RENOWN COAL

New Zealand Herald, Volume 82, Issue 25293, 29 August 1945, Page 4

RENOWN COAL

ACCOUNTS ISSUED STATE CLAIM SETTLED, In the delayed accounts for the year ended July 31, 1944, Renown Collieries, Ltd., reports that in accordance with the Waikato Coal Mines Control Emergency Regulations. 1942, the basis of average net profit has been fixed and settlement of the company's claim made by the Mines Department. Net earnings for the year reviewed were £3OOO, against £OIOO in the previous year. The result is struck after providing £10,310 for taxation, compared with £13,121. The directors recommend payment of the usual preference dividend of 7 per cent and an ordinary dividend of 3d a share, compared with Sd in 1943. This absorbs the £3600 available. Results for three years are:— July 31 11)42 1043 1044 Gross earnings £14,570 £20,423 £24,007 Expenses .. 7,263 12,129 11,048 Profit .. £7,312 *£19,221 £13,919 Income tax . . 1,712 13,121 10,319 Dividends — Prcf., 7 p.c. '2,100 2,100 2,100 Ord. . . 7d Sd 3d Amount .. 3, .*>oo 4000 1,500 Ttl. appropns. £7,312 £19,221 £13,939 •Includes £1927 transfer from railway adjustment account. LIABILITIES Variation £ £ Capital .. 102,000 Same Deb. issue • • 8,349 -40 Res. and surplus .. 31,362 +4,755 Creditors, etc. .. 11,485 +742 Share, div. A/c .. 6,100 +6,100 ASSETS Properties plant, etc. 73,027 -4,220 Stocks and debtors . . 51,560 +8,042 Investments, cash, etc. 34,709 ( +7,735 The movement in reserves is accounted for by a rise of £9351 in taxation reserve and a fall in the appropriation account balance to £3600. Cash at bankers stands at £779(1 in the latest account, whereas in the previous year there was an overdraft of £9014. REVIVAL OF TIN MINING INSPECTION PARTY READY •As a first step in plans for the orderly revival of the tin ruining industry in Malaya a survey party has been selected to make a general inspection of all Malayan tin propcities. The party will enter Malaya as soon as possible. The move is a result of collaboration between the Malayan Chamber of Mines in London and the British Colonial Office. Mr George Watson, of Alluvial Tin (Aus.), Ltd., has been nominated as the representative of Australian tin mining interests in the party, this nomination having been sponsored by the Commonwealth Government. After the party has made its report, a second working party, consisting of engineers from individual companies, will proceed direct to their own properties to carry out tho work of salvage and reconstruction. An inspection party has been formed to go to Burma soon to report on tin properties there. Mr G. E. Rayfield, of Austral Malay Tin, Ltd., is a member of this party. No arrangements have been made so far for inspection of tin mining properties in Siain. LIVESTOCK MARKET INCREASE IN BEEF PRICES (0.C.) HAMILTON Tuesday An increased entry of fat wethers was penned at Frank ton yards today. Prices at the commencement of the sale were on a par with last week, but values cased toward the finish. Ewes were yarded in slightly increased numbers, but more buyers were operating for this class and prices advanced, while fat lambs sold at recent firm rates. With ox beef ' in short supply and a strong demand from ' butchers, values opened at a high level and increased as the sale progressed. Cow and heifer beef was also yarded in small numbers and a sharp rise in rates was recorded. The veal pens contained only a medium offering and vftlues increased. Pigs were in very short supply, tho entry comprising mostly stores and butter-milk pigs, with very few baconers. All classes remained firm at recent rales. Quotations: —Sheen: Extra prime wethers made £2 lis to C2 14s 3d; prime fat, £2 Os to C2 10s: medium. C2 Is to C2 ss; lieht. 37s to £2; heavy prime ewes, 35s to 388; medium-weight. 32s lo 31s: light, 25s to 26s (Ids heavy fnl lambs. 35s to 30s 9fl; prime. 32s fo 31s; medium, 28s to 30s; light, 22s to 255. Cattle: Heavy prime bullocks. £25 to C'2S: medium, £22 fo £24; light, £l7 1()s to £2l; medium prime heifers. £l6 to £18; light, £l4 5s to £ls 10s; heavyfat cows. £l4 to £l6; medium. £!2 to £l3 15s ; lighter and plain cows, £9 10s to £11; runners, £9 10s to £lO ss; lighter, £6 5s to £8 12s Od; light vealers, £4 15s to £5 10s; good calves, £2 15s to £3 1.75, PI"?: Choppers, £3 15s to £5 15s; baconers. £4 10s to £5 0s; butter-milk pigs and lar.ee stores £3 to £4 Ss; smaller stores, £2 8s to £2 1fls ; slips, 34s to £2 3s; weaners. 20s to 325; sows in farrow. C 4 to en ■"«: with litters. C 5 to €G 15s. RUBBER OUTLOOK Reoccupation by the Allies of rubber lands did not mean immediate release of huge tusntities of irst-grade rubber, said the chairman, Mr M. T?. Cuthbertson, of Beaurepaire Investments, Ltd., at the -annua! meeting in Melbourne. Rubber plantations would not be in first-class producing order for at least six months. A quickened output of tyres and tubes was not yet likely. DOMINION INVESTMENT "Notwithstanding the difficult limes and the lower rates of interest prevailing we show an increase in net profit for the 11th year in succession," said the chairman. Mr F. M. Winstone, at the annual meeting of the Dominion Investment and Banking Association yesterday. In view of the surplus funds held for mortgage investments by all financial institutions and the low rates of interest, (he result of the year's work showed careful management. which enabled substantial reserves to be built up. "These funds we have for investment, in addition to the capital and deposit moneys held by the association." said the chairman. "It is because of this, together with the fact that our advances on first mortgage have increased during the year by £9665 to a new high level of £381,595, that we have been able to maintain our rate of profit at a time when low Interest rates prevail." The contingency reserve of £6OOO has been transferred to general reserve, as there were no weak securities on the books. The retiring directors. Messrs A. G. Lunn and G. Wldsttwe, were re-elected