COMPANY NEWS

Press, Volume LXXXVI, Issue 26123, 27 May 1950, Page 9

COMPANY NEWS

FLETCHER HOLDINGS ACCOUNTS (New Zealand Press Association) AUCKLAND, May 26. Record profits of £88,454 were earned by the subsidiary companies in the group; controlled by Fletcher Holdings, Ltd., for' the year ended April 30, and a bonus of 1 per cent, has been added to the usual 6 per cent dividend, making a distribution of £70,000. The increase in net profits was £10,434. after full provision for special and ordinary depreciation of £133,159, against £143,717, and for taxation. Of total earnings. £70.000 was transferred to the holding company to meet dividend and bonus requirements. The parent company’s taxation was £5500 against £2350. The sum carried forward is £17,279, against £16,094. The report states that turnover has increased over a decade from £692,201 in 1940 to £6,735,309 in 1950. In 1940 depreciation provision was £14,160, and in the latest year £133,159. In 1940 the aggregate net profits of the subsidiaries were £17.090 against £88,454 to-day. Considerable development had taken place in the company's sawmilling and timber procurement activities. Further areas of bush have been acquired for future utilisation, particularly with regard to plywood and timber businesses. BRITISH OVERSEAS COMPANIES TAX CONCESSIONS PREDICTED (N.Z. Press Association—Copyright) LONDON, May 25. The Chancellor of the Exchequer (Sir Stafford Cripps) is expected, after the Whitsun recess, to introduce legislation which will make important tax concessions to British companies operating overseas, states the “Daily Telegraph.” Relief will apply to all companies operating in countries with which Britain has not made double taxation agreements. Companies established in Commonwealth countries and which now pay both British and overseas tax will be allowed relief by the British Treasury up to the full amount-of overseas tax, subject to the condition that the maximum relief does not exceed 75 per cent, of the combined rate of British income tax and British profits tax. For companies operating in non-Com-monwealth countries, the maximum relief will be 50 per cent, of British income tax and profits tax combined. The "Daily Telegraph” states that this scheme will replace the Dominion income tax relief scheme established in 1920. This scheme applied only to earnings in Commonwealth countries and limited the maximum relief to 50 per cent, of the British rate of tax. Gadsden’s New Issue.—The share Issues of J. Gadsden (N.Z.), Ltd., have been over-subscribed to the extent of about six times the amount required. Applications have been received for shares to the value of more than £1.300.000. The amount required is £225.000, but this includes £29.000 worth of shares reserved for underwriters and staff. Applications were received from nearly 3300 persons and are fairly evenly divided both in number and in total value between ordinary and preference issues.—(P.A.) Woolworths, N.Z.—Tne directors have declared an interim dividend of 5 per cent., payable July 31—ex June 19.—(P.A.) Relax, Ltd.—This company is paying a final dividend on ordinary shares of 6| per cent., making 9 per cent, for the year, and 4 per cent, on preference shares (less tax), making 2£ per cent, for the year. The annual meeting will be held on June 21—ex June 14.—(P.A.) Kauri Timber.—The company announces an interim half-year dividend rn ordinary shares of 3 per cent. Lad year the interim was 2 per cent, and the final 3 per cent., plus a bonus of 1> 2 per cent.— (P.A.) DUNEDIN SHEEPSKIN SALE (New Zealand Press Association) DUNEDIN, May 26. The Dunedin Wool Brokers’ Association reports that there was a good attendance of exporters, fellmongers, and of the local trade at the sheepskin sale held recently. The demand and competition were exceptionally strong for all grades and descriptions. values appreciating considerably on the previous sale. Record prices were secuied. Fine halfbreds sold to per lb. halfbreds to 47d, fine crossbreds and crossbreds to 421 d. halfbred hoggets to 42£d. crossbred hoggets to 41’d. halfbred lambs to 41Jd, crossbred lambs to 38 3 4 d. spring lambs to 37a. Dead and damaged sorts sold remarkably well, a complete clearance being effected at high prices.

