COMPANY AFFAIRS.

Auckland Star, Volume LXXI, Issue 296, 13 December 1940, Page 4

COMPANY AFFAIRS.

N. 2. PETROLEUM COMPANY. NEW ISSUE 1 OF SHARES. New Zealand Petroleum Company. Ltd.. ii making a new issue of 180.000 A shares of £1 each. The new issue had oecn forecast by Sii Colin Fraser (chairman) at the annual meeting in Melbourne of Taranaki (N.Z.) Oil Development Company. N.L.. which holds a 20 per ceni profit-participating %-apital interest in the company. To maintain its Interest in New Zealand Petroleum Company. Ltd., Taranaici (N.Z.) Oil Development Company. N.L.. is acquiring through Shah Oil Investigations Proprietary, Ltd., 36.000 sharec in tae new issue, making its total holding 102.12 C A shares. On the basis of the estimated financial requirements of New Zealand Petroleum Company, Ltd., it is likely that Taranaki (N.Z.) Oil Developments Company. N.L., will, as Sir Colin Frase: also indicated at the annual meeting, make call: ol 6d a share at about quarterly intervals during 1941. Should commercial oil be obtained during this period, of course, the call programme wouk need to be completely revised. The sixth call of 6d a share on all issueC contributing shares of Taranaki (N.Z.) Oi Development Company, N.L., was due on Deeembei 11. SYDNEY FIRM S RECORD PROFIT. Farmers and Company. Ltd.. of Sydney, disclosed record profits for the trading year ended July 31 last. The amount earned. £112.331. represented an improvement of £ 5672 on the result! for the previous term. The company operates one of the largest departmental stores in the city. This year marku the 100 th anniversary of the foundation of th« business, which was established by Joseph Farmei on September 21, 1840. Dividends at. unchanged rates were declared but to mark the anniversary £5000 was distributed as a bonus cf 3d on ordinary shares, representing 1* 4 per cent. The directors' report emphasised that the bonus should not be taker to indicate that the luture policy of the board was to increase the rate of the annual dividend. SULPHIDE CORPN. DIVIDEND. Advice has been received from Melbourne thnt the directors of the Sulphide Corporation. Limited, have declared an interim dividend of 5 per cent, less income tax, on preference shares, payable on December 30. Income tax is to be deducted at 6 10, being 8 6 less 1 8.