COMPANY AFFAIRS

Wanganui Chronicle, Volume 84, Issue 95, 24 April 1940, Page 3

COMPANY AFFAIRS

BROKEN HILL PPTY. HALF-YEARLY DIVIDEND The Broken Hill Proprietary Company, Ltd., has advised the Stock Exchange Association that a hall-yearly dividend of 9d a share in Australian currency has been declared payable on May 29. Transfer books will close on May 1. The dividend represents a decreaseof 6d a share. For the last four years the half-yearly dividends have been Is 3d a share, equivalent to 121 per cent, per annum. This year the coal strike and the closing down of a large part of the plant will seriously affect the company’s earnings. KAITANGATA COAL CO. DIVIDEND RATE UNCHANGED The Kaitangata Coal Company, Ltd., has advised the Stock Exchange Association that the directors recommend a dividend for the year of 2s 6d a share. Transfer books will be closed from April 26 to May 7, both days inclusive. The dividend is at the unchanged rate of 15 5-8 per cent.

EQUITABLE BUILDING CO. INCREASE IN EARNINGS The directors of the Equitable Building and Investment Company of Wellington, Limited, in their report for the year ended March 31, 1940, state that the balance of profit and loss appropriation account brought forward from last year was 12408 2s 3d. The profit for the 12 months’ working is 14210 17s lid, of which 12100 is reserved for land, income and social security taxes, leaving a net balance of 12110 17s lid. Of this amount 1642 14s 2d was distributed on October 1, 1939, by way of interim dividend of 5d a share, so that with the balance from last year, there is now available for appropriation the sum of 13876 6s. The directors recommend that a final dividend of 7d a share, which will absorb £899 15s lOd, be paid, and that the balance of 12976 10s 2d be carried forward.

During the year ended March 31, 1939, a rearrangement of the company’s capital was effected, by which the former paid-up capital of £86,380 was converted into perpetual debenture stock, and a bonus issue of £15,425 of new capital was made to shareholders. Interest at 5 per cent, on the perpetual debenture stock is a charge against profits.

The scheme having been in operation for only a part of the year ending March 31, 1939, the charge against profits for interest on debenture stock is less than that for the year ending March 31, 1940. Excluding the item in both cases, the net profits were:— Year ended March 31, 1939, £5461 7s Id. Year ended March 31, 1940 £6429 17s lid.