COMPANY NEWS

Press, Volume LXXXIV, Issue 25554, 23 July 1948, Page 11

COMPANY NEWS

FELT and TEXTILES, NEW ZEALAND accounts FOR the year New Zealand tS L*d Textiles of March 3L show ‘a- J? 1 ye « ended ’£M r «4 Pr ? o V r id i ng £ ’«6o ?or tion of £ 6109 P to C thP° a ar \ d a contrlbument gratuifrv t^P !oyee8 ’ retirepreviogyeS wn? £52 pr ° flt ln «”> ing profit: far £52,408. Gross tradagainst X18W26 year was £197.408 ra?eTf e 7o are at the C b a r r o r iS a U ? ’ pre&uTy 8 ”'~^.3 b « a «r to t‘b‘e* totel S eTJ»«S S ? out ™ the balance-sheet the p«“o« ve.? lpa^ ed . w ‘ th £M ’ B23 f ° r long term uJrnv.m ° rtg . a|? es and other (£lO6 607 Ihn total £160,934 (tfflßl)® cu?r r en. liSted a .‘ £ 570,239 mk worn' current assets £969.077 (£846,890), and investments £86,301 (nU).

c L. INNES AND COMPANY INTERNAL REORGANISATION PROPOSALS AUCKLAND. July 20. new 'in',. oapital to provide for P lan s an ,d other general capital req«irT€nts> the directors of C. L Innes and Company, Ltd., have submitted proposals to shareholders for the internal reorganisation of the Company The scheme, which will be considered on July ?£• P rovi des tor the separation of the and aerated water businesses. of Preference and ordw2r> shareholders will be held. i> rew ery company to be called ™ Bl £ ato Ltd ” wlth a nominal capital of £lOO,OOO, will be registered. £ resen l company of C. L. Innes and Company, Ltd., will retain and control tne aerated water business. Both these companies will eventually be private comhidings of the public company will be registered under the name I i nd ¥ st * i ® s ’ Ltd - with a nominal capital of £200,000, which will hold an shares in both Waikato Breweries, Ltd., and C. L. Innes and Company, Ltd. The same directors will act in all companies. Financial Services.—Directors recommend a final dividend of 6d on every fully-paia share (Id each on the recentlyissued contributing shares) which, together with the interim dividend paid, makes 5 per cent, for the year. Transfer books will be closed from August 20 to August 25.—(P.A.) Turnbull and Jones.—The directors will recommend payment of a dividend Of 8 per cent, on amounts paid up from time to time on ordinary shares and a dividend of 5 per cent, on amounts paid up on non-cumulative preference shares. Transfer books will be closed from August 2 to August 13.—(P.A.)

“ EXPLANATORY BALANCESHEETS ” AUSTRALIAN COMPANY’S INNOVATION “Explanatory accounts’’ which deal with balance-sheet figures fully and more simply than the accompanying formal accounts is an innovation incorporated in the report of Jantzen (Australia), Ltd., of Sydney, for the year ended March 31. The aim of the innovation is that the accounts "will be more clearly understood by shareholders and employees alike,” the directors state. In the "explanatory balance-sheet,’’ details of the formal items are given under the headings “Assets—what we own,” and "Liabilities—what we owe.” The company’s gross income is shown at £403,943. Allocation of this, also set out in a diagram, is £257,075 for materials, manufacturing, distribution, and taxes, and £146,868 for employees, shareholders, and future needs. The latter sum is divided into £131,712 for wages, salaries, etc., £9550 for and £5606 for promoting growth of the business. The year’s net profit of £16,380, earned on an enlarged capital, is an increase of £4048 after allowance of £1234 more for depreciation at £7582. Ordinary dividend is again 9 per cent.

