COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 230, 28 September 1929, Page 4

COMPANY AFFAIRS.

GUARANTEE CORPORATION. INCREASED PROFITS. USUAL DIVIDEND PROPOSED. The annual report of the New Zealand Guarantee -Corporation, to be presented at the annual meeting in Wellington on October 12, states that the turnover has been well maintained, and the result? have again been satisfactory. The net protit for the year ending August 31 was £23,206. Interim dividends of 7 per cent on preference shares, 10d a share on the fully-paid ordinary shares, 'and 4d a share on the remainder, absorbed £8799 11/8. The same amount will be required for further dividends at the same rates. The directors also recommended the transfer of £5000 to general reserve, making it £30,000. They state that the total loss3s experienced since the corporation commenced business are extremely low. The retiring directors, Sir Joseph Ward and Mr. W. Thorpe, again offer their services, and Mr. Stuart Wilson is also a candidate. Following is a comparison of the net profits and their distribution during the last three years:— 1927. 1925. 1929. £ £ £ Brought forward . 1470 419 691 Net profits *21,150 22,871 23,206 22,620 23,290 23.597 To reserve — 0,000 5,000 Prelim, expenses .. 4,603 — — Dividends— Pref., 7 p.c. .. . 1,400 1,400 1,400 Ord., 8.33 p.c. . . 16,199 16,109 16,199 Carried forward .. 419 601 1,298 *After writing £4602 10/ Off preliminary expenses. NEW ZEALAND FARMERS' CO-OP. "PAYMENT OF DIVIDENDS. (By Telegraph.—Press Association.) CHRISTCHURCH, this day. The annual meeting of shareholders in the New Zealand Farmers' Co-op, approved the payment of one year's dividend of 6 per cent on first preference shares amounting to £9000, the payment of two years' accrued dividends of 6 per cent on A preference shares, amounting to £24,000, the transfer of £10,000 to a special reserve account, transfer of £5000 to reserve against alterations and plant, and carrying forward of £19,132.