COMPANY AFFAIRS.

Auckland Star, Volume LXVIII, Issue 69, 23 March 1937, Page 4

COMPANY AFFAIRS.

DRUG COMPANY,; IMPROVED TURNOVER. CONFIDENCE IN FUTURE. (By Telegraph.—Own Correspondent.) DUNEDIN, Monday. "As indicated by me a year ago, an -improvement in turnover has been well maintained," said Mr. W.. F. Edmond, chairman of directors of Kempthorne, Frosser and Company's New Zealand Drug Company, Limited, id moving the adoption of the annual report at the 48th annual meeting of shareholders this afternoon. "The better prices now being obtained for our primary products, particularly wool, have provided greater spending power for all sections of the community and also promise well for the coming year. We can, therefore, look forward to the near future with a fair measure of confidence in so far as trading is concerned, but at the same time we cannot overlook the increasing burden of higher labour costs brought about by the present Government's legislation. Increases in land and income tax are also a heavy impost which will have a tendency to restrict the development of industry in the Dominion." Since the last meeting a new sulphuric acid plant at Weetfield . had been completed and was working satisfactorily, said Mr. Edmond. The directors had also deemed it advisable to make extensions to the plant and buildings at the Wanganui works, which were now being carried out. These additions would give ample scope for greater manufacture, placing the company in an excellent position. A final dividend of 4 1 /& per c>.it was approved, making 8 per cent for the year. BURNS, PHI LP AND CO. The directors of Burns, Philp and Co.. have decided to issue to shareholders the 500,000 unissued £1 shares in the «apital of £he company in the proportion of one share for every three shares held. Arrangements are being made for payment by instalments of 5/ each on October 1, 1037, the date upon which applications close, April 1, 1938, October 1, 1938. and April 1, 1939. Burns, Philp and Co.. which operate from headquarters in Sydney have an extensive Island connection, dealing <n copra, other Island produce and general merchandise. Besides owning copra plantations they have their own shipping tservices. The capital is £2,000.000, of which £1,500,000 is paid up and total assets at last balancing were £4,843,678. General reserves at that time stood at £1.081.009. Net profits for the year were £216,070 and a dividend of 10 per cent was paid. This rate hat been unchanged for a considerable period. The shares have always been firmly h'.ld and recently moved up from £3 16/ to £4 0/6. WOOLWORTHS (NEW ZEALAND). Woolworths (N.Z.). Limited, has advised the Stock Exchanee Association that an interim dividend of per rent in respect of the ypar ending -October I. 1937, has been on preference shares, payable on April 15. TOOHEYS, LIMITED. The directors of Toohevs; Limited, have extended the neriod in which shareholders mav a«T)lv for thp new share issue from April 12 to April 26.

PUBLIC TRUST PFFICE.-

- Estates of a value ofs £369,773 were reported and accepted for administration by the Public Trustee during the month of February. New business for the eleven months ended February 28 was £.5,277.517. Grants of administration made by the Court in favour of the Public Trustee numbered 138 for the month. During the month 355 new wills appointing the Public Trustee executor were deposited for safe custody by living testators, and 319 existing wills were revised to provide for changes desired by testators.