COMPANY AFFAIRS

Wanganui Chronicle, Volume LXXXIII, Issue 20109, 30 March 1928, Page 9

COMPANY AFFAIRS

HOWARD SMITH LTD. Nett profit revealed by Howard Smith. Ltd., for 1927, is smaller than for several years past. It amounts to £200.979, and compares with £211,608 for 1926, 221,042 for 1925, andd £265.464 for 1924.

The company holds large interests in Australian Steamships, Pty., Ltd., Caledonian Collieries, Ltd., Invincible Colliery, Ltd., the Australian Sugar Co., 'xnd Commonwealth Steel Products, Ltd. The balance-sheet shows shares in nth* l companies, at valuation, £2,608,520, against £2,435,688 twelve months ago. During the year the company acquired substantial interests in Portland Cement, Metal Quarries, and it is interested in the merging of British and Australian interests for the development of iron and steel works at Port Kembla. Smaller income from shareholdings in associated companies accounts for the drop in profits. The company, nevertheless, has nrnin'tinedd the 10 per cent, dividend ordinary shares, after meeting the charge on the amount paid up on preference shares. These istributions absorb all but £216 of the disclosed earnings, and the carry-forward is increased by that amount to £58,330.

The reserve fund and accumulated profits total £289,832, and are employed in the business. Liability on account of deposits has been reduced from £231,315 to £170,626, but creditors have arisen trom £413,402 to £433,003. In addition to shares m other companies there are liquid assets of £330,535, a decline of £39,550 on the year. Stocks are shown at £43,160, against £69,711, while fixed assets at £158,596 ore down £1253.