COMPANY AFFAIRS

Wanganui Chronicle, Volume 80, Issue 264, 6 November 1937, Page 15

COMPANY AFFAIRS

PROCERA BREAD PROCESS RIGHTS Procera Bread Process (N.Z.), Ltd., announces that advice has been received from the International Procera Products Company, London, that they have sold to a substantial and wellknown South African company of merchant bakers, at a satisfactory cash figure, the Procera rights for the South African Union and Rhodesia. The purchasing company has also been given a twelve months’ option to acquire the rights for the Transvaal for a similar price. E.S. AND A. BANK DIVIDEND INCREASED TO 7 P.C. The English, Scottish and Australian Bank Ltd. yesterday advised the Stock Exchange that the directors had declared a final dividend of 3i per cent, for the year ended June 30, 1937, payable on November 25. An interim dividend of 3i per cent, was paid on May 15 last, so that the total distribution for the year is 7 per cent., as compared with 5 per cent, for the preceding five years. SHARLAND AND CO. FALL OF £2068 SHOWN A net profit of £10,852, after providing for bad debts, land and income tax and depreciation, was earned by Sharland and Company, Limited Wellington, for the year ended August 31. This compares with £13,930 ih the previous year end £12,906 in 1935. With £8798 brought forward, there is £19,650 available for distribution The year’s dividends of 5 per cent on both preference and ordinary shares, as announced in the Herald of October 25, absorb £6250. The sum of £4500 is provided for land and income tax, leaving £B9OO to be carried forward. The company’s result and appropriations for the past three years compare as follows: —

Mabin, is available for re-election. BRUCE WOOLLEN SHARP DROP IN PROFITS A net profit of £3154 is disclosed in the annual accounts of the Bruce Woollen Manufacturing Company, Limited, for the year ended September 19. The directors state that results for the year are not as satisfactory as they would have liked, but consider that the returns reflect the difficulties experienced by manufacturing concerns as a result of increased costs of production. Last year’s increased provision of £5500 for depreciation is maintained. The balance of profit available, including £657 brought forward, is £3Bll, from which the directors recommended payment of the dividend on preference shares, requiring £2BOO, and that the balance of £lOll should be carried forward. Following are details of the company's results and appropriations for the last three years:—•

Capital comprises 50,000 £1 cumulative 7 per cent, preference shares issued in 1927 and 100,000 £1 ordinary shares. From 1926 to 1932 ordinaryshares received no dividend. In 1933 per cent, was paid, which was increased to 3 per cent, in the following year. This rate was maintained for the past two years. Dividend on prefference shares has been maintained throughout and is now less the statutory reduction. ABRAHAM AND WILLIAMS LTD. INCREASED PROFIT The directors of Abraham and Williams, Limited, in their report to be presented at the 36th. annual meeting of shareholders, state that the net profit for the year ended September 30, 1937, after providing for land tax and income tax, amounts to £16,663 2s lid, to which has to be added the amount brought forward from last year, £15,195 9s 3d, making a total of £31,858 12s 2d. From this sum has to be deducted the interim preference dividend for the six months ended March 31, 1937, paid on April 30 last, £2050 10s., leaving a balance available for distribution of £29,808 2s 2d. Out of this sum the directors recommend that after making the fixed payment on the preference shares, a dividend of 4 per cent, be paid on the ordinary shares, leaving £19,268 16s 2d to be carried forward to next year’s accounts. The retiring directors, Messrs. R. S. Abraham, R. W. Steel and S. R. Thomson, offer themselves for re-elec-tion. The dividend of 4 per cent, on the ordinary shares compares with 3 percent. for the previous year, the latter being the first to be paid for five years. Results and appropriations for the last three vears compare as follows: — 1935 1936 1937

Brought for. ... Net profit 1935 £ 4,472 12,906 1936 £ 6,128 13,920 1937 £ 8,798 10,852 Tax reserve £17,378 5,000 20,048 5,000 19,650 4,500 Dividends pref, and ord., 5 p.c. 6,250 6,250 6,250 Car. forward .. 6,128 8,798 8,900 The retiring director, Mr. A. E.

Brought for. ... Net profit 1935 £ 1,083 5,302 1936 £ 585 5,872 1937 £ 657 3,154 Dividends— 6,385 6,457 3,811 Prof., 5 3-5 p.c. 2,800 2,800 2,800 Ord., 3 p.c 3,000 3,000 — Car. forward ... 5§5 657 1,011

£ £ £ Net profit 9,414 14,535 16,663 Brt. forward ... 5,814 11,128 15,195 Pref., div., 5 p.e 4,101 4,101 4,101 15,228 25,663 31,858 Ord., div — 3 p.c. 4 p.c. Amount .... , — 6,367 8,489