COMPANY NEWS

Press, Volume LXXXVI, Issue 26117, 20 May 1950, Page 9

COMPANY NEWS

DUNLOP RUBBER GROUP’S ACCOUNTS (N.Z. Press Association—Copyright) (Rec- 7 p m ) LONDON, May 19. The annual report of the Dunlop Rubber Company and the Dunlop group of companies shows a reduced profit in 1949 of more than £1,250.000. In 1948 the operating profit was £10,768,000. In 1949 it was £9,481,000. The chairman, Sir 'Clive Bailheu, said this was partly a result of lower profit margins. Rising raw material costs had been partly absorbed and only to a lesser degree passed on in higher selling prices. The group profit does not include profits earned during the year by subsidiaries m Germany and Japan. -The net profit before taxation for 1949 £6,328,000 compares with l £8,087,000 T .° the net P r o fi t for 1949 is added £750,000 m respect of a refund of excess profits tax for companies previously in enemy-occupied territories. The report says it is anticipated that there will be a further refund. The dividend paid on issued ordinary share capital is again 15 per cent., which, report says, is equivalent to a rate ot 4.5 per cent, on ordinary shareholders’ capital in business. The chairman, in his review, says the net working capital of the group, shown this year as more than £25,000,000, is required to finance an ever-growing business, and the continued fall in the value A fte f. referring to the heavy rohh of taxa .^ on generally. Sir Clive says: There is another feature of the present taxation which operates inequitably under the present restrictive conditions in the world. Tax is charveabie and payable on the profits or dividends of overseas companies, whether or pr ° fits „ can be remitted to the United Kingdom.” National Reliance Investment.—An annual dividend of 5’4 per cent, is being declared, payable June 26 ex June 10.— (P.A.) Australian Consolidated Industries.— The company announces a final half-year dividend on ordinary shares of 5 per cent., making 9 per cent, for the year (unchanged ).—(P.A.) Goldsbrough Mort.—The company announces a final half-year dividend of 4 per cent., plus a bonus of 6 per cent, making 12 per cent, for the year. Last vear s dividend was the same, but the bonus was 4 per cent.—(P.A ) Farmers’ Trading.—With a rise of £5229 net profit of the Farmers’ Trading Company Pty., reached a record of £83,924 for the year ended March 31. There has been an unbroken upward trend in earnings since 1944. Full provision is made for taxation, depreciation, and bad debts. Sales for the year totalled £5,072.043, an increase of £455,769 above the previous year s peak. The whole of the increase in net profit goes to pay an extra 1 per cent, in dividend, lifting the distribution on ordinary shares to B*/ 2 per cent., the highest rate paid since 1930. Dividends on A, B, and C preference shares are unchanged. Total dividend requirements are £58,312. The floating balance is £112,873. against £87.261 a year ago. The balancesheet shows that liabilities include paid capital £799.273, surplus and reserve, £368.013; reserve for taxation, £196.983; deferred maintenance reserve, £55.000; fixed deposits, £33,494; current accounts, £170,033; overdraft, £65,799; creditors, etc., £46,183. Assets include properties, £481,615; plant, machinery, etc., £124,502; investments, etc., £105,585; stocks (less reserve), £803,642; debtors (less reserve), £575.353; cash items, £119,393. The balancing total is £2,210.000. —(P.A.)