COMPANY NEWS

Press, Volume LXXXIII, Issue 25346, 20 November 1947, Page 11

COMPANY NEWS

TIMARU WOOLLEN PROFIT RISES SHARPLY Net earnings of the Timam Worsted and Woollen Company, Ltd., in the year . ended October 19, were £11,418, an in- : crease of £2695. The result is the best since 1940, when £13,364 was earned, and : the present reorganised company paid its ] first dividend of 6 per cent. Profit is reached after providing £4663 for depreciation, and £15,343 (against £12,903) for taxes. Dividend of 5 per cent., plus a bonus of 1 per cent., absorbs £5075 and £6343 remains. To increase the carryforward to £15,163, the sum of £2500 has been transferred from taxation reserve : to general reserve, which now stands at ' £BlB2. Results for two years are:— October 19. 1946. 1947. ' £ £ Brought in .. .. 4,326 8,820 Net profit .. .. 8,723 11,418 £13,048 £ 20,238 Div., 5 p.c. .. .. 4,229 4,229 Bonus, 1 per cent. .. 846 Car. forward .. . £8,820 £15,163 Gross earnings were £47,068, compared with £39,078 in the previous year, and £36,506 in 1945. Reserve for taxation is £2499 higher at £28,028. NATIONAL BANK OF AUSTRALASIA FURTHER EXPANSION OF BUSINESS The accounts of the National Bank of Australasia as at September 30 disclose further expansion of business. Advances to customers have increased by £10.6 million over the year; a reduction of £4.7 million in securities and Treasury bills supplemented by a rise of £6 million in deposits with the bank effects this. The resultant increase of £419,651 in gross profit is largely offset by an addition of £315,090 in expenses and £37,173 in taxation. Net profit, at £421,951, shows an increase of £67,388, equal to 4.1 per cent, on the shareholders’ funds. Special "frozen” deposits with the Commonwealth Bank have receded by £1,000,000 —the first reduction since the account was instituted during the war. Cash assets stand at 12s 3d in the £ of deposits. Acquisition of the Queensland National Bank shares is reflected in an increase of £1,726,025 in capital, and, on the other side, in most of a new item, shares in subsidiaries, £1,899,563. Electrolytic Zinc’s Record Profit.—The net profit of £627,093 returned by the Electrolytic Zinc Company of Australasia, Ltd., for the year ended June 30, is a record. The profit is £245,556 higher than the previous year, after providing £190,000 more for taxation, £175,000 more for amortisation and depreciation, and £25,000 more for ore depletion. Dividend on both classes of shares, which was further raised from 11 per cent, to 17% per cent., equal to the rate paid in 1937, requires £525.000. Zinc exported realised an average of £A63 a ton, whereas zinc sold in Australia remained at a fixed price of £A22, states the report. The reduction in zinc production by 10,144 tons to 70,314 tons, was due to irregular supplies of raw materials from the mainland. Tooth and Company’s Profit.—A further increase of £21,566 to £884,516 is shown in the net profit of Tooth and Company. Ltd., Sydney brewers, for the year ended September 30. Having improved for the last five years, the profit is the highest to date and eclipses the 1939-40 record of £870,299. Gross profit is £181,090 higher at £2,927,302, after allowing £893 more for depreciation at £127,602. Expenses, including taxation, were £ 159,530 higher at £2,042,786. The dividend, which was raised from 13 per cent, to 13J per cent., requires £834,659. > Hadfield’s Profit.—A return to the dividend list with a payment of 3 per cent, for the year ended June 30, is announced by Hadfields Steel Works, Ltd., Australia. A consolidated net profit of the parent company and its subsidiary. Hadfields (Aust.), Pty.. Ltd., at £17,859, is the company’s highest so far, and follows a loss of £15,700 last year. The dividend, which is the first for 11 years, absorbs £5164 and provision for depreciation is £2044 higher at £5004. The parent company earned a profit of £16,055, against a loss of £13,558 last.year, and the subsidiary s profit is £lBO4, against a loss of £2142. OPOSSUM SKIN SALE “The Press" Special Service DUNEDIN, Nov. 19. At the opossum skin sale held on Tuesday approximately 26,000 skins were offered. Competition was keen, especially for better grades. Compared with the last sale values for super and first grades advanced 2s to 2s 6d, second grades Is to Is 6d, while lower grades showed little change. The bulk of the offering was made up of North Island skins, and the quality and get-up jwere about on a par with the previous sale. The following is the range of prices:— Super red browns, Ils 4d to Hs.lOd; first red browns, 9s to 10s 6d; second red browns, 3s 9d to 4s lid; third red browns, 6d to Is Bd< super browns, Ils 4d to 12s sd; first browns, 9s to 10s sd; second browns, 4s to 4s 9d; third browns. Is to Is 7d; super blacks, 9s lOd to 10s 4d; first blacks. 7s 9d to 8s; second blacks, 3s 4d to 3s lid; third blacks, 6d to Is 2d; super red necks, Ils lid to 12s 9d; first red necks, 8s lOd to 10s 8d; second red necks, 5s to 6s 6d; third red necks, 2s 7d to 3s Id; super rusty, Ils to 13s; first rusty, 8s 6d to 10s 6d; second rusty, 5s lOd to 6s 4d; third rusty, 2s 6d to 3s 2d; super greys, 13s to 17s Id; first greys, 9s 9d to Ils 2d; second greys, 6s 6d to 7s 4d; third greys, 2s Id to 3s Id; super blues, 20s: first blues, 15s; second blues, 6s 10d; third blues. Is 9d; first medium greys, 2s 6d to 3s; second medium greys, Is 6d; small and damaged, 3d to Is 6d.