COMPANY AFFAIRS

Wanganui Chronicle, Volume 80, Issue 255, 27 October 1937, Page 11

COMPANY AFFAIRS

MOUNT COOK TOURIST CO. Considerable reorganisation has enabled Mount Cook and Southern Lakes Tourist Company, Ltd., formerly mount Cook Tourist Comany of New Zealand, Ltd., to present a very much more healthy balance-sheet to shareholders for the year ended March 31, 1937, states the Christchurch Press. Net profit for the year was £4082, against £l3OO last year, and a loss of £2112 in 1935. The main change in the accounts is the disappearance of the accumulated loss of £38,700 shown in the 1936 balancesheet. Nominal capital has been reduced to £42,500 from £85,000, and pail capital is £40,763 less at £39,666. N.Z. PAPER MILLS DIVIDEND. New Zealand Paper Mills, Ltd., have advised the Stock Exchange Association that the directors have authorised the payment of an interim dividend at the rate of 3 per cent., to be distributed on November 15. Transfer books will be closed from November 2 till November 15, both days inclusive. NORTH KALGURLI DIVIDEND. North Kalgurli (1912), Ltd., have advised the Stock Exchange Association that a second interim dividend for 1937 of 9d sterling, equal to 372 per cent, per share, less 2/9 in the pound English income tax, will be paid on December 10, 1937, to all shareholders registered on November 12. Transfer books will be closed from November 12 to November 19, both dates inclusive. BROKEN HILL SOUTH DIVIDEND. Broken Hill South, Ltd., have advised the Stock Exchange Association that a dividend of Is 3d per share has been declared, payable in Melbourne on December 17. Transfer books will close on October 29. SHARLAND AND CO.’S DIVIDEND. Sharland and Co., Ltd., have advised the Wellington Stock Exchange that at a meeting of directors last Friday, it was resolved to pay a final dividend of 22 per cent, on all shares of the company, making 5 per cent, for the year, to be payable on Novem ber 11, this day being the date of the annual meeting. Transfer books will be closed from October 28 to November 11, inclusive. IMPERIAL CHEMICAL INDUSTRIES. In announcing an increase from 22 per cent, to 3 per cent, in the interim dividend, payable on November 1, the board of Imperial Chemical Industries Ltd., said the decision was not to be read as indicating any increase in the total dividend for the current year. For the past three years 8 per cent, has been received by ordinary stockholders, and the disappointed optimists of yester-year are again canvassing the possibility of an increased total payment for 1937, says the Economist. Yet the board has acquired a reputation for straightforward speech, and such conjecture is clearly no dependable investment pointer. It is evident—indeed, it has been evident since 1935—that the company could pay more at the expense of free reserves, but this possibility was obviously not practical politics while the capital reorganisation remained in dispute. Last year, however, an additional sum of £500,: 000 was provided from revenue together with £1,000,000 from the central obsolescence fund and £5,434,141 from capital reserve to write down the value of subsidiary interests. Presumably the special reasons for applying £500,000 from revenue for this purpose no longer operate, and this sum itself is equivalent to 1 per cent for the ordinary stock. But the optimists' case also contemplates an increase in profits for 1937, despite the stress which was placed on rising costs in the chairman’s speech, and a further increase in ■ trade, both at home and abroad does appear certain this year. The directors, however, have always taken something more than a single year's view, and investors and optimistic speculators alike can be sure that the final dividend decision next year will take full account of the trading prospects of 1938 and 1939.