COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 295, 14 December 1938, Page 8

COMPANY AFFAIRS.

IMPERIAL CHEMICALS. HIGHER PROFIT EARNED. DISTRIBUTION' OF SHARESThe profit of Imperial Chemical Industries of Australia and New Zealand. Ltd.. Melbourne, for the year ended September 30 last, after providing for depreciation and taxation, was £340.478. according to a preliminary statement. This compares tvitii £313.000 in the previous year, and £230,.31>4 in 103.3-30. The dividend accruing to prefei cute shareholders at December l.>, the directors report, will be about £18,300 and the amount required i'or an 8 per cent dividend on ordinary shares is £208.000. Because of the capital required to complete the alkali plant at Port Adelaide, and the synthetic ammonia plant at Deer I'ark (Victoria!, the directors recommend that the ordinary dividend be capitalised and distributed to ordinary shareholders ill the torin ot fully-paid shares. An extraordinary meeting has been called to give elicit to this recommendation. Most of the ordinary capital of £3,732,.>70 is held by tiie parent company in England. which holds £2,01.3.037. Broken 'Hill Proprietary, Australian Glass. Klectrolytic Zinc. North Broken Hill and Broken Hill South are some oi' the other important shareholders. BONUS SHARES. AUSTRALIAN GLASS. DIRECTORS' ANXOUXI EMEXT. (By Telegraph—Press Association.) WELLINGTON", this day. The New Zealand Stock Exchange Association has received the following cabled advice from the Australian Glass Manufacturing Company:- "We have sent a circular to ordinary shareholders reading as lollows: The progress of the company and the expansion of its subsidiaries in ici cut i cars have been such that jour directors consider a reconstruction of the capita.! structure is called tor, and they are therefore obtaining expert professional advice as to what plans would be best in the interests of the company and its shareholders. It is expected that such advee will be finalised in the early part of 1030. but sufficient progress has been made with the compilation of figures to justify the board in now resolving that steps be taken to arrange for a bonus issue to shareholdcis in the foi in of fully paid shares. The extent of such issue cannot be at present determined, but the directors consider it most desirable that the earliest possible notification of the impending issue lie given to shareholders. Among other things the suggested plans calle for the formation of certain subsidiary companies, and it is intended to proceed with the i cgistration of these companies forthwith. Shareholders are assured that so soon a* the complete scheme for the bonus issue is approved by the board they will be fully advised." £125,000 NET PROFIT. FIGURES FOR WOOLWORTHS. SYDNEY, December 13. The trading results of Woolworths (Now Zealand l. Limited, in the past year show a net profit, after setting aside £08.000 for taxation, of £ 12,3.212. this being £13.7.31 above the profit of the previous year. The chairman. Mr. C. Scott Waine. in n speech at the annual meeting to-d;rv'. said the results justified t|ie policy. of development and reflected credit >ou the ability and energy of general Manager. Mr. W. T. Kellj-. He announced that a new company was being Formed to acquire freeholds required by the company.