RADIO CORPORATION OF N.Z.

Wairarapa Times-Age, 15 May 1939, Page 3

RADIO CORPORATION OF N.Z.

PROFIT AND DIVIDEND. ' . The Radio Corporation of New Zealand Ltd. held its second annual general meeting on Thursday, April 27. The chairman of directors, the- Hon Sir Charles Statnam-, presided. The directors' report and annual statement of accounts and Dalance sheet were adopted. The net profit earned for the year 1938 amounted to £10,462 4s 7d, as against £3235 12s lid for the period of 16 months ended Decembed 31, 1937, which, with the £416 10s balance carried forward from last year, brought tiie total amount at credit of profit and loss appropriation account up to £lO,878 14s 7d. Out of this sum provision has been made for income tax, £3765, and for social security tax £5OO, writing off the balance of £793 outstanding for preliminary expenses, £72 15s on account of brokerage, £405 on account of alterations to factory and placing a further sum of £315 to bad debts reserve, leaving the net balance of profit and loss appropriation account at £5027 19s 7d. The actual turnover for 1938 was 43 per cent greater than that for 1937. The directors’ recommendation that a dividend of 6J per cent on the amounts for the time being paid up on both preference and ordinary shares for the year 1938 was agreed to, the dividend on tne preference shares being made payable in cash, and provision being made for satisfying the dividend on the ordinary shares by the allotment of fully-paid ordinary shares in the company to participating shareholders for the amount of their •respective dividends (fractions of £1 to be paid in cash). The retiring directors, Colonel G. J. Smith, and tne auditor, Mr J. L. Arcus, were re-elected. A special resolution increasing the nominal capital of the company to £160.000 by the creation of additional capital of £BO,OOO divided into 20,000 preference shares of £1 each was unanimously agreed to. the consent oi Ihe preference share holders having been obtained prior to the meeting.