N.Z. PAPER MILLS, LTD.

Otago Daily Times, Issue 27390, 16 May 1950, Page 8

N.Z. PAPER MILLS, LTD.

Final Dividend Of Four Per Cent. The directors ot the New,Zealand Paper Mills, Ltd., in then annual report for the year ended March 31 last, state that, after making provision for depreciation and taxation and for bad and doubtful debts, ilicfre is a balance in the Profit and Loss Approcriation Account of £51,138. Deducting the interim dividend paid on November 30, 1949, requiring £OOOO, there is available £45.133. The directors recommend that this amount be dealt with as under: Payment of a final dividend of 4 per cent, for the year ended March 31, 1950 (making 7 per cent, for the year), £8100; and carry forward £37 138. The company's trading operations, the report says, were affected during part of the year by a restricted demand, which included all standard wrapping lines, and this has been reflected in a reduction in mill output as compared with the preceding year This position was, however, adjusted later in the period when lower selling rates became effective following the processing of lower-priced pulp, and mill production is again on a satisfactory toiina.ee basis Tile output of paper bags from the Mataura factory was also lower. Plant has been maintained with the customary care, and, in addition, provision has been made in the accounts for further replacpments as planned. This will later include special repairs to buildings, which work has been delayed owing to the existing shortage of steel supplies. Stock values are shown at a substantially reduced figure as compared with last year's accounts, owing to the lower costs now ruling for raw fnaterials and other supplies.