COMPANY NEWS

Press, Volume LXXXIII, Issue 25245, 25 July 1947, Page 10

COMPANY NEWS

FELT AND TEXTILES EARNINGS BIG INCREASE IN PROFIT Net profit of Felt and Textiles of New Zealand, Ltd., Wellington, was £19,174 higher at £54,208 for the year ended March 31. The profit is struck after providing £73,100 for taxation, or £15,033 less than in the previous year, and £44,331 for depreciation, an increase of £15,267, and after contributing £7OlO to employees’ retirement gratuity fund, against £4751. Dividend of 10 per cent., against 8 per cent., requires £32,500, and with £20,000 recommended for transfer to general reserve there is £1707 left to increase undivided profits to £41,021. The company was reregistered as a public company in 1945. Results for the last two years are: March 31, 7 1946. 1947. £ £

♦Dividend on shares 175,001 to 325,000 was for half-year only. Gross trading profit was £178,964, against £160,426. The directors report that Mr C. RhodesSmith was appointed a director to fill the vacancy caused by the detah of Mr H. Van de Velde, joint managing-director. They recommend that the number of directors be increased from three to four, and Mr H. R. Biss is recommended for election. Balance-sheet changes are:— Liabilities

GROCERY NOTES

SUPPLIES COMING TO HAND Long-delayed transhipments of tea from Sydney are due to arrive in Auckland this week in the Salamaua. Also in the same vessel are shipments from Hong Kong, comprising torch cases, rubber shoes, walnut meat, camphor, seagrass matting, and «camphor wood chests. Advices have been received that a further lot of American Evap-apricots is in the Waitemata, due at Auckland to-morrow. Jam,—A shipment of jam in 24-ounce tins is expected to be made from Australia to the South Island before very long. Canned Pineapples.—Although it was not anticipated that there would be any Singapore pineapples available for some considerable time, offers have now been received, but at exceedingly high prices, approximately eight times that of prewar values. Practically the whole of the output has been offered to the British Ministry of Food, but so far it has not been accepted. Packers have now received export licences to other countries and there should be at least a small quota for New Zealand. No import licences are available, and it is doubtful if these would be granted while high prices prevail. Sago and Tapioca.—Latest advices from Penang are that owing to strikes no supplies are coming forward from the mills. The indications are that the strike will be of only short duration, but in the meanwhile stocks are small and present prices will show a firmer tendency. Supplies to New Zealand are not affected, and the direct steamer now expected to load early in August will bring to this market the first shipment of sago and tapioca since 1942.

Pepper.—Prices continue steady at the last ruling rates, and some last-minute buying has been done to catch the direct steamer.

Maple Syrup.—The first lot of maple syrup from, America since 1945 has been landed in Auckland, but some has appeared in Canterbury warehouses. Prices, compared with previous shipments, have advanced by approximately 10 per cent. Price Advances.—Owing to the high cost of raw materials and the difficulty in obtaining supplies of soda ash, washing powder prices are up 5s 6d a case. Increases in various other local lines are also announced. Sandsoaps, jellies, olive oil, pepper, and southern lines of breakfast foods are all selling at advanced rates. Dessert Fruits.—The position regarding canned friuts from Australia is still uncertain. Private advice from Australia is to the effect that of the total output of 2,500,000 cases, 1,500,000 are required for the British Ministry of Food and from the balance home consumption needs have to be met, so that as yet there is nothing definite regarding New Zealand’s allocation.

DEPRECIATION OF DOLLAR LOAN

WHOLESALE IMPORT PRICES RISE Dr. Dalton, Chancellor of the British Exchequer, states in a Parliamentary written answer that the American loan has depreciated in value to this country by 28 per cent, since it was contracted, reports “The Times,” London. The depreciation since October 1,1946, is 16 per cent. It is impossible to say to what extent this is due to the abandonment of price control in the United States or to the general rise in world prices. Wholesale import prices have increased by the following percentages since the loan was contracted:— Steel, 20 per cent.; raw cotton, 56 per cent.; softwoods, 100 per cent.; hardwoods, 50 per cent.; softwood plywood, 33 per cent.; hardwood plywood, unchanged; alcohols and solvents, 35 per cent.; rosin, 25 per cent, (allowing for seasonal variations); tobacco, 15 per cent. (1946 crop); wheat, 28 per cent.; carcase meat, 41 per cent.; cheese, 31 per cent.; dried egg, 5 per cent.; lard, 49 per cent.; copra (Philippines), 73 per cent. On the other hand, the price of dried milk skim is down by 30 per cent. CEYLON TEA AUCTION (N.Z. Press Association—Copyright) . COLOMBO, July 23. Offerings totalled 5,436.0001 b at the Ceylon tea sales to-day, comprising 2649 lots. The market was mostly three to four cents easier, including fannings, orange pekoes, flowery broken orange pekoes, and dusts, but broken grades and pekoes were firm to dearer. Top price was 265 cents per lb. Good quality broken orange pekoes fetched 170 to 190 cents, poor quality failed to realise 100 cents, and orange pekoes averaged 180 cents. BRITAIN TO SELL RAILWAYS IN URUGUAY There was a big rise in value of Uruguayan railway stocks on the London market on July 15, reports the “Financial Times,” as the result of the signing of the Anglo-Uruguayan sterling-balance agreement, which provides for a British Government mission to go to Montevideo to negotiate on the purchase by Uruguay of the British-owned railways and utilities. Market value of the railways alone is round about £6.500,000. The agreement settles the position of the Uruguayan sterling balances, which amount to £17,000,000. MINING Rimu Gold Dredging Co., Ltd.—The elean-up for the period July 8 to Julv 22 was 221 1-3 ounces of gold from 63,360 yards, in 237 hours.—(P.S.S.)

Brought in .. .. 34,281 39,314 Net profit .. .. 35,033 54,207 69,314 93,521 Dividend, p.c., p.a. .. *8 10 Amount .. •• 20,000 32,500 General reserve .. 10,000 20,000 Carried forward .. 39,314 41,021

£ £ Capital .. .. 585,000 4-260,000 Reserves .. 47,825 4-10,512 Profit and loss account 61,021 4-11,707 Amounts due 1973 under sale and purchase agreements .. 105,000 Same Do., table repayment .. .. 1,507 —21 Creditors .. .. 155,394 4-56,730 Bank .. .. .. 148,236 —95,271 Loans and interest .. 3,543 — 15,851 Tax provision .. 73,249 -20,405 Dividend provision .. 32,500 4-12,500 Associated companies .. 36,506 4-30,735 Advce. by assoc, coy. 52,000 4-52,000 Assets £ £ Goodwill .. .. 34,565 Same Land, buildings .. 179,170 4-45,977 Plant, etc. .. .. 258,156 4-23,798 Stock .. .. 539,424 4-134,761 Debtors .. .. 169,203 4-8,980 Cash, etc. .. .. 573 -1,365 Advances assoc, coy. .. 638 — 15,245 Advances subsid. .. 120,052 4-120,052 Subsidiary coy. exs. .. — — 11,823 Government stock .. — -2,500 The balancing total is £302,635 higher, at £1,301,781. — ■