COMPANY AFFAIRS

Wanganui Chronicle, Volume 89, Issue 269, 14 November 1945, Page 8

COMPANY AFFAIRS

NATIONAL INSURANCE CO. An increase in net premium income nf Jt*29,074 to £401,526 is shown in the account? of the National Insurance Co. of New Zealand, Ltd., for the year ended September 30. After full provision for losses outstandingthe underwriting surplus is £3412 higher at £37,386. Interest and rents yielded £957 more, rising to £‘26,753. The directors have added £10,090 to investment fluctuation account, which will be raised to £50,000. They recommend a final dividend of 5d a share, making the usual 9d a share, equal to 10 5-7 per cent, for the year. In addition they proposed a peace bonus of 4d a share. The final dividend and peace bonus will be paid on November 19. Paid capital is £350,000 in 1,000,00') £1 shares paid to 7s each. MT. MORGAN, LTD. The estimated net profit from Mt. Morgan mining operations for th ■ four weeks ended October 21 was £8258. In arriving at the net profit all overhead expenses have been included, but no provision has been made for depreciation. Capital expenditure for the period amounted to £23,517, which included £3Ol on mine preparation. SHARLAND AND CO.. LTD. The year had not been without its difficulties, particular.y the labour position is the factory and the problem* of continuity of supply of pharmaceutical products and the company’s manufactures, eaid Mr. W. Watson, chairman of directors of Sharland and Co., Ltd., addressing the annual meeting of shareholders on Thursday. This position was now improving, and it was hoped in the coming year Home of these difficulties would be overcome. Notwithstanding, the year had been a good one. Paid-up capital remained unchanged. The general reserve had been increased to £21,000, and the special reserves of £6600 remain. Bank of New Zealand and open liabilities at £101.831 were £11,696 less than last year. . .ock on hand at £160,634 was lower than last year,’ but was considered sufficient to meet pre. .nt trading ivquiv.niente. Book debts were higher by £1398 on account of increased turnover. Properties were ak«Q higher by £925;) due to the purchase 'of the >g?w Christchurch property, which now estabiit-i.t.’* the company in its own premises in Auckland, Vve'ling.-xi, C.i ristchu.ca and Dunedin. Gross profit at £98,339 was higher than the After making provision for the dividend and bonus, making a total of 7 per cent, for the year, £BBO5 was carried forward, against £8433 last year COLONIAL SUGAR CO. UNCHANGED INTERIM DIVIDEND. The Colonial Sugar Refining Co., Ltd., has declared an unchanged interim dividend of IGs a ehare, or 4 p«r cent., payable December 5. The dividend for the year 1944-45 was reduced from 81 par cent, to 8 per cent, after being maintained at the higher figure since 1940-41. In a report to shareholders the general manager. Mr. C. W. Rothe, said that the company had received most unsatisfactory treatment from the Shipping Control Board and' the Prices Commissioner over the two ships Ilona and Hambua, which had been reauiGioned on charter, and the company had been continuously out of pocket on the running of the vessels The aum owing lecently exceeded £30,061. No increase in industrial spirit prices had been approved to offset higher casts, but a subsidy for i’i; nine month’’ to December, 1943. helped to provide a net profit of 5| per cent. No’ subsidy had lieen received for the 21 months to September 39, although the net profit was under | ,er cent. Some increase in the price of spirit was granted after the half-year clossd. A subsidy had not been granted on jute packages, although all other industries in Australia using jute sacks obtained a subsidy up to, 7« a dozen. Industrial troubles, shortage of coal and manpower depressed the Australian refinery production during the year by over 60,000 tons. These difficult!., were continuing. "StsjtenKnto T. ■• o been made that the British Ministry of *<od, which purchased all surplus j-ugar tii cp.ghout the Empire for the duration of the war and two years thereafter • i . -i<ung insufficient shipping to lift the Australian surplus this season, and ai ' I ..ome had been consigned to Russia,” continued the report. “Such statements are entirely incorrect and the Ministry is most anxious to secure more sugar than is now in prospect.” It was expected that the company’s engineering utaff and workshops yould shortly