NET PROFITS LOWER

Dominion, Volume 28, Issue 106, 29 January 1935, Page 12

NET PROFITS LOWER

Auckland Gas Company The seventy-third annual accounts of the Auckland Gas Company Ltd. for the year ended December 31. 1934, show a 'net profit of £68.002, ■With £1074 brought, forward, £69.0(9 is available. An interim dividend of 21 per cent., paid in August, 193-1, absorbed £3O 936/10/-. and £5OOO. has been transferred to income tax reserve account, leaving £33.139/10/-. The directors recommend tlie payment of a final dividend of 2J per cent., making 5* per cent., unchanged, for the year, on both the fullypaid £1 shares. and the contributing 15/paid shares. This will absorb £3O 936 10/-, and the carry forward is £2203. Following is a comparison of the company's results for the past three years:— 1932. 1933. 1934. £ £ £ Btou n forwnl . t | 40.752* 90S 1,074 Net profits ... 6t,089 . <1,9<9 68,01)2 67.841 72.947 69.076 Income tH5 gcn e - ()00 w 000 - 0(X) Dividend. , 51 p.c. 61.573 61.873- 61.S< • Carried forward 968 1.074 2.203 *£-10.000 of this amount was transferred Io income tax reserve. MOUNT MORGAN, LTD. New Issue at Premium At the annual meeting of Mount Morgan, Ltd., it was announced that the board had decided to increase the capiutl bv creating 200.000 mores shares of 5/each, anti to offer 128,00 of them for subscription by shareholders. This increase of capital has now been effected, and the board is offering the 128,000 shares for subscription at a premium of 15/- each : that is, at a total price of 20/- per share. Each shareholder on the register on February 29. 1935, will have the right to apply for shares equal in number to 16 per cent, of his registered holding at that date, fractions being disregarded. The new shares will rank for dividend purposes as from June 15. 1935. .... ~ On the basis of distribution there will be a small surplus of shares. At the option of the board these shares, together with any not applied for. may be offered for subscription by the chairman of the Stock Exchange or dealt with in any other way thought expedient. Hume Pipe Dividend After a lapse of lout years the Hume Pipe Co. (Australia). Ltd., has returned to the dividend list. Tlie directors have announced that the improved trading con. ditions noted nt the close of the last financial year have been well maintained, and they have decided to pay an interim dividend at tlie rate of 4 per cent, per annum for tlie half-year ended December 31.