COMPANY NEWS

Southland Times, Issue 23817, 15 May 1939, Page 3

COMPANY NEWS

RADIO CORPORATION OF NJZ. INCREASED PROFIT FOR YEAR The Radio Corporation of New Zealand Ltd., held its second annual general meeting on Thursday, April 27. The chairman of directors, the Hon. Sir Charles Statham, presided. The directors’ report and annual statement of accounts and balance-sheet were adopted. The net profit earned for the year 1938 amounted to £10,462/4/7, as against £3235/12/11 for tile period of 16 months ended December 31, 1937, which, with the £416/10/- balance carried forward from last year, brought the total amount at credit of profit and loss appropriation account up to £10,878/14/7. Out of this sum provision has been made for income tax £3765 and for social security tax £5OO, writing off the balance of £793 oustanding for preliminary expenses, £72/15/- on account of brokerage, £405 on account ofe alterations to factory and placing a further sum of £315 to bad debts reserve, leaving the net balance’ of profit and loss appropriation account at £5027/19/7. The actual turnover for 1938 was 43 per cent, greater than that for 1937. The directors’ recommendation that a dividend of 6| per cent, on the amounts for the time being paid up on both preference and ordinary shares for the year 1938 was agreed to, the dividend on the preference shares being made payable in cash, and provision being made for satisfying the dividend on the ordinary shares by the allotment of fully-paid ordinary shares in the company to participating shareholders for the amount of their respective dividends (fractions of £1 to be paid in cash). The retiring director, Colonel G. J. Smith, and the auditor, Mr J. L. Arcus, were re-elected.

A special resolution increasing the nominal capital of the company to £160,000 by the creation of additional capital of £BO,OOO divided into 20,000 preference shares of £1 each and 60,000 ordinary shares of £1 each was unanimously agreed to, the consent of the preference shareholders having been obtained before the meeting.

THE METAL MARKET (Received May 13, 6.30 p.m.) LONDON, May 12. Metal quotations are as follows:— May 11 May 12

A ton. A ton. £ s d £ R d Copper— Standard, spot 42 0 7>/ 2 41 13 1>,4 Forward 42 6 10-/2 42 0 0 Electrolytic 47 15 0 48 2 6 to 48 15 0 48 7 6 Wire bars 48 15 0 48 7 6 uead— Spot 14 12 6 14 11 3 Forward 14 16 lOVz 14 15 v/ 2 SpelterSpot 13 15 7>,4 13 15 0 Forward 14 1 lO'/i 14 0 7>/ 2 TinSpot 226 2 6 225 5 0 Forward 223 12 6 222 12 6 SilverFine, per oz 20 lid 20 1 -16d Standard, per oz 21 ll-16d 21%d