TAUPO TOTARA

Evening Post, Issue 37, 12 August 1936, Page 12

TAUPO TOTARA

DIVIDENDS RESUMED

Mr. J. H. P. Strang, chairman of the Taupo Totara Timber Company, Ltd., in moving the adoption of the balance-sheet of the company, referred to the improvement in the returns for the year. He pointed out, however, that the increased costs, owing to recent legislation, would materially affect results, though there were indications that the Government would possibly give permission to increased prices for timber. A considerable sum had been spent in bush trams, main line deviations, water supply, and further purchase of bush, mostly totara. Careful provision had been made for income tax, and it was to be hoped that the increased turnover would compensate for a great portion of the in^ creased costs. Mr. Abraham, in seconding the motion, congratulated the ordinary shareholders in once again receiving a dividend. During the 34 years of the company's lifetime they had only received three dividends, two of 3 per cent, and one of 4 per cent., whilst the company had maintained during the whole of these years an average working staff of about 250. Up to the time of the recent purchases of bushes, the ordinary shareholders' prospects were not good, but with the improvement in demand for timber and the increased turnover and life of the railway, it was hoped that regular dividends would be payable. He took occasion to congratulate the chairman on the good work done for the company, and also Messrs. Wilson and Furkert. The retiring directors, Messrs. R. H.> WiJson and H. B. Coupe, were re-elect-ed, and the appointment of Mr. F. W. Furkert, vice Mr. F. Nelson, resigned, was confirmed. A vote of thanks was passed to Mr. F. Nelson for his services as a director over, a period of some thirty years. The directors' remuneration was confirmed at £500. The chairman explained that £750, which appeared in the balance-sheet, was incorrect, as the sum of £300 was payable to him as managing director of the concern. Mr. England was reappointed auditor on the motion of Mr. Condliffe, and seconded by Mr. Beaudiset. In reply to Mr. Beaudiset, the chairman explained the position in regard to income tax. It was suggested that inttrim dividends be paid, if possible. Mr. Wylie proposed and the meeting passed a vote of thanks to the staff for good work during the year. The chairman, in returning thanks, referred to the heavily increased work, j which was now .being provided for by a considerably increased staff.

BANK SHARES

LONDON QUOTATIONS

(By Telegraph—Press Assn.—Copyright.) I (Received August 12, 11.30 a.m.) LONDON, August 11. On the Stock Exchange today quotations of bank shares and other corporation debentures and stocks compare with previous quotations as follows:—

July 28. £ s. d. Australasia .. 9 6 3 E.S. & A. Bank 4 2 6 Union of Aust. . 6 16 3 N.S.W. 26 0 0 National of N.Z. 2 10 0 New Zealand .. 1 15 6 British Tobacco 1 12 6 Goldsbrough, Mort, B pref., ex div 1 4 4j Dalgety & Co., shares 6 17 6 P. arid O. def. .13 3 N.Z. Loan and Merc, 4 p.c. debentures .. 91 0 0 N.Z. Loan and Merc, (ord.) . 23 10 0 Aug. 11. £ s. d. 9 5 0 4 5 0 6 13 9 25 17 6 2 8 6 1 15 6 1 12 6 ' 1 4 4J 7 0 0 1 3 10J92 0 0> 23 10 0