COMPANY NEWS

Press, Volume LXXXIII, Issue 25282, 6 September 1947, Page 5

COMPANY NEWS

WRIGHT, STEPHENSON, AND CO., LTD. ACCOUNTS FOR TEAR (P.A.) WELLINGTON. September 5. The earnings of Wright, Stephenson and Company. Ltd., for the year ended June 30, 1947, after deduction of general expenses, bad debts, depreciation on fixed assets and investments, and provision tor taxation, amount to £96,336, £13,249 higher than last year. After deducting debenture interest, directors’ fees, and company contribution to the employees' pensions fund, the net profit to be transferred to the appropriation account »s £46,402, or £1799 more than last year. In recognition of the services of the staff, and to help to offset the depreciated value of the New Zealand pound, the directors have increased the annual grant to the employees’ pension fund by £10,752.

The amount carried forward from last year was £42.401, to which is added the profit for the year, £46,402, providing a credit balance of £88,803 in the appropriation account.

A dividend at the fixed rate of 2J per cent, (less social and national security taxes) on preference shares, and an interim dividend of 3 per cent, on ordinary shares, have been paid for the halfyear ended December 31, 1946. It is now proposed to make a further payment on preference shares of 2} per cent, (less J® the social security tax) for the half-year ended June 30. to pay a final dividend of 4 per cent, on ordinary snares, which will make the dividend on the latter 7 per cent, for the year (unchanged), and to transfer £14,258 to the general reserve. The reduction in taxation after last year s accounts were finalised resulted in a surplus being available from tax provision, and £20,742 of this has been transferred to the general reserve, which will stand at £200,000. The amount to be carried forward in the appropriation account to next year’s accounts is £42,129

Berlei (N.Z.), Ltd.—Berlei (N.Z.), Ltd, m® 5 u tO .. lncrease its capital to ±.60,000 by the creation of 10,000 new shares of £1 each. The increase is being sought to enable the company to issue shares to provide funds when required tor capital expenditure, says the chairman (Mr J. A. Gentles) in a note accompanying the notice of an extraordinary general meeting to be held on SepiPSS) 16 tO consider the proposal.—

—Newton King Dividend.—At the annual meeting of shareholders of Newton King, Ltd., the directors will recommend the payment of a dividend on preference shares for the year ended May 30 of 5 1-5 per cent, (statutorily reduced) at the us ?. a L rat ? of 5 P er cent - Transfer books will be closed from September 25 to October 10.—(P. A.)

_ vincible . Building.—The ■ Invincible Building Society of Christchurch (Permanent), in its accounts for the year ended July 31, 1947, a net profit of £1641- To this * s ad ded the balance of £79 brought forward from the previous year, giving a total of £1720 available for distribution. From this figure is deducted the dividend of 5 per cent, already paid, amounting to £l5OO, leaving £220 to be carried forward. The net profit returned last, year was £1745. The dividend remains unchanged.

Auckland Farmers’ Freezing Company. Net profit of £14,768 for the year ended June 30, earned by the Auckland Farmers Freezing Company, shows a fall of £459. which continues the downward postwar trend. . The amount is short of requirements to cover an unchanged dividend of 5J per cent., which absorbs £15,143. The floating balance is £7163, against £7538 a year ago. The balancesheet total is .£953,830. Dairy produce supplies recovered from the set-back of the previous year caught by drought, and there was a further swing from cheese to butter. The company handles all the exportable dairy produce of the Auckland province. The season’s rise of 20.3 per cent, is the largest of re’cent years.

COMPANIES REGISTERED

The following registrations of Christchurch companies appear in this week’s “Mercantile Gazette”:— Fraser’s Cashmere Park Stores, Ltd. Private company, August 21, 187 Hereford street, Cnristchurch. Capital £2700 in shares of £1 each. Subscribers: Christchurch—J. A. and J. I. Fraser 1350 each. Objects: General storekeepers and incidental Rangatira Studios, Ltd. Private company, August 25, 397 Pages road, Christchurch. Capital £5OO in shares of £1 each. Subscribers: Christchurch—L. A. and M. H Seeker 250 each. Objects: Photographic printers and incidental. Muirson (Reg ), Ltd. Private company. August 27, 166 Manchester street, Christchurch. Capital £l5OO in shares of £1 each. Subscribers; Christchurch—E. M. Muirson 100, R. G. V. Muirson 1400. Objects: Builders and contractors and incidental.

RECORD OVERSEAS STEEL TONNAGE

NEW YORK, August 14. More finished steel was delivered by thfe United States industry in the first half of this year than in any corresponding peace-time period, while the total of 31,172,000 tons almost equalled Jhat for the whole .year of 1939, according to the American Iron and Steel Institute. Deliveries of sheet and strip steel reached the record tonnage of 9,021,000, and the institute commented that if production were allowed to continue uninterrupted at the same rate over the remainder of 1947, the year’s output should easily exceed that of the peak year, 1941, when 15,744,000 tons were turned out. Other vitally needed steel products to show a marked improvement in the first half of this year over the previous six months period were blackplate and tinplates (2,130.000 tons against 2,056.000 tons), pipes and tubes (2,891,000 tons against 2,638,000 tons), plates (3,135,000 tons against 2,533,000 tons), and hot-rolled bars (£.773,000 tons against 4,493,000 tons). The industry had to meet a wage bill in this period of 959.000,000 dollars aaginst 961,000,000 for the whole of 1946, SILVER PRICE REDUCED (P.A.) LONDON, Sept. 3. The price of silver has been reduced by a farthing to 3s 51d for both spot and forward.