UNITED DAIRIES.
An excellent report has just been published by United Dairies, Limited. Last year there was a slight decline in the net profit, but for the year ended June 30th last the net profit was £600,487 as compared with £583,439 for the previous year. The dividend on ' the Ordinary Stock is maintained at the rate of 12/ per cent. but £170,000 is transferred to Reserve as compared with only £100,000 a year ago. The directors now recommend that £224,000 of the Reserve be capitalized and applied in the issue of 224,000 fully paid Ordinary Shares of £1 each to be distributed to Ordinary stockholders in the proportion of one Ordinary Share of- £1 for .every £10 stock held. The proposal will also be submitted to the meeting that the capital be increased by 500,000 shares. The balance-sheet is a good one, British Governinent securities figuring over £97,000, while the cash in hand is £234,000 as compared with £102,000 a year ago. The £1 shares of United Dairies -now stand at about 66s. so that on the basis of a 12i per cent. dividend the yield to the investor is only about 3f per cent.
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