COMPANY NEWS

Press, Volume LXXXII, Issue 25020, 31 October 1946, Page 8

COMPANY NEWS

NATIONAL INSURANCE ANNUAL ACCOUNTS “ The Press ” Special Service DUNEDIN, October 30. The annual report of the National Insurance Company of New Zealand, shows that net premium income for the year ended September 30 amounted to £427,867 13s lid. After making full provision for losses outstanding, there is an underwriting surplus of £39,495 18s lOd. Interest and rents, less income tax, amounted to £28,731 5s 6d, and the balance brought forward from last year was £37,608 18s 6d. amounting in all to £105,836 2s lOd. An interim dividend of 5d a share was paid in May, which absorbed £16,666 13s 4d, leaving available a balance of £89,169 9s 6d. The directors have added £20,000 to the reserve fund, and £lO,OOO to the investment fluctuation account, and now recommend payment of a further dividend of 5d a share, making the total distribution for the year £37,500, leaving £38,336 2s lOd to be carried forward. WOOLWORTHS HOLDINGS SOUTH AFRICA NEW ISSUE OF 5/- SHARES ' AT £1 " The Press ” Special Service . WELLINGTON, October 30. Woolworths Holdings (South Africa) is offering a new issue of its 5s shares at £l, a premium of 15s, in proportion of one new share for every two at present held, according to a circular sent to shareholders. If a New Zealand holder is unable to obtain a permit to remit payment, the company will purchase the shareholder's rights at 6s sterling (approximately 7s 3d in New Zealand currency). The company has declared a final dividend of 15 per cent., making 25 per cent, for the year, plus a bonus of 5 per cent., making a total distribution of 30 per cent, for the year, compared with 20 per cent, last year. The shares were ex dividend on October 1. The books will be closed from November 15 to November 22, both days inclusive,. to determine holders who are entitled to rights. It is understood that arrangements are being made for a central agency in New Zealand, where acceptances, which will close on December 6, can be lodged, and also for the sale of sufficient righty to raise enough money to take up the remaining rights. Official advice from the Stock Exchange Association is expected to be issued within the next few days. The circular to shareholders savs that the scope of the company's activities has increased very considerably since the original flotation, and it is clear that the existing capital is inadequate to provide for proper development, quite apart from the additional capital which is now obviously necessary to meet the substantial c °st of increases in trading stocks. x.SI e 4 wP resent ca Pital .of the company is £600,000. and the new issue will bring to £816.000. It is prooosed to issue 864.000 shares each of ss. 764,000 of which, subject to treasury consent, will be issued at £1 each. Of these 690.000 will 2* ° ffer ® d to exls tlng shareholders, and 74,000 to certain members of the staff directors of Woolworths Holdings), of subsidiary companies. Commenting on the dividend proposals the directors say it is confidently expected that on the full employment of the capital sought a dividend rate of 25 per cent, can be maintained.