SIX PER CENT DIVIDEND.

Waikato Times, Volume 119, Issue 19896, 27 May 1936, Page 10

SIX PER CENT DIVIDEND.

NEW zEALAND NEWSPAPERS. 1 l l EFFECT OF LEGISLATION. } (By Telegraph—Press Association.) ‘ AUCKLAND, Wednesday.. i The seventh annual meeting of New; Zealand Newspapers Limited, was held ; 10-day. A dividend of 6 per cent. for the year was declared. In a lengthy review‘oi’ the company's activities the chairman, Sir Cecil Leys, said that the year was eventful. A matter of outstanding importance was what might be termed the rationalisa—tion of the daily newspapers in Christchurch. instead of four dailies there are now the Press in the morning and the Star—Sun in the evening. The latter was the property of New Zealand newspapers and was expected to prove a source of steady and expanding protlt. "Newspapers generally," said Sir Cecil, " are going to suffer more than most other businesses from the recent legislation. There are a few branches of the business where shorter hours are already in operation. but. over the main range of production a 40-hour week is an impossibility.” A Difficult. Position. New agreements had to be made in all unionisecl departments. yet on the eve of negotiations the position is pre—juda‘Ed and prejudiced by the restoration by the Legislature of wages to the 1931 level and the provision of a. 40-hour week, which in efl'eet is an addition of 9 per cent. to the 193 i wages, when compared with the 44hour week. The total increase in the expenses is 20 per cent., which may be accepted as an average for news—paper workers. The position oi the printer—industry in which with 7600 hands is first in the number of em—ployees in New Zeaiand—is equally difilcult, Sir Cecil said the tlgures of the company for the past year were quite satisfactory. The net profit hatl increased from £39,386 to H 1695. and business to—day was sounder than at any time in history. . The retiring directors, Messrs C. [-I. Hewlett \l‘Jhristrliurehl anti \\'illiam Goodi‘cllow ~_~~nd}, were reelected.