NORTHERN ROLLER MILLS

Evening Star, Issue 22464, 8 October 1936, Page 7

NORTHERN ROLLER MILLS

REDUCED EARNINGS LOWER INTERIM DIVIDEND. In issuing a dividend warrant for the half-year ended August 31, the directors of the Northern Roller Milling Co. Ltd. state, inter alia: — “ Your directors regret to inform you that owing to the regulations introduced by the Government—namely, reduction of output, fixation of price, increase in income tax and graduated land tax, the company has not earned sufficient to pay this dividend, and has had to use some of the undivided profits. Another factor has been the poor quality of the wheat, which means the extraction of less flour and more offal. Strong representations as to the injustice of the conditions imposed on the company’s business have been made to the Minister of Industries and Commerce, also to the Minister of Finance, but so far without result. “ Your board feels that this company, after a successful life of 30 years, has a right to be allowed to carry on its business with a reasonable margin of profit. The board will continue to press upon the Government the necessity of doing justice to our old-estab-lished industry.” The dividend is at the rate of 4 per cent per annum, the same rate as was paid for the previous half-year.