“SATISFACTORY YEAR"

Sun (Auckland), Volume I, Issue 159, 26 September 1927, Page 2

“SATISFACTORY YEAR"

N.Z. GUARANTEE CORP, NET PROFITS, £21,13# A net profit of £21,150 6s 10d is sbovn on the balance sheet of the Nea Zealand Guarantee Corporation for the year mM August 31, 1927. This, after writing of £4,602 10s Id for preliminary and establishment expenses. The returns register a slight deem** on last year's net profit of £24,S'2i. Interim dividends at the rate of 7 ptr cent, on preference shares, lOd per sha tt on fully paid ordinary shares, and 44 per share oil the 8s paid shares were dared and paid on February 28, IST. The directors now recommend th# payment of the usual dividend at the rata of 7 per cent, on preference hams, k further dividend of lOd per share oil tht fully paid ordinary shares, n akijif a total of Is Sd for the year, and 4el per share on the balance of the ordinal? shares, making a total of 8d for the year. In spite of the effects of adverse lion* cial conditions which ruled througfefft the Dominion, states the report, neceak rating a cautious policy, the resalts hen been most satisfactory. The called-np capital of the corporation remains »: £214,390, and it is not contemplated flat any further calls will be necessary. The profit and loss account disclose? a gross profit of £50,273 14s 6d, with, expenses at £24,522 17s 7d. £S.OM w transferred to reserves, making a tott. of £2.».000 under that heading. The prtscipal asset shown in the balance sh#r. is bills receivable* (less unearned interest), £294,205 19s 2d. IndebUdlMW tt the bank in the form of an overdraft, plus accrued interest, stand* r £36,558, 8s: Id. The retiring directors, Masers. T. X. Wilford and G. YV. Magnus, ofler thenselves for re-election at the annual mating of shE.reholders scheduled :’or Oct* ber 14.