COMPANY NEWS

Press, Volume LXXXVI, Issue 26127, 1 June 1950, Page 6

COMPANY NEWS

NGAHERE DREDGE ACCOUNTS

INCREASE IN NET LOSS REPORTED An increase in net loss on the year’s operations is disclosed in the accounts of Ngahere Gold Dredging. Ltd., for the year ended December 31, 1949, the figure being £9923, compared with £6169 for the previous year. Shareholders’ funds total £280,012, as against £289,935, and the renewals reserve has been increased from £15.554 to £23,228. Current liabilities show a rise over the year from £4450 to £7358. Current assets, which include £2393 in current account at the bank, show a drop from £26,888 to £21,055, and fixed assets total £270,637, as against £264,145. Operating expenditure is listed as

The net realisation from 4972 ounces of bullion produced was £46.788, against £50,529 from 5679 ounces in the previous year. Recovery gains a cubic yard were 1.59' per cent, (compared with 1.37 per cent, the previous year). The net profit in 1946 was £18,193, since when losses have been sustained each year. According to the report of the directors, the decrease of 707 ounces in the quantity of bullion produced was due to the stranding of the dredge on two occasions which cost the company 19 weeks in dredging time. Test boring operation’s in the prospecting area (Grey river) arc still being carried out and results to date are encouraging. The directors, however, are not prepared to come to a decision regarding the proposed new claim until the result of the present negotiations are known and further check boring is completed. * GADSDEN’S NEW ISSUE BASIS OF ALLOTMENT The basis of allotment of shares in new issues of J. Gadsden (N.Z.), Ltd., provides that the maximum allotment of either ordinary or preference shares to any one applicant is 500. The basis of allotment is as follows, the number of shares applied for and the number allotted being given in each case:— Ordinary: 5090 and over applied for, 500 allotted: '4OOO, 400; 3000. 300: 2500, 250; 2009, 200; 1500. 150; 800 to 1400, 100; 400 to 700, 59; 50 to 300, to go to ballot. Preference; 2500 and over, 500; 2000, 400: 1500 to 1600. 300; 1200, 250; 1000 to 1100, 200; 700 to 800, 150; 400 to 600, 100; 250 to 350, 50; 50 to 250, to go to ballot. More than 1000 applicants will obtain a parcel of ordinary shares and more than 1300 applicants a parcel of preference shares. Mount Isa.—Mount Isa Mines. Ltd., Queensland, is not paying an interim dividend in the current year. The payment of a dividend would be inadvisable because of the company’s present financial position, state the directors. Last year three dividend payments were made —2s a share in June, Is in September, and a final distribution of 2s in December. The total payment, equal to 25 per cent., absorbed £1,157,652. In 1948 the company paid dividends totalling 17 per cent. 1 A. S. Paterson.—Net profit of A. S. Paterson and Company. Ltd., for the year ended March 31, 1950, after providing for specific reserves and provisions, including £31,988 for taxation, was £20.611. against £17.279 the previous year, when taxation took £38,584. To the profit is added a £4OOO surplus taxation provision. Dividends of 5 per cent, preference and 6 per cent, ordinary (5 per cent, the previous year) take £16,490, and £5OOO is transferred to general reserve, leaving a carry-for-ward of £10,376 against £7255 brought in.— (P.A.) ADELAIDE WOOL SALE UPWARD TREND OF PRICES (Nero Zealand Press Association) ADELAIDE. May 31. Keen buying by Australian mills, supported by the Continent, and a rising demand from America, were features of the Adelaide wool sale. The market was 10 to 15 per cent, higher than March levels for all combing wools, carding, lambs, and locks, but crutchings were only slightly dearer. The best price was 123 Ad per lb for six bales of Merino, which is a price record for Adelaide INCREASE IN ZINC PRICE The British Ministry of Supply has increased the maximum prices for zinc, both foreign and domestic, by £4 to £lll 10s sterling a ton. Since early March the price has risen by £26 a ton. CEYLON TEA MARKET (N.Z. Press Association—Copyright) COLOMBO. May 30. There were heavy withdrawals in spite of general demand' for the smaller offerings at the Ceylon tea sales to-day. Offerings totalled 6,664.5951 b. High grown broken orange pekoes realised 205 cents per lb. medium liquoring broken orange pekoes 172, medium liquoring orange pekoes 180, low medium broken orange pekoes 160, and low medium du*=t 193.

under:— 1949 1948 £ £ Wages and operating salaries 6,014 7,736 Power .. ... 6,375 8,944 Repairs, stores, surface expenditure .. 13,847 15,493 Expenses stranding of dredge 7,315 — Administrative 857 993 Renewals 14,950 14,950 Insurances 1,282 1,375 Salaries and allowances 2.312 2,247 Award holiday pay .. 1.213 1,269 Secretarial fee, rent, of P 750 750 Claim rent and rates .. 199 224 55,114 53,981