ONAKAKA IRON AND STEEL
CAPITAL REDUCTION PROPOSAL, A net loss of £17,922 on the year’s operations is shown in the annual report and balance-sheet of the Onakaka Iron and Steel Co., Ltd., for the year ended October 31, 1930. The directors state that considerable difficulty has been experienced in establishing the pipe-making branch of the company’s activities on a satisfactory basis. Most of the difficulties have now been overcome, however, and .sufficient contracts are held to keep the factory busy for the greater part of the year. Last year the company made a profit of £5507, the first in its history. Paid-up capital of the company is shown at £104,058, and eight per cent debentures amounting to £109,093 have been issued. New Zealand Government Loan Account, with accrued interest, is shown at £14,350, the sum of £20,836 is owing to the State Coal Depot, and sundry creditors, are shown at £6508. With preliminary expenses at £14,748, and establishment account at £20,188, there is a debit balance at profit and loss of £44,301. Shareholders are to be asked to discuss the advisability of reducing the capital of the company. .
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Hokitika Guardian, 29 December 1930, Page 8
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188ONAKAKA IRON AND STEEL Hokitika Guardian, 29 December 1930, Page 8
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