Page 3 Advertisements Column 6

Southland Times, Issue 24001, 16 December 1939, Page 3

COMPANY NEWSTODD MOTORS CORPORATION ORDINARY DIVIDEND OF 10J PER CENT The second annual meeting of shareholders of Todd Motors Corporation, Ltd., was held at Wellington this week, the chairman of directors (Mr Charles Todd) occupying the chair. The annual report stated as follows:— “The operating companies show a net profit of £116,152/4/2, subject to income tax and social security tax for the year. Details are as follows: — “Todd Motors, Ltd.—The profit and loss account for the year ended September 30, 1939, shows a net profit of £111,053/18/6, subject to income tax and social security tax. Provision of £57,388 has been made for taxation and the balance, £53,637/18/6, has been transferred to the corporation. “Todd Motor Industries, Ltd.—The profit and loss account for the year ended September 30, 1939, shows a net profit of £5116/5/8, which, after providing for income tax and social security tax amounting to £1947/1/9, left a balance of £3169/3/11, which has been transferred to the corporation.

“The total amount of £56,817/2/5, representing the net surplus in the profit and loss appropriation accounts in the books of the above-mentioned two operating companies at September 30, 1939, has been received by the corporation. Of this sum £30,000 was received in May last to provide for payment of half-yearly dividend to shareholders and to enable another £15,000 to be placed to the credit of the preference dividend equalization account. “At a meeting of directors held on May 15, 1939, resolutions were passed, authorizing the transfer of the £15,000 to the preference dividend equalization fund; payment of an interim dividend of 6 per cent per annum for the halfyear ended May 15, 1939, to preference shareholders, absorbing £7167 2/1, and an interim dividend of £7500 for the half-year to ordinary shareholders. The preference dividend equalization fund now amounts to £30,000, thus providing for two years’ dividends to preference shareholders. “After making the above-mentioned payments and providing £750 for social security tax on portion of the profits, which were not taxable in the hands of the operating companies (the first £15,000 set up in the preference dividend equalization account), and paying small accounts £2Bl/11/2, there is left a balance of £26,118/9/2 available for distribution, less £425 for directors’ fees. The sum of £7500, less social security tax, £375, leaving £7125 net, is required to pay the dividend of 6 per cent per annum for the half-year ended November 15, 1939, to preferSamoan bananas are expected some time next week. APPPLES NEARLY FINISHED Apples ex cool stores are practically finished for the season and high prices are being obtained. The quality of the cherries reaching the market is improving and satisfactory prices are being obtained for this quality. Small grade cherries are in good supply, with low prices ruling. Strawberries are offering in small lots. Hothouse tomatoes are in good supply from the local hothouses. There is a steady demand and prices have been well maintained.