COMPANY NEWS

Press, Volume LXXXIII, Issue 25303, 1 October 1947, Page 5

COMPANY NEWS

W. R. CARPENTER AND COMPANY ACCOUNTS FOR THE YEAR Net profit of W. K. Carpenter and Company, Ltd., Sydney, at £71,043 lor the year ended June 30, shows continued steady recovery and is £3317 more than last year’s. Dividend, praised to 72 per cent, from the reduced rate of 5 per cent, for the previous five years, requires £60,062, and an investment reserve or £lO,OOO is formed. Carry-forward is £128.783, against £187.802 brought in. Future income of the company will be largely derived from investments, and the company’s own activities will be mostly confined to Australia. This is because the subsidiaries, which are registered outside Australia, have taken over the property and activities formerly carried on by the 1 company in the Pacific Islands, the directors explain. Investment in subsidiaries has risen from £490,859 to £903,271 in the ye w.' R. Carpenter (New Guinea). Ltd., which controls all New Guinea activities, is progressing with rehabilitation and earnings are satisfactory, the report says. The Solomon and Gilbert Island subsidiaries are still unable to resume operations because of lack of transport and labour. Though claims have been lodged, there is no undertaking yet that war damage compensation will be paid. The shipping subsidiary has added to its service a 10,000-ton vessel from the British Govejjiment. W. R. Carpenter and Company (Fiji), Ltd., again paid a 12J per cent, dividend. It has Its own subsidiary to mill copra and oil seeds.

Mount Morgan’s Increased Profits.— Mount Morgan, Ltd., Queensland, earned a net profit of £101,035 for the year ended June 28, a rise of £65,361 on the profit for the previous year, of £35,674. A transfer of £20,000 is again made to the capital redemption reserve fund. Preference dividend of 7 per cent, requires £21,000 and carry-forward is. increased from £53,218 to £113,253. The working surplus for the year was £185.022, against £107.985 for the previous year. Depreciation on plant amounted to £45,202 (£40,242), and provision for gold tax was £15,568 £12,283. The smelter produced. 2828 tons of blister copper from the treatment of concentrates and purchased ores. This blister contained the following metals:— Copper, 2795 tons; gold, 59,050 ounces; silver, 17,408 ounces. . Yarra Falls, Ltd.—Record net profit of the company and its . subsidiaries at £209,369 for the year ended June 30, is more than double last year’s profit of £97,551, which was the lowest since 1935. The parent company’s profit increased by £82,720 to £176.784, and dividend is raised from 9 per cent, to 121 per cent., including bonus of 2J per cent. The total amount is £125,000, Much of the increase in profit was derived from export of wool tops and by-products, but this business Is not expected to be as profitable in the current year, the directors report. Bradford Cotton Mills, Ltd.—Net profit was £117.316 for the year ended June 30. or £16.799 more than for the previous year. Ordinary dividend of 10 per cent, (unchanged) absorbs £78,664. Preference distribution, 6 per cent., takes £9186, and dividend on employees’ shares, 10 per cent. £1228. Transfer to general reserve is £17,000 (last year £12,000), £5OOO is af al . n placed to special reserve, and £5OOO is allocated to the staff provident fund. Carry-forward is increased from £io,U7i ’ to £11,309. T .. Booth Macdonald and Company, Ltq.— At the forty-eighth annual general meeting of shareholders of this company held ’ yesterday, the recommendation of the dii rectors for the payment of a 4 per cent, dividend on preference shares was con- . firmed. At a subsequent meeting of the . board of directors, Mr A. M. Satterth- ’ waite was re-elected chairman of direc- ’ tors.

RESERVE BANK RETURN

STERLING FALLS (P.A.) WELLINGTON. September 30. The Reserve Bank return for the week ended September 24, discloses a further fall in sterling funds from £82,961,602 to £79,704,633. Details are as follows, figures for the previous week being given in parenthesis:— Liabilities.—General reserve fund, £1,500.000 (same); bank notes, £47,134,624 (£47,110,117); demand liabilities: State £9,794,059 (£9,344,996); banks, £55,215.068 (£57,497,966); other, £439,627 (£657,522); liabilities in currencies other than New Zealand currency £55,156 (£31,858); other liabilities. £3,286,925 (£3.238.293). Total, £ (N.Z.) 117.425.459 (£119.380,751). Assets.—Gold, £2,801.878 (same); sterling exchange New Zealand currency, £79,704,633 (£82,901,602); subsidiary coin, £40,802 (£42.114); advances to State marketing organisations, nil (nil); for other purposes, £30.106,934 (£28,831,033); vestments, £3.868.093 (same); other assets. * £903,119 (£936.032). Total, £ (N.Z.) 117.425.459 (£119,380,751). Proportion of reserves to notes and other demand liabilities, 73.235 per cent. (74,750 per cent.).

