COMPANY AFFAIRS.

Wanganui Chronicle, Volume 88, Issue 202, 24 August 1944, Page 1

COMPANY AFFAIRS.

GREY AND MENZIES PROFIT. The accounts of Grey and Menzies, Ltd, for the year ended June 30 show a net profit of £3921, compared with £2500 last year and £2029 in 1942. With the balance brought forward. £1733, there is £5654 available. The directors recommend a dividend on ordinary and preference shares of 8 per cent., compared with 7 per cent, last year. This will require £2439, and after placing £lOOO to reserve there i» £2215 to be carried forward.

J. J. NIVEN ACCOUNTS.

The accounts of J. J. Niven and Co., Ltd., for the year ended March 31 show a net profit, after providing £55,850 for taxation of £13,789, compared with £10,950 the previous year and £10,429 in 1942. The dividend of lOd a share (unchanged) already announced, is payable on September 11, and absorbs £7541; £l5OO is transferred to general reserve, and £5OOO to dividend equalisation reserve (making a total of £7500), leaving £7634 to be carried forward, against £7886 brought in. Gross profits for the year were £261.574, compared with £216,850 the previous year and £224,420 in 1942. The report states that during the year the small works at Wairoa were sold and arrangements have been made to close the Napier Cool Store. Since the closing of the accounts the Wakefield Street. Wellington, property has been sold. During the year Mr. H. D. Nelson resigned from the board of directors. The directors recommend that this vacancy be not filled at the present time. The retiring directors. Messrs. W. H. Robertshaw and G. K. Hansard, offer themselves for re-election.