COMPANY NEWS

Press, Volume LXXIII, Issue 22183, 28 August 1937, Page 12

COMPANY NEWS

CONSOLIDATED TOBACCO (PBESS ASSOCIATION TELEGRAM.) AUCKLAND, August 27. An order for the winding up of the Consolidated Tobacco Company, Ltd., of Auckand, was made by Mr Justice Ostler in the Supreme Court. The application was not opposed. The liquidator of the company said that the receiver entered into the business on February 12, 1937, and from that time all payments to creditors had been suspended. The Bank of New Zealand was the first debenture holder, to an amount of £IO,OOO. The company's balance-sheet showed a loss of £63,022, and the assets consisted of land and buildings, machinery, furniture, etc., of an estimated total value of just under £40,000. The assets, however, would be difficult to realise. In his opinion, it was impossible for the company to carry on. BROKEN HILL PROPRIETARY The Broken Hill Proprietary Company, Ltd., discloses its profit of £1,183,170 for the year ended May 31, after providing £670,800 for depreciation and £18,406 for debenture interest. The dividend of 12J per cent. (2s 6d a share on fully paid up shares and Is 3d a share on the new shares) requires £559,880. A sum of £600,000 is transferred to the reserve fund, making it £3,100,000, and £279,748 is carried forward, against £256,457 brought into the account. Working profit was £2,149,516, an increase of £325.264. After making provision for all outstanding liabilities, there are liquid assets in cash and other convertible stocks of £2,902.795 excluding interest

naces. The directors report that the demand for the company's products has been well sustained. The various departments have been fully occupied, and production for the year constitutes a record. The comprehensive programme of plant additions and improvements has been actively carried on, and the resulting benefits were again substantially reflected in the year's results. With the completion of No. 11 steel furnace, it was found necessary, in order to meet the expanding demand, to proceed with the erection of a further steel furnace, No. 12, which came into operation in January. The new bench at Iron Monarch quarry was completed, and is now in operation. The report of the managing director states that the tonnages produced at the various mills and foundries were (comparison being made with previous

The volume of sales of roadmaking materials was maintained. The demand for fencing and other wire products was maintained during the period, but production was curtailed from March 31 to May 24, owing to an industrial dispute.

in other companies. Year ended May 31 1936. £ 850,360 1937. £ 1,183,170 Net profits Dividend, per cent. 121 > 12J Dividend, amount ♦435,777 t559,880 To reserve .. .. 500,000 600,000 Working profit 1,824,252 2.149,516 Liabilities— 3 Capital 4,249,850 4,982,014 Share premiums 3,100,215 3,475,180 Debentures 286,600 211,100 Reserve funds 2,535,000 3,135,000 Sundry creditors 1,158,615 1,338,641 Deb. sinking fund 50,000 50,000 Appropriation account 256,457 279,748 Assets— Mine account (book value) 20,000 20,000 Plant (less depreciation) 5,600,041 5,435,760 Stocks and stores 856,673 957.883 Sundry debtors 1,247,430 2,354,943 Shares in other companies 3,537,502 3,774,557 Reserve fund investments 20,000 20,000 Cash 351,324 1,199.705 Sinking fund cash 3,766 4,220 •Includes 2Jd a share on new issue. tlncludes Is 3d a share on new r issue. Output of iron and steel showed a considerable increase. Figures for three years are:— Year ended May 31, 1935. 1936. 1937. Tons. Tons. Tons. Pig iron .. 521,253 607,449 669,532 Steel ingots* 552,710 ♦663,282 ♦783,138 ♦Including foundry open hearth fur-

years) :— 1935. 1936. 1937. Tons. Tons. Tons. Blooming mill .. 492,635 599,265 700.155 28in and 18in continuous 380,061 455,674 518,928 Plate and bar 77,262 113,234 154,477 12in mill and merchant bar 95,717 152,046 182,982 Rod 104,082 108,033 124,830 Fishplate 4,028 4,707 5,791 Steel foundry 26,517 38,580 48,118 Direct metal foundry 10,283 12,362 14,140