COMPANY AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20425, 2 October 1934, Page 9

COMPANY AFFAIRS.

New Zealand Investment Trust. DIVIDEND OF 5 PER CENT. (Special to the “Star”) WELLINGTON’. October 2. At the second annual general meeting of the Xew Zealand Investment Trust. Ltd., in Wellington. Mr A. W. Gibson, chairman of directors, outlined the accounts and holdings of the company. The reserves account for the period ended May 31, 1934. was £5295 10s 3d. and after payment of debenture interest. £I4OB 6s Id, and overhead expenses of £1541 14s 4d, writing off £lO9l 13s 4d of preliminary expenses, providing £327 17s 3d for auditors’ fees, and provision for income tax, the net profit available for distribution was £921 14s 6d, of which the directors recommend the payment of 5 per cent dividend, absorbing £634 12s 4d. The balance, £287 2s 2d, less any directors’ tees voted, is to be carried forward. I he aggregate value of the coinpanv’s investments at date of balance was considerably in excess of their cost. Ihe company’s holdings were 42 56 per cent industrial, 19.42 per cent Governmerit securities, 15.4 per cent banks, 0.0/ per cent local body debentures, 6.7 per cent finance, 3.68 per cent fixed deposits, 2.17 per cent transport, 7.5 per cent insurance. After the adoption of the directors’ report and balance-sheet the stockholders passed a unanimous resolution confirming the investments contracts ancl the policy of the directors, director. J ' Garbett was appointed a New Zealand Guarantee Corporation. A net profit of £19,602 15s 2d is revealed in the report and balance-sheet of the New Zealand Guarantee CorLtd., for the year ended August 31, to be presented at the annual general meeting of shareholders °n October 15 in Wellington. The directors’ report states, inter aha: " during the past year business has steadily increased month by month and the probabilities are that, within a further two or three months the whole of the corporation's capital will again be fully occupied in its ordinary business. “The net profit for the year, after providing for income tax and after making adequate provision for ail losses on doubtful securities, amounted to «9.602 15s 2d. compared with £7217 14s 4d for last year. During the year the corporation’s capital was reduced and now stands at £<2,000, made up of 480.000 ordinary shares of 3s each fully paid. The reduction of capital involved a cash payment of £142,400 to shareholders, and of this amount the sum of £140,501 os had been paid by the end of the financial year. “ The credit balance at the bank amounts to £3477 18s 9d and the investments which appear in the balancesheet at £23.926 13s 6d are shown at cost or market price whichever is the lower. “An interim dividend at the rate of 7 per cent per annum on the preference shares, less the statutory reduction of 20 per cent required under' the provisions of the National Expenditure Adjustment Act. amounting to £560 for the six months ended February 28. 1934, was paid to preference shareholders together with the capital refunds. “ A dividend of 2d per share was also paid on the ordinary shares, this accounting for the sum of £4OOO. " The balance of profits carried forward from last year amounts to £1502 19s sd. and the directors now recommend the payment of a final dividend of 2d per share. “ The directors further recommend that the sum of £IO.OOO be transferred to general reserve account. If the directors' recommendations are carried out. the balance to be carried forward to next year will then be £3256 19s. Two of the original directors. Messrs Kirkcaldie and Magnus. retire in accordance with the corporation’s articles of association, but, being eligible, offer themselves for re-election.” The balance shc-et shows the following position: LIABILITIES—- £ j«. <3. L .<=. d

1127,0411 10 C Monteith’s Brewery Pays 6 Per Cent Dividend. The directors of Monteith’s Phoenix Brewery, Limited, Reefton, lave declared a dividend of 6 per cent for the financial year ended March 31, payable to-day. The rate is unchanged. The company is now a holding concern, with interests in Westland Breweries, Limited, Greymouth. New Zealand Ne-wspapers Interim Dividend. Ter Press Association AUCKLAND. October 1 The directors of New Zealand Newspapers. Ltd., have declared an interim dividend for the half-year ended September 30. at the unchanged rate of 5 per cent per annum.

•Subsc. capital Mortgage on 72.000 0 0 ■ properties Reserve for 5 0 Unclaimed 250 0 0 dividends Unclaimed re4 1 10 0 1.S9S 1 5 Sundry creel. . Profit <& Ross Account .. 2,214 3 10 Plus net profit 19.602 15 2 21,SI 6 19 0 Less- interest paid to pref. shareholders 500 1 and int. div. 4.560 0 0 17,256 1 9 0 £1 27,0 4 9 Contingent Inability — Reserve liability on in10 6 ASSISTS— Properties at r o.st (less 5.520 i 0 d. depreciation) Furniture and fittings (less 20,54 4 13 y Shares in other companies 279 1 1 3 Dills receivable dess unearned interest), sundry debtors, loans and vnori28,926 13 gages 7S.766 3 Dividend bank account . . Cash in hank 3.477 IS 9 Cash in hand 10 U 0