COMPANY AFFAIRS.

Auckland Star, Volume LIX, Issue 238, 8 October 1928, Page 4

COMPANY AFFAIRS.

NORTHERN BUILDING SOCIETY.

CONTINUED GROWTH.

INCOME EXCEEDS £106,790.

The fifth annual report and statement of accounts has just been issued by the Northern Co-operative Terminating Building Society and the directors express gratification at tlie results disclosed. Their report states that there axe now 17 groups in operation, covering 34,000 shares, and the total mortgages, after the annual meeting appropriations on October 18, will be well over £400,000. Two new groups were opened during the year ended August 31 and another is in process of formation. The year's income amounted to £108,790, representing the very substantial increase of £20,698 over that of the year "preceding. The advances made and authorised aggregated £92,372. Mortgagee current at the end of the society's fifth year total £396,400, which the directors consider an outstanding example of successful and progressive development. The net profits earned during the year were £20,815, which the report claims to be a record for any terminating building society in New Zealand. This sum, together with accumulated past profits, constitutes a reserve of £75,963. The profits per share approximate £3 5/ for the first six groups, ranging down to 15/5 and 3/8 for groups 15 and 16. The directors have decided to make the same levy as last year, namely, 1/9 a share, to meet working expenses. Messrs. C. H. Furness and George Wihstone, junior, retiring directors, offer themselves for re-election. The report states that in the course of the year Mr. D. Pollok, secretary of the society, was granted leave of absence for an extended holiday in the interests of his health. It is expected that while abroad Mr. Pollok will be able to gather information of value to the society. The growth of the society is indicated by the following figures:— Cash Tear. Advanced. Mortgages. Profits. £ £ £ 1924 .. 28,600 35,012 6,605 1925 .. 47,400 58,464 12,287 1928 .. 71,130 87,44S 16.038 1927 .. 80,513 101,695 20,216 1928 .. 92,372 113,844 20,815 NEW COMPANIES. One public and three private companies were registered in Auckland on Saturday, details are as follow: — Public. The Fijian Pineapple Company, Limited. Objects: To carry on the business of fruit buvers, growers and suppliers. Capital: £25,000, in £1 shares. Subscribers: D. L. Nathan, Alfred Nathan, S. L. Hewitt, A. L. Pike. E. Davis, E. R. Davis, and G. S. Kent, one share each. Private. Howies, Limited.—Objects: To take over the gramophone business known as "Howies" and to continue the business of dealers in gramophones and gramophone records. Capital: £15,000, in £1 shares. Subscribers: S. H. Howie, 4500 shares; Tilley Howie, 1500; R. G. Clark, 2500; A. C. Paterson, 400; T. W.- J. Johnson, 600; H. J. Hadaway, 1225; Jean Ford, Margaret Ford and F. J. Fawcett, 500; A. S. Bankart, 2275; A. R. Donald, 500. Theatre and Display Equipment, Limited. —Objecte: To carry . out the supply and installation of theatrical equipment and lighting effects. Capital: £5000, in £1 shares. Subscribers: C. A. Crasher, 4250 shares; W. E. Wagstaff, 500; W. J. Rainger, 250. S. L. Wallath, Limited.—Objects: To carry on the business of land agents. Capital: £800, in'£l shares. Subscribers: S. L. Wallath, 790 shares; T. H. Martin and A. A. Lucas, five shares each. Ashburton Theatre Company, Limited.— Capital £5000, in £1 shares. Objects: To purchase from the New Zealand Picture Supplies, Limited, a section at Ashburton with the building known as the Theatre Royal and carry on the business of cinematographic, theatrical and music hall proprietors, and caterers for public entertainment. Names of subscribers are: H. G. Cameron, H. J. Hay ward, P. H. Hay ward, L. A. Quinn, James McGlinchey, G. W. "Wain-wright and Harold Righton. GREY AND MENZIES. Grey and Menzies showed a net profit of £2687 for the year ended June 30. This, with the balance brought forward, from the previous year, gave £3528 available for distribution. It was decided at the annual meeting to distribute a dividend at the rate of eight per cent per annum on both ordinary and preference shares, leaving £1368 to be carried forward. The retiring directors, Messrs. Clay and Menzies, were re-elected, and Messrs. Wallace Bruce and Duthie were re-appointed auditors. The nominal capital of the company is £40,000 in 10/ shares, of which £27,000 worth have been issued. Chief outside liabilities are: Mortgage, £5000; Sundry creditors, £1090. Chief assets are: Properties, building, plant, £22,924; stocks, £8877; sundry debtors, £5653. PERDRIAU RUBBER COMPANY. Perdriau Rubber Company, Ltd., discloses a profit of £213,392, compared with £183,181 the previous year. The dividend is maintained at 12% per cent on ordinary shares, and the extra 1 per cent on the contributing shares in terms of the prospectus of jts issue. These payments account for £*26*061. Preference dividend requires £11,500, and there is carried to reserves £72,057, against £50,000 the previous year. With £13,447 brought forward, £17,220 is carried forward.