N.Z. LOAN AND MERCANTILE

Wanganui Chronicle, Volume 79, Issue 282, 2 December 1935, Page 11

N.Z. LOAN AND MERCANTILE

LARGE DECLINE IN NET PROFIT. Ih’e New Zealand Loan and Mercantile Agency Company, Limited, have received a cablegram from their London office intimating that the company will hold its annual meeting in Lon don on December 12. The annual report and balance-sheet shows that after paying taxes, £18,949, and providing for bad and doubtful debts and charging interest on lirst and second mortgage debenture piGlit and loss account shows unce of £17,014, to which is to be added the amount of £77,414 brought forward from last year, making £94,458. The dividend recommended will absorb net £38,750, leaving £55,708 to be carried forward. The distribution proposed is as follows:—Dividend on 5 per cent, cumulative preference stock of 5 per cent, for the year ended June 30, 1932, less English income tax at the rate of 4s 6d in the £l. The company’s results and appropriations for the last three years compare as follow: 1933. 1934. J 935. £ £ £ Brought fwd. .18,552 27,126 77.414 Losses* . . .. 41.426 Net profit* .. ' -89,03 S 17,044 Fro at reserve . 50,000 - 27.126 116,104 94,458 Div. 5 p.c. on cum. pref. stk. to 30/6/32 .. - - 38,750 38,750 Carry fwd. .. 27,126 77,414 55,708 ‘After payment of £68,000 interest on debentures. No ordinary dividends have been paid sinci* 192'.), and dividends are unpaid on the 61 per cent, cumulative second preference stock since June 30, 1932. The payment now recommended on the 5 per cent, cumulative preference stock is the second since June 30, 1930. The £2,500,000 capital of the com pany is comprised of £1,000,000 5 per cent, cumulative preference and £500,000 GA- per cent, cumulative second preference stock, and £1.000,000 ordinary stock. First mortgage debenture stuck is £1,000,000, and second mortgage debenture stock, the same amount, £300,000 of the latter being held by the company.