STOCK SALES

TEMUKA “The Press” Special Service TIMARU, September 30. The medium penning of 70 head of fat cattle at to-day’s Temuka sale was of good quality and competition was keen. Values remained very firm on recent sales. Extra prime heavy steers made £27 2s 6d to £3O 2s 6d, prime steers £2l 7s 6d to £24 7s 6d, light to medium £l2 17s 6d to £l7 7s 6d, prime heavy cows £l7 17s 6d to £2O 7s 6d, prime medium £l4 2s 6d to £l6 7s 6d. light £6 2s 6d to £9 7s 6d, prime heifers £l7 2s 6d to £l9 2s 6d, light to medium £lO 7s 6d to £l4 2s 6d, store cattle, 18-month steers and heifers, £7 to £9 2s 6d; best dairy cows and heifers £l5 to £lB. Two full iaces of fat sheep were yarded. Competition was not keen and values eased fully 8s to 10s a head on all classes. The medium yarding of store sheep met a steady sale. Prime heavy wethers (wool) made 52s lOd to 58s lOd, prime 46s lOd to 50s Id, light 42s Id to 44s 4d. prime heavy 46s Id to 48s lOd, light to medium 34s lOd to 39s lOd, prime hoggets (wool) 44s lOd to 48s 4d, medium Romney cross ewe hoggets to 41s, shorn wether hoggets to 29s 7d. ewes and lambs (all counted), 23s 6d to 275. ’tINWALD

Values at the Tinwald stock sale yesterday eased from Is 6d to 2s a head on prices obtained at Ashburton last week. The yarding was an average one of good quality sheep. Wethers made up to 42s for medium quality, from 44s to 48s for prime quality, and from 50s to 55s lOd for*extra prime duality. Two wethers, sold on account of G. Chambers (Willowby), topped the wether sale.

Ewes brought from 37s to 39s 6d for medium-weight, from 40s to 42s 6d for prime quality and from 43s to 46s 4d for extra prime quality. A. Chalmers topped the ewe sale with 46s 4d for four sheep. Fifty ewes and 65 lambs realised 275, and 68 ewe lambs made 12s 6d. A fat steer brought £l9 12s Gd, a fat cow £ll 7s 6d, and a cow £lO. RANGIORA Fair yardings in all sections were offered at the weekly stock sale at Rangiora Prices were as follows: Sheep.—Ewes and lambs, all counted, 22s 8d to 24s 6d. Cattle.—Springers, £9 10s to £l7 10s. Pigs.—Weaners, 38s; slips, 40s to 495. LORNEVILLE (P.A.) INVERCARGILL, Sept. 30. The fat sheep yarding at Lorneville today was the largest of the season and comprised mainly ewes, the majority of which were of good quality. The market for wethers was firm, but ewes opened fully 10s easier. After the first two races the market showed a firming tendency, and over the concluding stages was only about 7s a head easier. Prime woolly wethers, made to 775, medium «5s to 70s, light-weights 55s to 60s, small and unfinished 45s to 50s; good medium wethers 48s to 535, light and unfinished 36s to 40s; good woolly maiden ewes 50s to 53s 6d. handy-weights 43s to 475, light-weights 36s to 40s, unfinished 26s to 325; shorn maiden ewes 35s to 41s 9d.

The big entry of cattle included some of extra good quality. The sale was keen and values were as good as at the previous sale. Prime heavy bullocks made £3l to £35 10s. medium-weights £2B to £3O, light-weights £2l to £23 10s, small £lB 10s to £2O; prime heavy heifers, £23 10s to £25 ss. medium £2l 10s to £23, lightweights £l9 to £2O 10s, small £l5 10s to £l7; prime heavy cows to £23, medium £l9 to £2O 10s. lighter £l6 10s to £lB, aged and poorer quality £l2 to £l4 10s.

MINING

Associated Gold Dredges.—For the week ended September 27 this company’s dredges recovered 52J ounces from 43,872 yards in 174 A dredging hours. Austral-New Zealand Mining, Ltd.—For the 28 days ended September 27, this dredge operated 514 hours, and treated 350,000 yards/ which produced 813 ounces ,or gold. Wellington Alluvials.-'-The dredge recovered 492 ounces of fine gold from 190,000 yards in 419 hours in the four weeks to September 19.—(P.A.)

Martha Mine.—Four to September 13: Mine operated 20 days, crushing 9717 tons for 2388 ounces of gold and 21,662 ounces of silver.

Bulolo.—Dredge No. 8 began operating on September 12. Four dredges are now in production, leaving four to be recommissioned. The three dredges which were in operation in August handled 591,000 yards for a recovery of 6107 ounces of fine gold.