COMPANY AFFAIRS.

Auckland Star, Volume LXV, Issue 70, 23 March 1934, Page 4

COMPANY AFFAIRS.

COMMONWEALTH BANK. LOWER EARNINGS. SYDNEY, March 22. The profits of the Commonwealth Bank for the half-year ended December 31 last, show a substantial fall, wholly owing to the return from the note issue which suffered from the low interest obtained from investments in Britain. The total profit of the general banking department, of the rural credits department and of the note issue of the department amounted to £510,872, compared with £715,566 in the previous half-year, and £1,288,537 in the corresponding half-year of 1932. Depositors' accounts in the savings department are in credit to the extent of £120,291,950.

HIKURANGI COAL CO. The old established Hikurangi Coal Co., which had been in existence for forty years, has gone into liquidation, there being no return to shareholders on the capital of £70,000. A new public company with the same name lias been formed by debenture holders of the old concern. The capital is £6000 in shares of £1 each. The subscribers are Sir Edwin Mitehelson and Messrs. L. J. Stevens, A. G. Ltinn, H. Gilfillan, W. T. Brown, J. A. Gentles and A. T.. Begg, one share each.

After a series of disastrous happenings covering 6cveral years, during which the mine was several times flooded, the company's position became hopeless in December, 1932, when a serious fire put out of action the main producing area, and the business passed into the hands of the debenture holders. For some time the mine has been carried on by the debenture holders snd it. has now been purchased by then at the amount of (lie debt.. A certain am.mnt of fresh capital has been secured to linaucp the working of the imine.