COMPANY AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20391, 23 August 1934, Page 11

COMPANY AFFAIRS.

New Zealand Dairy Company Meets. MARKETING CRITICISED. Ter Press Association. HAMILTON, August 22. After allowing for share deductions the New Zealand Co-operative Dairy Company will pay out £417,180 11s 3d! in bonuses, an increase of £45,570 2s 3d' over last year. “We are not obtaining anything like the returns we would g"t if we adopted practically the same system as the Danes,” declared Mr W. Dynes Fulton, dealing with marketing in an address at the annual meeting of the company to-day.

Mr I'ultcn commented freely on the Danish lines. “Our competitive methods of getting out quickly and dropping the market have cost New Zealand a great deal of money over a. long period of years, as well as retarded the concentration by factory managers on the manufacture of the same uniform grade of butter right throughout,” said Mr Fulton. “I do not mean to imply that our butter is not of good quality, because I found that, generally speaking, the best New Zealand butter is equal to the best butter being sold in Great Britain, but 1 do say that our butter is net of uniform quality throughout because of the chopping and changing of agents from year to year. A clientele that has been built up by any particular factory’s good butter can easily be lost in the next year for the reason thrt the agent of the merchant has not been able to get a price equal to some other, who had possibly received a better price for a certain shipment.” • Railway Charges. The opinion that the time is overdue for lower railway freights and electric power charges was* expressed by Mr C. J. Parlane, general manager, in his address at the annual meeting of the New Zealand Dairy Company to-day. Mr Parlane said that the question of transport had been given considerable attention by the directors and whilst the company supported the railways they considered that the time had arrived when the railway authorities should make some effort to reduce their freight charges in line with prices which the farmer was to-day receiving for his produce. From the report prepared it appeared that present freight rates from stations in the company’s territory to Auckland were about 100 per cent higher than they were in 1917, while the prices that the farmer received for butter-fat over 100 per cent higher in 1917 than they’ were to-day*.

Wellington Woollen Co.

At the ordinary general meeting of the Wellington Woollen Manufacturing; Company. Ltd., on Tuesday, the chairman of directors, in moving the adoption of the report and balance-sheet, said that compared with last year’s figures, their indebtedness to their bankers, £5546. was less by £13,325, being the lowest for the past 18 years. Had it not. been for the very much larger payment for wool, the account would havebeen as well in credit at balance date as it was now. The total liabilities, £49,585

—outside the share capital—-were less by £6236, and the stock. £161,542, was lower by £1589. The book debts at £56,074 were £2311 higher, due to an increased turnover. Full provision in that item was made for contingent losses. In the profit and loss account, the expenses. £21,873, were lowed by £IBOO, while the gross profit was £797 better: £SOOO was the usual sum allowed for depreciation, but an extra £IOOO was written back under that head. The carry-forward was increased by £1945, being £5232, against £3787. The stock had been listed with full regard to the London drop that occurred in wool values. The buildings and plant had had small additions only, during the financial period, but fairly substantial commitments had been made for the current year.

A building to house the hosiery finishing staff and machinery was being built, and the transfer from Petone would be made shortly. In carrying out the building additions, they were not assisted by a Government subsidy. The land and building being vacated at Potato would be sold or leased. The mill machinery was being considerably supplemented, to keep it as usual in line with the newest developments. The board had hoped that the restriction on prefernce shares dividend, imposed under the National Expenditure Adjustment Act. 1932. would, as financial conditions improved, have been renJoved before the expiry of the term in 1935, but, on the contrary, the Finance Act, 1934, extended the time until March 31, 1937. Some overseas shareholders, not conversant with local conditions, had asked why the 6 per cent preference shares were receiving only 5 per cent, and that was the explanation. Jhe report and balance-sheet were adopted. The retiring directors. Dr C I l’endergast Knight and Mr J. F. Dyer, were re-elected, und Messrs Henrv Kember and Son and E. \V. Hunt were reappointed auditors. Adelaide Steam.

By payment of a final dividend of 3i per cent, Adelaide Steamship Co., Ltd., will raise its dividend to 6 per cent for tine year. This compares with 5 per cent for the previous year, which included final dividend of 3 per cent. Rawang Tin. Rawang Tin Fields, Ltd., has declared a dividend of 3d sterling a share. The divtdend, plus exchange, will be payable on August 30 in Australia. Transfer books of the company will be closed .from August IS to August 30 inclusive. Amalgamated Zinc. Amalgamated Zinc (De Bavays), Ltd., earned' a gross income during the halfyear ended December 31, 1933. of £49SO, of which £3933 was interest earned and £1047 dividends received on shares in other companies. After deducting Broken Hill compensation charges, taxation and administrative charges, there is a net profit of £3003. A sum of £1997 is transferred from equalisation reserve to make available £SOOO which was absorbed by the payment of a. 5 per cent dividend in April. 1934. The directors state that, in addition, furtive r dividends totalling £2013 have been •••'reived since the close of the half-year. t** , General Motora-Holden'l. Ltd. The managing director of General Mo tors-Ho! den’s. Ltd. (Mr L. J. Hartnett), referring to the declaration of a further year’s 6 per cent preference dividend, payable on September S, from the profits made in the 'first six months of 1 934, said that, following the payment of a similar dividend in March of this year, this meant that in 193 4 the company was distributing two full years’ dividends, amounting to £67.392, to the 1500 shareholders in Australia, whose holdings in the company represented over £500.00§. The company, Mr Hartnett pointed out, had been quick to adjust itself to the improved market conditions which existed for the products that it manufactured in Australia and sold here.

Grey and Menzieu, Ltd. AUCKLAND, August 22. Increased profits are shown by Grey and Mensies, Ltd., in the accounts for the year ended June 30. The net earnings amounted to £557. against £224 in the preceding year, and a loss of £1290 in 1922. Tile profit, added to the amount brought forward, provides a balance of £S7B. From this the directors recommend payment of the 1932 preference dividend, absorbing £350, leaving a balance of £528 to be carried forward.

Jersey potato exports for this year reached the higheft figure recorded since 1922, with 55,622 tons, valued at £612,385.