COMPANY AFFAIRS

Wanganui Chronicle, Volume 80, Issue 251, 22 October 1937, Page 11

COMPANY AFFAIRS

J. M. MENNIE, LIMITED PROSPECT OF REORGANISATION The attention drawn to the business difficulties'of J. M. Mennie, Limited, Auckland, biscuit and confectionery manufacturers, by the decision of the shareholders to go into voluntary liquidation has given rise to the hope that the business may be continued on a reorganised basis. It was stated on Wednesday that there are prospects that this may be the outcome of the formality of liquidation. In the meantime the firm, which has wide connections, is remaining in operation. At its capacity the company employs a staff of approximately 150. NORTHERN ROLLER MILLS INTERIM DIVIDEND PASSED Shareholders of the Northern Roller Milling Company, Limited, have been advised by the directors that while the company’s returns for the first six months of the year show a decided improvement in the trading position as compared with the first six months of last year, it is felt it would not be good policy to pay an interim dividend. Consequently, the directors have decided to wait the full years return before making any recommendation to the shareholders. In the financial year ended February 28 last the company’s profits showed a fall of £20,774 to £11,793. By calling upon the undivided profits to the extent of £6635, a dividend of 4 per cent, (interim 2 per cent, final 2 per cent.) was paid, against 5i per cent, in 1936. It was stated that the decline in the company’s earnings was due to the effects of State control of the industry and that future dividends could only be paid out of profits, actually earned.