HENRY BERRY AND CO. (A ASIA).

Wanganui Chronicle, Volume 83, Issue 257, 31 October 1939, Page 3

HENRY BERRY AND CO. (A ASIA).

MERGiNG OF SUBSIDIARIES Shareholders of Henry Berry and Co. (Australasia), Ltd., were told by the chairman, Mr. F. G. Harding, at the annual meeting that the principal business operations of the company : had been prejudically restricted by the employment of a large amount of both fixed and borrowed capital in the activities of the Auroa Packing Co.. Ply.. Ltd., a subsidiary. It would be necessary to carry out drastic reconstitution proposals, involving the merging into the parent company of the Henry Berry subsidiary companies trading in Melbourne, Sydney, Brisbane, Adelaide and Perth. Turnover for the current year was abnormally good, because ol an artificial demand caused by the war. Dividend prospects were bright. DOMINION I 1( Tl RE THEATRES ORDINARY DIVIDEND PASSED The accounts of the Dominion Picture Theatres Company, Ltd., lor the year ended Septemoer 30 show a loss of £417, compared with net profits of £214 in the previous year and £lBl5 in 1937. Alter deducting the loss there is £1869 at the credit of the prolit and loss account. From the amount available the directors recommend the payment of one and a-half year’s dividend on the preference shares of 6 per cent. No recommendation is made for ordinary shares. The preference payment absorbs £332, leaving £1536 to be carried forward. In the previous year a payment ot 4sd a share was made on ordinary shares. The directors state it to be their considered opinion that no dividend should be paid on the ordinary shares till the company’s indebtedness is substantially reduced. The company's application lor relief from the existing graduated rates of. land tax was unsuccessful and the liability in this connection was £945 a year. The modernising of the theatre and shops had cost considerably more than estimated and the work had to be financed by increasing the mortgage- and obtaining bank accommodation.