COMPANY NEWS

Press, Volume LXXXV, Issue 25961, 15 November 1949, Page 6

COMPANY NEWS

NATIONAL BANK OF AUSTRALASIA

INCREASE IN PROFIT AND DIVIDEND The highest net profit and dividend since 1931 is shown by preliminary figures issued by the National Bank of Australasia, Ltd., for the year ended September 30. The net profit, subject to audit, shows an increase of £ll.BBl to £540,133. and maintains a steadily rising trend since 1943. This was the second full year since the merger with the Queensland National Bank. A final dividend of 31 per cent, is recommended, confirming the yearly rate of 7 per cent, against 61 per cent, in the previous year. The dividend requires £470,822, which the profit exceeds by £69 311. The final payment represents a return of £2 163 2d per cent, to New Zealand investors, n.nkine £5 12s 5d per cent, for the year. cividend is payable on November 30, ex November 16.

Bank of Adelaide.—A final dividend of 4 per cent., confirming the annual rate of 8 per cent., is recommended by the Bank of Adelaide, payable November 16, ex November 3. The annual distribution, which compares with 7 per cent, in the previous year and 5% per cent, in 1947. represents £6 8s 6d per cent, to New Zealand shareholders.

N.I.M.U. Insurance.—A surplus of £17,371, after three years of deficits, is shown in the accounts of the N.I.M.U. Insurance Co. for the year ended June 30. The deficit in 1948 was £17,014. The directors state that an improvement in the standard of care exercised by motorists generally and the rationing of petrol contributed to the favourable results. Premium income increased by £44.218 to £425,959, and claims showed a rise' of £3627 to £312,311. The ratio of claims to premium income showed a reduction from 80.9 per cent, to 73.3 per cent. The working expenses ratio was 19.1 per cent.. against 20.9 per cent. Dominion Rubber Company.—Directors report that negotiations have been completed for the purchase of the estate of the Ulu Kusial property of the New Zealand Malay Rubber Company, Ltd. The purchase price is io be paid by the issue to the New Zealand Malay Rubber Company. Ltd., of shares in the Dominion Rubber Company. The contract requires the approval of shareholders of both companies and notices convening the respective meetings will be issued in the near future.—(P.A.) »

National Insurance Co.—The annual report shows that ihe net premium income for the year ended September 30 amounted io £543,66Q. After making full provision for losses .outstanding there is an underwriting surplus of £45.620. Interest and rents, less income tax. amount to £29,745, and the balance brought forward from last year is £39,012, amounting in all to £114,377. An interim dividend of 4d a share was paid in May, 1949, absorbing £16,667, and leaving an available balance of £97,710. The directors have transferred £12,500 to the reserve fund, £25,000 to the exchange and investment fluctuation account, and now recommend payment of a further dividend -of 5d a share, making total distribution for the year £37,500, and to carry forward £39,378.—(P.A.)

Consolidated Zinc Interim.—Consolidated Zinc Corporation, Ltd., is paying an interim ordinary dividend of 7‘,20 sterling a share for the period since incorporation ori February 2 to December 31. 1949. This is equivalent to the interim rate of 2s 6d sterling a share paid by Zinc Corporation. Ltd., for the previous year. Shareholders of Zinc Corporation received 400 Consolidated Zinc Corporation £1 shares for every £lOO worth of ordinary stock, or 100 ordinary 10s shares held. Final dividend was 7s 6d sterling a share. The directors state they intend to continue the Zinc Corporation practice of paying an interim dividend in January and final in July out of profits for the previous year.

• Phillips and Impey, Ltd.—Philta M Impey. Ltd., is paying a final 6*4 per cent., plus a bonus of 5 making 15 per cent, for the yen, fl.: annual meeting will be held on 28. Hadfields Steelworks. Ltd—Thij pany is paying an annual divi(feML 4 per cent., ex dividend November 1 The annual meeting will be held on rj cember 15. Mount Lyell.—The Mount Lyeß Wru, and Railway Co., Ltd., made net profit for the year ended SentenC 30. Profit for the previous £105,734. Directors will pay a dlvid«ji Is a share on December 19—(PA.) Herald and Weekly Times, Ltd.-He>i and Weekly Times, Ltd., is paying tfrSa preference dividend of 3} per cent di B preference shares, 3 per cent, ant ordinary shares, 4Jd a shares, mi B’,id foW the year. Abraham Williams Accounts—A a profit of £11,400, compared with £B,i in the previous year, is shown in then counts of Abraham and Williams, i stock and station agents, Wellington, the year ended September 30. The dividend of -4*/ 2 per cent., making 7 cent, unchanged, absorbs £3971 fs distribution requires £6179. Groa an was £59,910, against £53,398 in Utt. u taxation provision was increaaad £5593 to £36.096. Debenture inter again absorbed £7209. and the contrtt tion to employees’ pensions fund i £2BB higher at £5205. The total as are £4246 lower at £604,189, of wk £79,644 are fixed assets. United Insurance.—The premium i come and net profit of the United imu ance Co., Ltd., Sydney, for the yearew September 30 are again the comwi highest to date. The net profit of £JIU shows an increase of £21.446 over the jx vious record reached in 1948. Dividend 12*/ 2 per cent., compared with 10 per eta plus a bonus of 2*/ 2 per cent, last jn is at the highest rate for more thtt years and requires Reserve hi creased by £40,000, against £20.000 in B and £lO,OOO in 1947. and an uneW amount of £lO.OOO is placed to fund. Carry-forward is increned Ifi £7796 to £35,053. Net premium foffifl expanded by £284.877 to £903.161. was partly offset by a moderate lacraa in losses of £81.918 to £329.749. and J steep rise in expenses, including MM of £183,426 to £496.990. The underwiM surplus of £74,421 is £19.533 NcM&M the previous year. Gross IntßßgfJß rents yielded £1913 more at £37.® Taxation on the amount was tnclmw with expenses. g Fletcher's Affairs.—“ The in the supply position generally Mi V relaxation of controls in the if dustry holds promise of a conttaaw pansion in turnover and profittrjttf the interim report of Fletcher IMfe* Ltd. The turnover of panies had continued to incredM, ttt suit for the six-monthly period to flew 31 constituting a record. The tnese companies ouring the parwj* been fully maintained, and a/fw* strengthening of the parent position, together with further ment of its trading, is appwWjfy B the report. Unchanged interim at the rate of 6 per cent, per mW* J both ordinary and preference payable on December 1, ex Nov«aW* Consolidated Zinc C’orpoflWjrj® directors of the Consolidated Zil>eJ* poration announce that it is intaM* far as possible, to continue the practice of the Zinc CorporafiOd M g ing an interim and a final ordMg.g dend in January and July of out of available piofits of the year. Accordingly, the directors , dared an interim dividend of lish currency, a share on issued shares of the corporation fbr February 2 (date of cember 31. 1949. which is the interim dividend of ® currency a share paid by tne ’S poration for the previous directors have also declared a 6f 2'4 per cent, (actual) on 4*, 2 per cent, cumulative preference i of the corporation for the per*«* to December 31, 1949. Th* B * less income tax at 9s in the . J paid on January 2. 1950. to AWggj ■ both the London and Melbourne as at November 21. 1949.