PAKISTAN’S JUTE POLICY

In order to reduce export jute prices so as to compete with substitutes abroad, the Pakistan Government will, says the "Financial Times,” London, shortly announce a long-term jute policy covering all aspects of production, marketing, export baling and transport, it is reliably learned. The policy is likely to oust a number of middlemen between producers and exporters and is also designed to cut prices at every stage without affecting individual interests. BRADFORD TOPS QUOTATIONS (N.Z. Press Association—Copyright) LONDON. May 25. Bradford tops quotations are:— Merino.—Seventies 173 d a lb, sixty-fours 162 d, sixties 149 d. Crossbreds.—Fifty-sixes 97d, fifties 73d, forty-sixes 70d. LONDON TIN PRICES (N.Z. Press Association—Copyright) LONDON. May 25. Tin is quoted on the London Metal Market as follows:—£6o2 12s 6d a ton for spot delivery, and £603 17s 6d for forward.

GRAIN AND PRODUCE MARKETS

HIGH PRICES FOR ONIONS (By Our Commercial Editor.) In addition to those New Zealand small seeds listed last week, British import licences have been granted in full lor fescue and browntop. It is difficult to assess the over-all quantity of small seeds involved in the deal with the British importers, but it may be safely accepted that United Kingdom merchants have not bought the full quantity allowed under their import licences. They were at liberty to buy more, but the prices stopped them. The British Board of Trade normally fixes a ceiling quantity to be imported, but this year this has not been reached. This is not to say, however, that further importations will not be sought later in the year, after the United Kingdom has been able to form a reliable estimate of harvest yields in the Northern Hemisphere. Meanwhile, all small seeds markets are very firm, and the market for cowgrass has firmed slightly. Generally conceded to be tricky and highly sensitive, the onion market is at pi esent very buoyant. To-day they are being traded at £25 to £3O a ton, according to quality. Last year prices did not reach these figures until towards the end of the season. This year the crop was an average one, but to-day offerings are not plentiful A few weeks ago a few hundred tons were exported to Canada, but the quantity involved is not believed to have seriously depleted supplies. Potatoes continue to be shifted slowly. The Kaitawa is at present loading for Wellington and Auckland, but. as the ship is primarily interested this voyage in general cargo, space for potatoes is reported to be limited. A total of 2780 sacks was shipped last week to Napier and Gisborne, and, at the beginning of this week, 1949 sacks were shipped to West Coast ports of the North Island. There is still a fair inquiry for seed wheat. Quotations Algerian Oats.—4s 6d io 4s 9d, according to quality; black oats, 4s 6d to ss; Duns, up to 6s, according to quality; Gartons up to ss; all prices sacks extra on trucks at growers’ stations. Wheat.—Tuscan varieties, 8s 9d a bushel, f.0.b., growers’ nearest port. Premium 2d a bushel for Hunters, 4d for Pearl and Velvet, Gd for Marquis, and Is for Hilgendorf. Price increments: April, Id a bushel; May, 2d; June, 3d; July, 4d; August, 4Jd; September, sd. Montgomery Red Clover.—2s 3d per lb uncertified, 2s Gd standard, 2s 9d mother seed (nominal). Red Clover.—ls 5d to Is 6d per lb; machine dressed, 98/90. White Clover.—4s per lb. uncertified; 4s 3d per lb certified pp.; 4s 6d mother seed. Chaff.—£7 a ton on trucks, country stations (sacks extra). Lupins.—los to Ils a bushel, on trucks (sacks extra). Barley—Main malting varieties, 6s 7d a bushel; research and cape, 6s 4d (on trucks, sacks extra). Browntop.—4s 6d per lb certified 98/90, and 3s 9d uncertified machine-dressed seed. ♦ Cocksfoot.—ls 3d to 3s per lb, according to quality. . , Ryegrass— Certified perennial, 98/90, mother 23s 6d a bushel; certified, pp. 22s 6d- Hl, certified 98/90, mother 245; standard's; Italian. 98/90, mother 205,. standard 19s, uncertified 18s. Linseed. —£32 a ton on trucks. DUNEDIN (New Zealand Press Association) DUNEDIN, May 26. In spite of the high level of values, there has been a further hardening in prices of all principal seed lines. The fact that licences for sales to England have been granted in full is responsible for the interest shown by buyers. Chewings fescue is perhaps the line which has appreciated in value most. Offerings of perennial Italian and short rotation ryegrass are not large, but the high prices ruling for all these lines tend to restrict turnover. White clover is a fraction firmer, but here, too. merchants are inclined to be cautious in their activities. Cocksfoot and Timothy are inquired for, but both lines are in short supply. The local potato market is well supplied at the present. The quality of locally-grown potatoes has been excellent. The bulk of deliveries of wheat, barley, peas, and oats have now been made, and only odd lines will be coming to hand from now on.