent, for the year), £Booo' carry-forward, £34,862. Mill production, the report states, showed a further, and satisfactory, increase in total output as compared with previous years, but advances in processing and distribution costs still continue to affect the net profit. Paper bag manufacture in the new premises at Mataura has been steadily advanced to a good tonnage figure. To ensure continued availability of the full coal requirements of the mills, the company has obtained a lease of land near Mataura for open-cast mining, and these extended operations are already showing a good yield. Stock values are only slightly below the figure for last year, this being accounted for mainly by the continued high prices which have ruled for wood pulp and other supplies.