COMPANY AFFAIRS

Auckland Star, Volume LXXIII, Issue 119, 22 May 1942, Page 2

COMPANY AFFAIRS

. JL* 1 ' o"*'0"*' of Ao.trala.U-Net proflt of trlfail* r r , e i lOrt f d b X Ule National Bank of Aus- (? r ., t ." e ye» r ended March 31 la a decrease of £ 11,537. Dividend of s',i per cent TmXS? i. m ..f «nt—require* £275.000. and '* *''««« on premises, leaving a carry £ £ V 8 a «a'nst £ 143.57T brought „,.T ajtat .i on provision Increased by £ 78,987 to £284,047, and expense, by £23.103 to £997.257. These increases more than offset. In the net result, an increase of £»0.552 to £1.571,083 in frosji prollt.

»»d C».—Net. profits of Burns, ?i A p <?■ _, c ?'" LW.. for tha year ended March Vo™ «3 e< J sh ?I?I y ,At £ 19 ««« It compares with £370.657 for 1940-41. Dividend Is maintained at iiL? C L.. Cen k an<l 'Wires *200.000. or £5865 more th*n the proflt. Tha carry forward Is reduced by that amount to £32.068. Depreciation provided before arriving at net proflt U £107.865, a decrease of £38.558.

Antheny Herdcrn.—Anthony Hordern »nd Sons, Ltd.. shows net profit of £1)0.333 for the year ended February 2b. compared with £111.732 lor 1940-41. Ordinary dividend at a steady rate of S per cent requires £83.300. Preference dividend of £5 18 3 per cent amounts to £43.394. With £29,095 brought forward. £33,353 Is tarried forward.

Dental and Medical Supply.—Profit of the Dental and Medical Supply Co.. Ltd., Wellington, for the year ended March 31 was £12.230 (excluding taxation), compared with £7819 last year and £6189 the previous year. With the balance brought forward, and after providing £8800 as taxation reserve, there Is £3378 available. A 5 per cent dividend, unchanged. Is proposed, and will absorb £2890. leaving £488 to carry forward. Security taxes will be paid by the company. The report says turnover was a record. Gross profit Is £30,752 against £25.988. Stocks total £35,883 compared with £39,703. a drop due to the unusual demand for goods. Supplies were difficult to import, but the Government was (riving •very assistance in an endeavour to Increase stocks of essential lines. The accounts balance at £91,230, a decrease of £5041.

Investment Difficulties. —Speaking at the annual meeting or the Equitable Building and Investment Co.. Wellington, the chairman. Mr. Malcolm Fraser, said the company's business of making, advances on first mortgage of cottage properties was such that even a very moderate dividend to shareholders was made possible only by substantial reserves built up out of savings made during the 60 years In which they had carried on business. The company had reserves of £155 to every £100 of capital. Yet from the Investment of this £225 (plus any profit from deposits) less than 5 per cent on the £ 100 was obtainable. If the company had no reserves at all and all Its funds were Invested In first mortgage (as they were) at. say. an average of five per cent Interest, then slightly less than IV2 per cent would be available for shareholders. The company, formed 60 years ago. could not, of course, be formed In the conditions existing to-day. FEWER COMPANIES During four months to April 38 only 19 new companies were registered In Melbourne, compared with 55 In the corresponding period of lsst year, and nominal capital was £323.530 acalnst £1,796,400.