COMPANY AFFAIRS

Wanganui Chronicle, Volume 87, Issue 276, 22 November 1943, Page 1

COMPANY AFFAIRS

TOOTH AND CO. DIVIDEND. Tooth and Co., Ltd., have declared a final dividend at the rate of 12 per cent, per annum, an unchanged rate. WHAKATANE PAPER MILLS. Mr. G. H. Macliley. managing director of Whakatane Paper Millf=. Ltd., presided at a meeting of shareholders in Wellington on Wednesday. Thia meeting was a preliminary to the company’s annual meeting to be held in Sydney. The balance-sheet ehowed a gross profit for the year of £ 152,882, compared with £117,47.'! the previous year, and after providing £45,000 for depreciation, £25,000 for taxation, £2200 for employees’ benefit fund, there remained a net profit of £40,474. The company’s gross sales were £423.362, compared with £445,945 tho preceding year.

Commenting on the balance-!<heet, Mr. Mackley stated that the figures were particularly gratifying, the more so as the finA mortgage debentures for £56,000 held by a London group were redeemed during the year. The production Joss of £86,000 in the two firat years of operation had been reduced to negligible proportions, leaving only £5llB to be ! absorbed in the current year’s accounts. Had ; it not been for difficulties created by the Govi ernment in the company’s initial stages*— i which events proved to be unjustified—the I finances, added Mr. Mackley. would have been ’ more in keeping with the last, two yearn’ re- : suits. But an even more aerioua handicap to I young industries wa« the high taxation when they reached the profit-making stage, an ■ anomaly in urgent need of review. “Under our present system and the burden of taxation.’’ said Mr. Mackley. “the payment of a dividend to ordinary shareholders cannot .be , looked forward to with hopeful anticipation , until such time a« further development taken ! place.” GISBORNE SHEEPFARMERS After providing £27,545 for taxes, a net J profit of £10,294 is shown in the accounts of the Giitborne Shoepfarmers’ Frozen Meat and Mercantile Co., Ltd., for the year ended August 31. Thin compares with £ 13,424 last, year and £71'27 in 1941. There is £22,528 available, and it is proposed to pay prefernce dividends totalling £BOO. 2 per cent, on ordinary freezing shares (no dividend last year), taking £2887. 5 per cent, on ordinary me-'antile shares (6 per cent, last year), absorbing £3614, to transfer £5OOO to mercan- , tile reserve account. and carry forward £ 10.226. Profit in the mercantile department was £7193 (£7164 last year), and in the freezing department £3lOO (£6259 last, year) Gross profit waa £47,890, again*t £50,968. TIMARU WOOLLEN CO. Tlie accounts of the Timaru Worsted and Woollen Company for the yea rended August 31 show net. profit at £5641. compared with £6311 in the previous year ay.d £9lBO in 1941. The profit is struck after providing £4947 l\r depreciatioon and £l3 345 for taxes. As already announced, the directors propose an unchange i dividend of 5 per cent. Thia will absorb £4229, leaving £2842 to be carried forward, against £1127 brought in. GOLDSBROUGH MORT. DIVIDEND. The directors of Goldsbpough, Mort, have declared an interim dividend of 2 per cent., payable at Melbourne on December 17. Transfer books cloee December 3-16, incluNATIONAL BANK OF AUSTRALASIA. The National Rank of Australasia, Limited, for the year ended September 30 report* a net profit of £282,479, compared with £137,290 for the previous half-year and £289,759 for the year ended March 31. 1942. It i» reached after providing £272,562 for taxation, against £131.520 changed at 5 per cent., requires £250,000. and £25,000 is written nff premire*. Carry forward is £148,105, against £140,626 brought forward.