COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 99, 29 April 1939, Page 4

COMPANY AFFAIRS.

RECORD YEAR. CONSOLIDATED INDUSTRIES. ——- i £50,000 TO RESERVES. SYDNEY, April 28. A net profit of £324,512 constitutes a record year for Australian Consolidated Industries, formerly Australian Glass Manufacturers* Company, Limited. The usual 9 per cent preference dividend absorbs £15,750. The interim dividend on the old ordinary shares was 1/4.8. The final dividend of 1/ a share on ordinary capital as enlarged by the recent bonus issue makes the rate for the full year 6.86 per cent, the total ordinary distribution absorbing £239,598. A sum of £50.000 is being placed to reserve, and £ 147,524 will be carried forward. The year's earnings sSow an increase of £.''><i.Bß4 over the previous best result attained in 1937-38. Toward the end of 1938 the company initiated a reorganisation of its affairs, involving a change of name, an increase of £3,000,000 in capital and the distribution of bonus shares to shareholders on the basis of 11 new shares for every four held in the original company. The 15 per cent paid on the old capital is equal to about 4 per cent on the enlarged capital. The reorganisation also involved the acquisition by a New Zealand registered subsidiary, New Zealand Glass Manufacturers' Company, Proprietary. Limited, of the Auckland business of Australian Glass Manufacturers' Company, Limited. Results for the past three years compare as follows: — 1936 7 1037-8 103 ft!) Hrf. forward 70.178 9R.054 128,360 Xrt profit . . 231,198 287,628 324.512 301.376 383.682 452.872 To reserve . . 50,000 100,000 50,000 Dividends — Pref., 9 p.c. 15.750 15.750 15.750 Orrt., p.c. . 15 15 6.86* Amount . . 139,572 139,572 230.598* Car. forward 96,05«4 128.360 147,524 •The final dividend for 1938-39 of 1 / a sharn was paid on the enlarged ordinary capital. KAIKORAI CABLE TRAMS. SATISFACTORY YEAR. (By Telegraph—Special to "Star.") DLNEDIX, Friday. 1 he Kaikorai Cable Car Tram Company, Which has been taken over by the City Corporation at a cost not exceeding £8500, had a successful year. The net profit amounted to £ 1334, „against a loss the previous year of £55. Traffic receipts for the year totalled £11,199, an increase of £904 -on the previous year. No dividend is recommended as the company is going into voluntary liquidation. An interim dividend of 5 per cent was paid for the half year. It ifl expected that shareholders will receive over 30/ a share in return of capital. DALGETY AND CO. LOWER INTERIM DIVIDEND. (By Telegraph—Press Association.) WELLINGTON, Friday. The New Zealand superintendent for Dalgety and Company, Limited, has received cable advice that the board of directors has declared an interim dividend of 2/ a share, being at the rate of 4 per cent per annum, less British income tax. Tiie dividend is payable on May 20. The interim dividend last year was 3 ' a share, being at the rate of 6 per cent per annum, less British income tax. The full rate for the year was 6 per cent. SHARLAND DIVIDEND. I A report from Wellington earlier this week announced the interim dividend of Sharland and Company, Limited, as 2% per cent, free of social security tax. The Auckland office of the company states that the rate is 'IV* per cent, free of social security tax, against 2% per cent last year.