COMPANY AFFAIRS

Wanganui Chronicle, 18 April 1949, Page 8

COMPANY AFFAIRS

Advice of the following dividends has been' received by the Stock Exchange Association] of New Zealand:— LUSTRE HOSIERY Net profit of Lustre Hosiery, Ltd., for the year ended December 31, 1948, set a new record of £45,562, against £40,622 the previous year. Dividends unchanged at\ 9 per cent, on both ordinary and preference shares (final 4* per cent.) take £27,900, leaving a carryforward of £47,653, against £29,991 brought in. | The directors state that the subsidiaries Lustre (N.Z.), Ltd., and Silktex Pty., Ltd., both continue to operate profitably. “The position in New Zealand with regard to contemplated expansion has not been materially altered since our last report, but it is hoped that some definite steps will be taken during the coming year.’’ NATIONAL MORTGAGE TO SUBDIVIDE I SHARES. Proposals are to be submitted to shareholders of the National Mortgage and Agency Co. of New Zealand, Ltd., at the annual meeting in London on April 26 involving subdivision of each of the A ordinary shares of £lO (£2 paid) into 10 A ordinary shares of £1 each (4s. paid). It is also proposed to adopt new articles. Commenting on the dividend proposals for the year, the chairman, Viscount Hampden, in his report, states: “The question of limitation of dividends is still receiving prominence in this country (the United Kingdom), but I feel sure that no exception could be taken to the decision of the directors to give an extra 11 per cent, to shareholders, as the majority are resident in New Zealand.” The net profit for the year was 63.034 after payment of all charges, including interest on debentures, bonus to staff, and contributing £6864 to the staff superannuation fund. From the profit £33,609 was transferred to contingencies reserves and £4500 written off goodwill purchased on acquisition of the company’s new branch at Otahuhu. The year’s dividends and bonus, amounting in all to 7i per cent., absorbs £25,618, and £17,173 is carried forward. The Otahuhu branch referred to was established through the acquisition during the year of the business of W. P. Windust, Ltd., manufacturers of canvas goods. The directors say that the sudden announcement of the New Zealand Government of the return to parity of the New Zealand pound in terms of sterling.was perhaps the outstanding feature of the year. DIVIDEND PAYMENT Perpetual Trustees Estate and Agency Co. of N.Z., Ltd., is recommending a final dividend of 1/- a share, making an unchanged distribution of 1/9 a’ share, and a bonus of 3d. a share for the year ended March 31. The total distributions of 2/- is equal to 11.11 per cent. Dalgety and Co., Ltd.: Interim. 2.10 d. sterling per share, of 3J p.c.. less British income tax (unchanged): payable May 12, ex April 21. National Rank of Australasia, Ltd.: Interim, both classes of shares, on amounts paid up. 3| p.c.; payable May 25, ex May 12. Last year, interim 3, final 3i. total 6J p.c. Auckland Laundry, Ltd.: Annual meeting April 22. Books close April, 12 to 22, inclusive. | Mosgiel Woollen Factory Ltd.—Usual ill-• terim dividend of 4 per cent, on paid-up capital for the half-year ended April 6 payable May 13. Annual dividend has, for the past 25 years, totalled 10 per cent. (Ex April 29>. Oaniaru Worsted and Wollen Mills, Ltd.: Interim, 3 p.c. (unchanged); pavable May 16. ex Mav 2. Broken Hill Pt?. Co., Ltd.: Final, half-year, lOd. a share, making 8 1-3 p.c. for the year (unchanged); payable Mav 25, ex April 28. (Yield in New Zealand currency £6/13/11, against £B/6/8 last year.)