GENERAL MOTORS-HOLDEN’S

Wanganui Chronicle, Volume 79, Issue 124, 27 May 1936, Page 11

GENERAL MOTORS-HOLDEN’S

General Motors-Holdcn’s. Ltd., whose shares are quoted in New Zealand, made a net profit of £673,057 during the year ended December 31, compared with £402 333 the previous year, and £134,161 in 1933. In common with many other big manufacturing concerns, the company had a disastrous experience during the depression, its losses for the two yeais ended June 30, .1932. aggregating £859,000. Last year’s profit, however, was sufficient to recover the last of the depression losses, and leave a surplus profit of £310.441 for the five years and a-half from July 1, 1930, to December 31. 1935. During the year, preference dividends for the two years and a-half to September 1. 1935. were paid, aggregating £84,820. Ordinary shares received a dividend of 20 per cent, in (December, the first since the merger of General Motors and Holden \in 1931. The directors state that no difficulty is expected in the future in paying regular preference dividends on the due dates. The year’s distributions leave a credit of £400,618, to be carried forward, igainst £-1962 brought forward. All the ordinary shares, except those held by directors representing Holden interests, are owned by the General Motors Corporation. Each section of the company's operations showed an increased volume of sales, and an increased net profit. The lirectors state that they have planned ore invest th : s year about £500.000 of profits in new buildings. plant s and equipment. Of this amount, £430,000 s being spent in the establishment of •entral administrative headquarters for Australia, and in extensive factory and 3art.s operations. The new undertaking s being established at Fisherman’s Bend. Melbourne. The first group of buildings should be completed by the md of July. The balance of expendi;ure is being made throughout Austraia in extending and adding new equipnent for body building and chassis as;embling operations. This programme vas begun last year, when £60,900 was :pent on the Adelaide body plant. During 1935, the report adds, the ; company employed 7421 operatives, mid £1,374.686 in salaries and wages, md bought Australian-made material o the value of about £1,750,000.