IMPROVED BUSINESS

Sun (Auckland), Volume II, Issue 485, 15 October 1928, Page 12

IMPROVED BUSINESS

N.Z. GUARANTEE CORPORATION ANNUAL MEETING In moving the adoption of the report and balance sheet at the annual meeting of the New Zealand Guarantee Corporation, Ltd., Sir Joseph Ward, who presided, said that business conditions during the past year had improved. The year’s returns showed the gross profit to be £44,569 15s Id, and the net profit £22,571 13s 6d. The further dividends recommended to be paid amounted to £8,799 11s Bd, making the total dividends paid and recommended to be paid for the year, £17,599 3s 4d. The chairman pointed out that the whole of the preliminary and establishment expenses were extinguished last year, and the board recommended that of the balance available after the payment of the dividends, the sum of £5,000 be transferred to general reserve account, which will then total £25,000. During the corporation’s five years of existence, it has provided shareholders in cash dividends, with no less than £77,667 13s 4d, in addition to providing reserves of £25,000, and writing off £18,410 preliminary and establishment expenses. The report and balance sheet were adopted, and the dividends as recommended by directors approved. Two of the directors, Messrs. Sidney Kii'kcaldie and Will Appleton retired, but being eligible for re-election were returned. The auditors, Messrs. Watkins, Hull, Hunt and Wheeler, were also reelected.