c«ase their war work and be catering for the company’s requirements only. FREEZING DIVIDEND RAISED. The North Canterbury Sheepfarmers' Co- • operative Freezing Export and Agency Co., ! Ltd., earned a net profit of £4657 for the year i ended September 30, againet £2842 in the . previous year and £3944 in 1943. Dividend on I ordinary shares is raised to 5} per cent, from i 4 per cent, thus restoring the rate ruling in 1941. The per cent, on both preference and ordinary shares absorbs £3577. leaving £6948 1 to be carried forward, against £5863 brought GISBORNE SHEEPFARMEHS CO. A net profit of £9642 is revealed by the Gisborne Sheepfarmers’ Frozen Meat and Mercantile Co., Ltd., for the year ended August 21. To thia sum is added £13,750 brought ’ in from the previous year, making £23,392 I available for appropriation. After payment of preference dividends also two per cent, on ordinary freezing shares and five per cent, on ordinary mercantile shares, and transferring £5OOO to mercantile reserve, which becomes £45,0‘)0, £11,090 is carried forward. The balancing total is £448,508, of which £316,090 consists of property, machinery and plant, £20,921 in in investments, and £16,415 is due from secured and guaranteed accounts. Total freight carcases ,n 1944-45 season were 409.437. a decrease of 25,386. The Tokomaru Bay freezing works had been transferred to Thos. Borthwick and Sons in December last. N.Z. PAPER MILLS, LTD. The directors of New Zealand Paper Mills, Ltd., at the annual meeting on Friday authoiised the payment of an interim dividend of 3 per cent. The distribution to sharerolders will be made on November ‘26. The board desires it to be known that '.he declaration of the final dividend for the year ended March 31 last, is still withheld pending the conclusion of negotiations with the Ministry of Supply in connection with leaselend pulp. ABRAHAM AND WILLIAMS. The transfer books of Abraham and Williams, Ltd., will be closed from 5 p.m. on November 19 for one week. The annual meeting of the company is being held on Tuesday, November 27, 1945. MOSGIEL WOOLLEN COMPANY. The annual report of the directors of the Mosgiel Woollen Factory Company, Ltd., states that, owing to the acute shortage of female laboui, production and sales decreased in the year ended October Net profit was £1249, after the payment of an interim dividend of 4 per cent., absorbing £3815, and providing- £41,000 for Government taxation, and £8655 for depreciation and transferring £lOO9 to reserve**. ’’ The balance of £26,056 remains to the credit of the profit and loss account, and the directors recommend the payment of a final dividend ot 3 per cent, from trading* and 3 per cent, from revenue from investments, thus making a total distribution of lo per cent, for the year, and leaving £20,334 to be carried forward. DRAPERY AND GENERAL IMPORT CO. “The operation of the price control orders and the subsequent increases in the wages bill, which could not be pat-wed on, had precluded shareholders from sharing in the higher profits earned during the year," said Mr. J. M. Paterson, chairman of directors of the Drapery and General Importing Company of New Zealand Ltd., a: the annual meeting on Wednesdav'aftecnoon. At present,’•practically every retailer could ell more than he could buy, said Mr. Paterson. Opinions differed as to when improve- ; nient could be expected, but their company could do nothing more than pursue a policy of careful buying of the supplies available. Thin policy, during the last year, had produced a gratifying increase in turnover and in gross profit. Trading profit was still rigidly controlled by price orders, however, and the trade had been compelled to carry wage increases on a reduced profit rate that was fixed before the increases were made. This effect had been accentuated by the return 4f many employees, with the renu.t that the net return, in spite of the increased turnover, showed little variation on the previous "If we summarise the company's financial position," said Mr. Paterson, "ite indebtedness, excluding amounts to £185,()()(), vhile its liquid assetj amount to £526,629, which ehowed a surplus, of £312,626 and an improvement of £20,127 on last year." COMPANY DIVIDENDS. Wilson’s Cement announce that an interim dividend of 2d per share will be paid on November 28, 1945, and the register of members will be closed from November 15-28, both days inclusive.