COMPANY NEWS

Press, Volume LXXXIV, Issue 25589, 2 September 1948, Page 6

COMPANY NEWS

WELLINGTON WOOLLEN INCREASE IN PROFIT The balance-sheet of the Wellington Woollen Company, Ltd., for the year ended June 30 shows the best net profit since 1944 at £32,424 (after earmarking £5OOO for the staff pension fund). In 1947 net profit was £26,046 and in 1946 £ 26,341. Gross profit was £ 169,579, as against £ 138,646. Dividend is maintained at 8 per cent., which includes the 3 per cent, bonus, and takes £24,000, leaving a carry-forward of £24,138, as compared with £15,714 brought in. Stock is shown at £404.739, which is £94,663 higher than in 1947. Booth, Macdonald Dividend.—For the financial year ended June 30. the directors of the company are recommending to shareholders payment of a 4 per cent, dividend on preference shares. Thp annual general meeting of the company is to be held un Tuesday, September 28. Relax Issue Oversubscribed.—Relax issue of 10,000 ordinary and 12,500 5 per cent, non-cumulafive participating preference shares, which closed yesterday, has been oversubscribed.—(P.A.) TOWN MILK SUPPLY CO-OPERATIVE COMPANY’S PAYMENT The Canterbury Dairy Farmers’ Cooperative Milk Supply Company will pay 2425 d a gallon for all supplies delivered in August, the chairman (Mr C. J. McFadden) reported yesterday. This brought the price paid in the winter months of May, June, July, and August to an average of 24.25 d a gallon, he said. The guaranteed price under the national milk scheme was 24.1975 d a gallon. There had been record production of milk this winter, mainly because of favourable weather, and for the first time in some years rationing had not been necessary. Through its wide organisation and own transport fleet, the company was able to dispose of about 100,000 gallons of milk in other areas where shortages occurred, Mr McFadden said The centres to which milk was sent were Wellington. Nelson. Greymouth, Kaikoura, Ashburton, and Dunedin. The price for the 1948-49 season (which started yesterday) had not yet been determined, as the payment was related to the guaranteed price for buttef-fat. fixed by the Dairy Products Commission. It was expected that the price would be announced after the executive of the Town Milk Producers’.Federation met the Milk Marketing Division in Wellington on September 22. Mr McFadden said the rising demand for milk in Christchurch was shown by his company’s returns. The company’s guaranteed quantity for the last season was 14,100 gallons a day, but by August 1 this year it had increased to 15,455 gallons a day. STERLING FUNDS RESERVE BANK RETURN In the first return of the Reserve Bank since the appreciation of the New Zealand currency, sterling exchange holdings (always stated in New Zealand currency) are shown at £63,537,071. When the rate was £N.Z. 125 to £lOO, they shown in the previous return at • 7,004,079. The return for the week ended August 25 is as under, the figures for the previous week (before the alteration in the exgis^H Re rate) being g> v en> in parentheLiabilities.—General reserve fund, £1,500,000 (same); bank notes, £48,446,345 (£48,190,014). Demand liabilities: State, £9,366,563 (£10,367,863); banks, £67,020,669 ° ther . £384.346 (£242.8541: liabilities in currencies other than New cur s?S?’ £73 .° 6! > (£15.492): Other liabilities. £3.375,783 (£3.372,816). Total, £N.Z.130,161,775 (£129.710.221) Assets—Gold. £2.302,147 (same); sterling exchange, £ (N.Z.)63.537 (£77,354.579): subsidiary coin. £llO,Bll (£108,148); adto marketing organisations, (£338.604); for other purposes. ( £32,007.766);. other, £2,852.802 1 investments. £9,916,342 ■ „? ther assets, £18,337,149 (£129:710,221). T ° tal - £(N.Z.)130.161.775 Proportion of reserve to notes and other demand liabilities, 52.920 per cent. (65.073 per cent.).