N.Z. BREWERIES

Hokitika Guardian, 21 July 1927, Page 1

N.Z. BREWERIES

10 PER CENT. DJV.IRK.VD

(By Telegraph—-Per Press Association.) WELLINGTON, July 20. The fourth annual meeting of the New Zealand Breweries Ooy. was held to-day .when Mr Alfred Bankart, of Auckland, Chairman of Directors, delivered the address, expressing ideasure at being able to present so satisfactory a report and balance sheet. The past year, lie said, had been one of considerable difficulty, owing to the strike in Britain and to the unemployment in Now Zealand. After paying the interest due on debentures, and allowing for depreciation on the plant, machinery and buildings, and after providing for all administration charges, a gross profit of £7,83.304 Is Id was made. From this £191.131 T2s ]od for beer duly had to be deducted, leaving a net profii of £97.372 8s 3d. which was £12.108 2s less than in lire previous year. To this had to he added 221,166 17s 2d carried forward, making available for distribution £118.839 os sd. From this amount, an interim dividend of 5 per cent.—£2s,6oo—was paid in September last, so that there remained a balance of £93.839 os od to he dealt with. It was decided to increase the reserve fund by allocating £50.000. making that fund £175.000, and to pay n further dividend of 5 per cent, (requiring £"25.000) on the share capital of th > company, thus making 10 per cent, for the year: and to carry forward the hahmee of £18.839 5- 5d to Hie new ace mnt. ’.'lie Chairman said (hey had lieon able to increase 1-heir investments during the year by tin* purchase of giltedged se uriiics at advantageous prices. I' ’ bonk debts were slightly below the fi cures of last year, while the cash at D • hank was £38.891 16s 7d. On the 1: -hiHties side, open accounts stood at £ ’59,068 18s lid. being a little higher t’ :’ii last year. Altogether the financm! position was quite satisfactory. The retiring directors. Messrs A. D. S Duncan. E. R. Davis. Dr P. F. MeEvedy. were re-elected.