s STOCK SALES ST. ANDREWS "The Press” Special Service TIMARU, July 22. Quality ranged from prime heavy to light and unfinished in the 100 head of fat cattle offered at to-day’s sale. Competition was firm to keen for the best sorts, with unfinished beasts being in Jess demand. Values held steady, but at times an easing was noticeable for second quality catle. Little interest was shown for the few store cattle offered. Prices ranged:— Prime heavy stores, £lB 17s 6d to £22 17s 6d; prime steers, £l6 2s 6d to £lB 2s 6a; light to medium steers, £ll 17s 6d to £l4 2s 6d; prime heifers, £l7 17s 6d to £2l 7s 6d; prime medium heifers, £l4 2s 6d to £l6 7s 6d; light heifers, £ll 2s 6d to £l3 17s 6d; prime heavy cows, £l6 2s 6d to £lB 7s 6d; light to medium cows, £8 2s 6d to £l2 7s 6d; dairy COws and heifers, £l2 to £l7 ss; three-ydar steers, to £l2 7s 0d; yearling steers and heifers, £5 to £7 2s 6d. LONDON SECURITIES’ QUOTATIONS (N.Z. Press Association—-Copyright) LONDON, July 20. Except where indicated as the middle Srice between buyers’ and sellers’ quotaens, the latest sale prices of securities of Dominion interest on the London Stock

• Middle price. Mining Shares. —North 8.H., 755; B.H. South. 37s 6d; B.H. Pty., 46s 3d; New 8.H., 38s 6d; Mt. LyelL 245; Zinc Corp., £6 6s 3d. SHAREMARKET INDICES London.—“ Financial Times” (1926 equals 100): Inds. Ord. Govt. Gold.

New York.—Dow Jones (1926 equals 100). 1939, Highest (Sept.), rails, 35.99, industrials, 151.22 Lowest (April), rails. 24.15; industrials. 121.4. Snares

MINING Soring Operations.—An area near Three Mile Creek at Hau Hau, near Hokitika, is being bored by Gold Mines 61 New Zealand. Ltd., on behalf ot Associated Gold Dredges, Ltd. This area is situated between Arahura and the Kanieri dredges. NEW YORK EXCHANGE RALLIES (N.Z. Press Association—Copyright) NEW YORK, July 22. Stock prices advanced for the second day in succession, with fairly good gains among active industrial shares, but most rises were fractional. The trading volume was moderate, and most commodities moved slowly. The failure of recent precipitate heavy unloading by public traders and large investors, and the success of the moderate rally, yesterday, helped furthet to restore confidence.

Exchange are:— Last week. This * week. £ s. d. £ 8. d. Bank A'asia 9 7 6 •9 3 9 Com. Bk. Aus. 0 18 li ♦018 3 E„ S. and A. Bk. •5 18 9 •5 17 6 Union Bank 9 5 0 8 17 6 Nat. Bk. N.2. .. •2 13 0 •2 13 6 Bank N.S.W. •30 0 0 ♦29 0 0 Brit. Tobacco •2 0 0 1 19 6 Golds. Mort 1 8 0 1 7 Dalgety *9 10 0 *9 10 0 Ditto. 4 p.c. .. *109 5 0 *108 0 0 Loan and Merc. .. *102 0 0 *102 0 0 Ditto, ord. ‘ .. 103 5 0 •105 10 0 P. and O. Def. .. •2 13 3 *2 12 6

Dec. 31 . 129.0 112.88 122.66 Jan. 23 . 125.5 112.96 130.65 Feb. 27 . 110.1 113.16 132.41 March 31 . 118.1 111.36 133.78 April 30 . 119.6 111.92 128.49 May 31 . 120.1 112.20. 121.62 June 30 . 112.7 112.23 113.61 July 14 . 111.3 112.04 112.17 July 15 . 110.8 111.99 111.87 July 16 . 109.7 111.89 111.05 July 19 . 109.2 m.77 108.99 July 20 . 109.3 111.77 108.69

Rails. Indus. sold. Dec. 31 . 52.48 181.16 1.540,000 Jan. 28 . 51.68 174.47 1,060.000 Feb. 28 . 49.27 167.30 350,000 March 31 . 53.73 177.30 1:780,000 April 30 . 58.15 180.51 1,440.000 May 28 . 60.81 190.74 1,240,000 June 30 . 61.80 188.49 820.000 July 14 . 64.95 190.66 1.200,000 July 15 . 63.15 187.70 1,620,000 July 16 . 62.06 185.90 1,760,000 July 19 . 59.48 181.20 2,560,000 July 20 . 60.40 183.57 1,460,000