AUSTRALIAN ITEMS

Auckland Star, Volume LXXIII, Issue 234, 3 October 1942, Page 3

AUSTRALIAN ITEMS

All the Melbourne subsidiaries had come Into full operation and this, with the largely increased turnover in the older companies, had increased total profits, though there was a decrease in gross profit margins, said the chairman. Sir Walter Massy-Greene, at the annual meeting of Bradford Cotton Mills Ltd. The steadily mounting price of raw cotton and marked increase in war risk insurance rates were beginning to show In the finished article, he said. Manufacture of ordinary commercial lines had almost ceased, said Mr. W. A. Watt, chairman of Dunlop Rubber. Aust.. Ltd.. at the annual meeting in Melbourne. For some months civilian requirements had been met from stock. Demand for war supplies steadily expanded, however, and turnover on the whole increased. Taxation paid during the year amounted to £770.000. When another outfit, being erected at the Drummovne works. Sydney, was operating, the company would be self-supporting for all its reclaim requirements. Farmer and Co., Sydney, report a net profit of £93.115 for the year ended July 31. against £110.044 the previous year. This is the lowest profit since 1936. Ordinary dividend is reduced from 8? 4 per cent to V.' 2 per cent. The directors say taxation greatly exceeded net profit and was almost double the amount paid in the previous