COMPANY NEWS

Press, Volume LXXXIII, Issue 25178, 8 May 1947, Page 8

COMPANY NEWS

PROFIT OF BURNS PHILP AND CO., LTD. Net profit of £258.063 is reported by Bums. Philp and Company. Ltd., for the year ended March 31. Thia is a sharp increase of £55,328. and is the best result since the record profit of £270,656 in 1941. Dividend is again 10 per cent., a rate which has been maintained for 23 years. It absorbs £200.000. A sum Of £50,000 is transferred to reserve, the first in recent years, and raises the fund to £1.300.600, and £8063 is added to the floating balance, increasing it to £49,715. Gross profit increased by £201352 to £1,675,659. Expenses, including* taxation, were £64,760 higher at £1,190,659. Net profit is reached after raising the depreciation charge by £9173 to £150.103, and pro Vision for bad debts and losses by £72,591 to £78.834. Shortage of shipping and materials has restricted progress of rehabilitation in the territories, the report states. Scarcity Of labour and inter-island transport has retarded copra production, and the coitapany did not receive the benefit of the good prices ruling. Assets in Papua and New Guinea have been transferred to a new company in Papua, named Bums Philp (New Guinea), Ltd., in which a full capital interest is held. SOUTHLAND BUILDING SOCIETY Another record year’s business is reported by the Southland Building and Investment Society and Bank *of Deposit. Th? total amount on mortgage is shown at £4355.466, £160,000 higher. The sum of £42,649 has been credited to borrowers as rebate of interest for the year, being at the same rate as profits credited to investors. Profits at the rate of 5 per cent, and totalling £31.838 have been credited to Investing shareholders; in addition, £4770 was credited to investors on accounts maturing during the Sear. After crediting these amounts, a alance of £14,011, including £74ll z carry forward from last year, will be distributed as follows;—property realisation reserve, £36; general reserve, £6123; leaving £7851 to carry forward. JUTE QUOTAS In a current market report. Hoare Miller and Company, Ltd., Calcutta, report that quota allotments of jute and jute goods for the April-June which have so far been issued, are extremely disappointing, and those for the United States and Australia comprise only about 20 per cent, and 42 per cent, respectively of shippers’ actual requirements. Allotments for most other markets are expected shortly. The Narbada, which is expected to be ready to take cargo in Calcutta On May 10, will lift the rest of the January-June New Zealand quota.