COMPANY AFFAIRS

Wanganui Chronicle, Volume 73, Issue 429, 21 November 1930, Page 9

COMPANY AFFAIRS

GOLDEN BAY CEMENT CO., LTD. SMALL NET PROFIT The directors of the Golden Bay Cement Co., Ltd. report for the year ended June 30 last it profit of £42 12s lOd. Part of the old plant having become obsolescent, its present book cost will need to be written off over the next few years. This the directors propose to do out of annual profits, which in their opinion should be more than sufficient for the purpose. During the latter part of the year the difficulties of maintaining the output of the old plant were increased due to the fact that the installation of the new plant was nearing completion, but the result of the year’s working has actually been more favourable than was anticipated. The new machinery commenced manufacturing cement during August, and is proving satisfactory. Cement of the first quality is being manufactured, and the board is fully satisfied that this modern plant will give the favourable result that w r as expected of it. The board expresses on behalf of shareholders its appreciation of the way in which the management and other personnel at the works have carried on the operating of the old plant under trying conditions during the past year. The deepest regret is expressed at the recent death of Sir Joseph Ward, who had been chairman of the board since early in 1929. The valuable services rendered to the company by him during his connection with the board are duly recognised. During the year Mr George Shirtcliffe retired from the board, as he was proceeding overseas, and Mr H. L. Nathan was appointed to the vacancy. On Mr Shirtcliffe’s return to New Zealand he was appointed to the board to fill the vacancy caused by the death of Sir Joseph Ward. Mr F. RHogarth, a shareholder-director, and Mr C. M. Olliver. debenture-director, are the retiring directors, and both being eligible, offer themselves for reclection. COLONIAL SUGAR CO., LTD. NKT PROFIT LOWER Net profits realised by the Colonial Sugar Refining Company, Ltd. for the half year ended September 30, 1930, from the work of the factories and from other investments, after providing for depression and other charges, amount to £350,726, contrasting with £445,336 for the previous half year. The sum brought in is £390,488. The board proposes to pay a dividend of 20s and a bonus of 5s per £2O share, which, together, will take £365,625, and leave £375,589 to the credit of tho profit and loss account. For the half year ended March 31 last dividend and bonus were at the above rates. The report of the directors states that the world’s sugar market has been greatly depressed during the past six months, and that there is no sign yet of an advance in the prices now ruling. Both in Australia and Fiji the weather has recently been favourable for the growing crops, and the cane cut this season has been about the average in sweetness. Subject to the endorsement by the commissioner, the percentage of the dividends and bonuses paid during the twelve months ended June 30, 1930, Hable to Commonwealth income-tax is 67-7. Comparisons of main balancesheet items arc given beneath:— Mar. 31, Sept. 30. 1929 1930 Liabilities — £ £ Capital paid up . . 5.850,000 5,850,000 Reserve fund . . . 975,000 1,075,000 Replacement and depreciation fund 2,189,883 2,240.195 Sundry creditors . 1,310,479 586,027 Expense accounts 3,015,826 3,017,129 Assets— Refineries Australian and N.Z. . 2.942,390 2,980,183 Distillery 119,880 120,169 Sugar mills in Aust. with plant, etc. . 2,351,449 2,484,100 Sugar mills in Fiji with plant, etc. . 1,391,911 1,271,778 Stock of material 336,914 353,659 Ocean steamers . . 100,000 100,000 Stocks of sugar . 2,473,175 2,476.990 Office premises . . 66,849 56,010 Sundry debtors .. 1,813,655 2,039.932 Cash, etc 2,628.029 1,673,695