N.Z. NEWSPAPERS LTD.

Wanganui Chronicle, Volume 79, Issue 107, 7 May 1936, Page 11

N.Z. NEWSPAPERS LTD.

DIVIDEND OF 6 PER CENT The directors of New Zealand Newspapers, Limited, state that the profit for the year ended March 31, 1936 was £47,694 17s, to which has ocen added the balance brought forward from 1935 after a payment of final dividend. £26, 478 6s Id making a total of £74,173 3s Id. An interim dividend at the rate of five per cent, per annum was paid in October, 1935, absorbing £17,925, leaving a balance available of £56,248*3s Id. From this the directors recommend the payment of a dividend, which, with the interim dividend, makes a total of C per cent, for the year, £17,925, leaving the amount to be carried forward £3B - 323 3s Id. The annual meeting will be held on May 27, and the share transfer books will be closed for the 14 days proceeding the meeting. a consequence of the sale of one of the company ’s daily paper., in Christ- | church, the directors consider that the ! present »capital is in excess of the com- , pany’s requirements, and that a reduc- I tion of the capital is desirable. Reso- I lutdons, with the object of effecting ’ this and refunding to the shareholders . 3s 4d-per share, will be placed before | the meeting. The resolution is as follows:—That ; the capital of the company be reduced | from £1,000,000 dividend into 1,000,000 . ! shares of £1 each to £700,900 dividend I into 840.000 shares of 16s B'l each, and , that such reduction be effected by re- I turning to the holders of the 597,500 1 paid-up shares, paid-up Capital to the • extent of the 3s 4d per share and by ’ reducing the nominal amount of the ■ said shares from £1 to 16s Sd each and by cancelling 160,000 shares of £1 each which have not been taken :r agreed to J be taken by any person. The balance-sheet shows the following figures:— Liabilities: Paid up capital,£s97,soo; |‘ reserve, £55,000; sudry creditors, £41,861; profit and loss account, £56,248. Assets: Freehold property, land and buildings (at cost less depreciation), £160,946; Copyright and interest in United Press Assn., £120,000; machinery, plant, furniture and fixtures (at cost, less depreciation), £135,380; stock of paper and sundry materials, £60.891; book debts (less reserve for doubtful accounts), £44,378; shares in subsidiary company, £500; amount due by subsidiary company, £398; investments—shares and debentures in other companies, and cash on deposit, £217,008; bank balances, £11,015.