COMPANY AFFAIRS.

Auckland Star, Volume LXIII, Issue 124, 27 May 1932, Page 4

COMPANY AFFAIRS.

MOTORISTS PETROL CO. TENDERS FOR BULK TANKS. (By Telegraph.—Press Association.) WELLINGTON, Thursday. Associated Motorists Petrol Company, Limited, has let tenders for the construction of bulk petrol tanks in the four centres, having an aggregate capacity of more than 3,000,000 gallons. The successful tenderers for the tanks in the respective cities are: —Hcil'ernan and Company, Auckland; Fletcher Construction Company, Wellington; Andersons, Limited, Christckurch; Dunedin Engineering Company, Dunedin. The work will commence immediately. The company is an organisation of New Zealand motorists which aims to supply petrol below existing rjrices. A representative of the company stated to-day that local construction firms had been able to quote better prices than foreign companies. GISBORNE GAS. NO ORDINARY DrVTDEND. The directors of the Gisborne Gas Company report for the year ended March 31 that the difficult times through which the Dominion is passing have naturally affected the consumption of gas, and . revenue has suffered accordingly. Expendi- . ture has been curtailed, and further ; savings are being effected for the coming ' year. After providing for depreciation of plant, buildings, machinery, and writingdown of stocks, the profit and loss account shows a credit balance of £5309 18/2, made up as follows: Balance carried for- , ward last year, £3092 16/9; refund of income tax received, £1216 5/11; profit for year, £1000 15/6; total, £5309 18/2. The , directors recommend payment of a dividend of 8 per cent on preference shares, absorbing £794, and carrying forward the balance of £4515 18/2. They explain that in not recommending payment of a dividend on ordinary shares the preservation , of shareholders' capital by reducing still further the liabilities of the company, and j strengthening its financial position far outweighs the distribution of a small dividend. HARDWARE FIRMS UNITE. The amalgamation of the two longestablished hardware and iron and steel j houses of Messrs. E. W. Mills and Co., . 'Ltd., and Briscoe and Co., Ltd., of Wei- , lington, has for some time been under consideration, according to the "Post." It is now an accomplished fact. Messrs. E. W. Mills and Co. were established in Wellington in 1854, on Lambton Quay; Messrs. Briscoe and Co. were established in London in 1781, and in New Zealandin j 1863, opening in Wellington in 1893. The ] direct family contact is to be maintained, f Mr. Ronald Evans, of the Melbourne 1 branch of Messrs. Briscoe and Co., and son i of the managing director for Australia, i has come over to take control as general < manager during the initial years of trading c under the new name. He will be assisted by Mr. E. W. Mills, eldest son of Mr. John F. Mills. Mr. E. W. Mills represents the third generation of the Mills family to be personally associated with the business, and has already been for some years on the staff. Messrs. A. D. Kerr and C. M. Luke, hitherto local managers respectively for , Messrs. E. W. Mills and Co. and Messrs. ( Briscoe and Co., will also form part of the ." executive. f SUN INSURANCE PURCHASE. r f The Sun Insurance Office. Limited, Lon- r don, whose chairman is Sir William H. 0 Goschen, according to the "Daily Mail,'' f has made an offer to purchase a block of I shares of the Mercantile and General r Insurance Company of New Zealand. The object is to expand the Sun's business— I especially fire insurance business—in New '■ Zealand. The New Zealand company ?j I specialises in fire insurance. c