COMPANY MEETING
THE CONSOLIDATED GOLD FIELDS OF SOUTH AFRICA, LIMITED
THE ordinary general meeting was held on Thursday, December 4th, at the Chartered Insurance Institute at 12 noon. The chairman, Mr. H. C. Porter, said:
In the profit and loss account dividends, profits, &c., amount to £723,501, compared with £739,218, a small decrease of Lx5,7x7. Profits on sales of investments were less by £116,000, opportunities for profitable realisation having been rare until the closing months of the year ; dividends received were slightly higher than last year, owing to a payment made by Gold Fields American. On the other side of the account the item rent, &c., shows a small decrease at £49,872, compared with £53,924. I must, however, warn shareholders that they must expect some increase on this figure in view of present conditions.
Bringing in the balance from last year of £162,025, there is a profit available for distribution of L380,764 and a dividend of 2s. per share, less tax, has been declared, amounting to £228,623, which will leave £152,141 to carry forward.
The payment of this dividend enables your company to distribute a similar amount and carry forward 0,673, the same amount as last year.
Reverting to the new company, on the liabilities side of the balance- sheet the reserve account is unaltered at Li,000,000.
The contingent liabilities are lower by L216433. Loans which we providei last year as contingent liabilities have been actually advanced to certain non-producing companies in which we hold interests.
I regret that the form in which our report is set up has prevented us from inserting for comparison the figures of the accounts of the previous year.
Previous page
