COMPANY AFFAIRS.

Auckland Star, Volume LXXI, Issue 27, 1 February 1940, Page 4

COMPANY AFFAIRS.

DAVID JONES, LTD. SIXTH DIRECTOR PROPOSED. In view of the increased pressure of work, the board of directors of David Jones, Ltd., of Sydney, considers that its membership (should be increased from five to six, and accordingly has summoned a meeting for that purpose. Sir Xorman Noek, the immediately past Lord Mayor of Sydney, has been nominated as the sixth member of the board. Beside* his interests in connection with his own company, Sir Xorman Xock has had practical experience in Selfridges and Barkers, of London, and also in Wanamakers, of New York. SHARP FALL IN PROFITS. AUSTRALIAN FINANCE CO. Accounts of the Australian Mercantile, Land and Finance Company, Limited, for the year ended .Tune 30 last show gross earnings of £259,192, compared with £371.292 in the previous year. Xet profit, after appropriating £6.700 to reserve for British income tax and national defence contribution, was £22,700. compared with £66-232 in the previous year. Tile sum of £27,20!) was transferred to investment*! reserve, and a dividend of 2% per cent, less British income tax of 5/9 in £]. after allowing for estimated Dominion income tux relief, required £24.038, leaving £62,370 to be carried forward, against £91.817 brought into the accounts. The capital of the company is £1,400,000 and reserve stands at £1,050,000. B.H.P. BUYS MAGNESITE. Right*? to 190 acres of magnesite deposits near Kalgoorlie have been secured by Broken Hill Proprietary Co., Ltd., Magnesite is used for lining furnaces at Newcastle for steel production, and the company is anxious to obtain adequate supplies. The deposit is estimated to be about 1.000,000 tons, and the monthly output is expected to be about 1000 tons.