COMPANY AFFAIRS

Wanganui Chronicle, Volume 85, Issue 231, 1 October 1941, Page 7

COMPANY AFFAIRS

WHAKATANE PAPER MILLS For the second year's operations, ended .lune 30, Whakatane Papei Milk. Limited, showed a net loss of £13.180 against a loss of £72,994 in lh< previous year. This result is arrived at after providing £36,163 for depreciation (against £33,797), debiting £8716 to debenture interest account, and £10.259 loss incurred through the enforced cancellation of some of the original forward deliver} contract, for Swedish chemical pulp Accumulated losses al June 30 total £86,174 Thu repo.t states that the second half of the financial year resulted in profitable operations. Gross sales for the year at £3231,855 were more than double the figure for the preceding period, and as against the former gross loss of £5657 the company earned a gross profit of £70.430. The company was now within measurable distance of earning the margin of net profit permissible unde** price con- ! troL Product.on for the second manu- • facturing year was 93<j0 tons, or 23uG tons higher than that of the previous year. Board to the value of £11,929 was shipped overseas. Prospects of building up an export tia-’e were encouraging. In June £2OOO was paid off the London group debenture interest account, since when arrears, which at June 30 stood at £9762. were being reduced at the rate of £lOOO a month. Il is expected that the ari ears will have been paid off by June, 1942, in addition tc the current unancial year’s interest of £3502. MODERN SHOES. LTD. A profit of £3920. against £3389. lshown in the accounts of Modern Shoes, Ltd., for the year ended Julv . 19. A sum of £2500 (against £1360* I has been reserved from < arnings fc: taxation, which has o* u.i calculated in • accordance with the provisions of the ' Excess Profits Act, and >s subject to appeal. The directors propose a dividend of 5 per cent., requiring 11.75. compared wdh 4 per cent, m the previous year. The valui of shoes manufactured and sold in reused by al*rust 10 per cent, over the previous yeai. APEX INVESTMENT TRI ST The annual report of the Apex Investment Trust of New Zealand. Ltd . Masterton. for the year ended June 30 last, states that the net profit, after j providing for all management ex- | penses and making provision for tay.a- -' tion amounted to £1067 6s 2d, to which lis added £5l 9s 3d brought forward, j making available for distribution i £lllB 15s sd. An interim dividend a* the rate of 4 per cent.* per annum I absorbed £5OO. and the directors reI commend a final dividend of 4 per | cent, per annum for the half vear | ended June 30. leaving £llB 15s 5d to be carried forward.