BETTER BUSINESS YEAR

Taranaki Daily News, 19 July 1930, Page 12

BETTER BUSINESS YEAR

NEWTON KING, LTD.

DIRECTORS’ ANNUAL REPORT.

DIVIDEND OF 6> PER CENT.

A satisfactory business year is recorded in the annual report of Newton King, Ltd., for the year 1929-30, and for the first time since the inception of the company, as a result largely of the recapitalisation of the company recently, dividends are being paid on both preference and ordinary shares. To shareholders the most satisfacfactory aspect of the balancesheet will probably be the facts that (including £450 18s. 6d. brought forward last year) the profit and loss appropriation account shows a credit balance of £20,994 10s. 9d., and that a dividend of 6| per cent is being declared on both preference and ordinary shares.

The annual report states:—The profit and loss appropriation account, including £450 18s. 6d. brought forward from last year, shows a credit balance of £20,994 10s. 9d. This figure has been arrived at after an exhaustive overhaul anti investigation of the company’s assets as at the end of the financial year, and the directors consider that liberal provision has been made for the upkeep and depreciation of the company’s fixed assets.

The debts due to the company were again subjected to close inspection and valuation, and the necessary provision has been made to take care of any un-provided-for accounts which appeared doubtful at the end of the financial year. This year, of course, the balancesheet figures reflect the drastic writingdown of the assets, which took place as a result of the reduction of the capital of the company sanctioned by the shareholders in July, 1929. From a comparison of the balance-sheet totals cf the various assets as printed this year, shareholders will readily appreciate the fact that the values as shown in this year s accounts are on a very much sounder basis than ever before'. With regai d to the balance shown above at the credit of profit and loss appropriation acount the directors recommend that this amount be dealt with as follows :— By the payment of adividend of 6J per cent, for the year on both preference and ordinary capital, absorbing £13,294 8 0 By the carrying forward of the balance remaining, amounting to .. £7,700 2 9 £20,994 10 9 The directors are pleased to announce that the concessions by the trustees of the estate of the late Newton Kin", as outlined at the last annual meetin", have been arranged. ° The annual license fee payable by the company is. calculated upon the amount

of its nominal capital and, in order to effect a reduction the directors su»"est that the 75,500 unissued preference shares be cancelled, and a motion to this effect will be submitted to the annual meeting. As the board as now constituted fully complies with the articles of association of the company, the directors decided that they would not at present fill tlie vancies caused by the death of Mr. H. E. Abraham and the retirement of Mr. Albert Thorne.

Under article 101 of the articles of association the following directors retire this year: Messrs. J. H. Ashton, W. Healy, T. King, S. E. Shaw and J. H. P. Strang. These are all eligible and offer themselves for re-election. PUNIHO NEWS

MANY SOCIAL ACTIVITIES.

(From Our Own Correspondent.)

The fortnightly euchre party was held in the Puniho schoolroom, the attendance not being so large as at the previous ones owing, no doubt, to the many counter attractions falling the same evening. Miss M. Corbett was again the winner of the ladies’ prize, Mr. T. Brunsden securing the men’s. Mr. W. Wilan was master of ceremonies for the dance. The supper was provided by the members of the ladies’ committee. Thanks to the efforts of the Rev. J. Adams, Anglican Sunday school classes have now commenced in this. district, Miss Mary Bell having volunteered to leach the children. The ladies of the district have formed a sewing guild, Mrs. R. J. Bell and Mrs. E. B. Cooke filling the positions of president and secretary respectively. A large programme has been mapped out. with the prospect in view of holding a bazaar, the proceeds being for the church funds.

Another inauguration of the Rev. Adams is the Young People's Club, with headquarters at Okato. It is with the intention of bringing the young people of the parish together more that the club has been formed, and if the first two evenings are any criterion it will fulfil its purpose. A series of socials, which include leclurcttes, impromptu speches, etc., has been arranged. Miss Mary Bell and Mr. Bell have been elected to represent the Piinilio members on the committee.

On Thursday, July 10, the “Tin Can Band” in full force turned up at the residence of Mr. and Mrs. H, Donald, jun., Warca Road, to welcome them home. Songs and games occupied the evening and-Mr,. 11. Woodward presented the bride and,, bridegroom with a gift from the bachelors of Warea.