COMPANY NEWS

Press, Volume LXXXVI, Issue 26159, 8 July 1950, Page 9

COMPANY NEWS

J. J. Niven.— Directors are recommending an unchanged dividend of 10 per cent, for the year ended March 31. Shares are ex dividend on August 8. Commercial Bank of Australia.—Directors announce a final half-yearly dividend of 5 per cent, on ordinary shares, making 10 per cent, (unchanged) for the year, and 2 per cent, on preference shares. —(P.A.)

Mount Morgan.—Directors announce a half-yearly dividend of 3J per cent, on preference shares.—(P.A.) Acetone Welding.—Sufficient land and buildings for future expansion of the company had been acquired by the purchase from Rubber Distributors, Ltd., of two acres and a half of land close to the Present buildings in Lower Hutt, said Mr J-. W. Sandtmann. chairman of the Acetone Illuminating and Welding Company, Ltd., at the annual- meeting in Napier. The company’s new oxygen factory in Dunedin was now in use, and additional production plant ordered last year was now arriving and would soon be installed. “Negotiations with the British Oxygen Company for acquisition of the total shareholding of E.M.F. Electric Company (N.Z.), Ltd., have now been completed.” said Mr Sandtmann, “and when the transaction is completed it will be possible to obtain a complete welding service from one source of supply.” Walker and Hall’s Accounts.—A rise of £642 to £4538 in the net earnings of Walker and Hall (N.Z.), Ltd., is shown in trie accounts for the year ended April 30. This result is the company’s highest since its formation in 1937, and is reached after providing unspecified amounts for taxation and depreciation. A general reserve of £5OOO has been created, and an unchanged dividend of 6 per cent., absorbing £1920, has been recommended. These appropriations exceed the net profit by £2382, and the carry-forward is reduced from £7494 3 to £5112. Gross profit increased by £4377 to £24,201, while other revenue was £714 higher at £949. Expenses, including taxation and depreciation, increased by £4449 to £20,612. (P.S.S.)

Bryant and May Profits.—Group profits of Bryant and May, Ltd., match manufacturers, England, for the year ended March 31, amounted to £1,147,398, against £1,044.729 the previous year. After allowing for special credits and a special debit, and providing £509.588 for tax, the group net profit was £131,963 higher at £665,434. Of this amount, £547.706 was attributable to members of the parent company. Reserves have received £102,877. The ordinary tax-free distribution of 16 per cent, (final 10 per cent.) is maintained, and carry-forward is increased from £473,921 to £582,464. The group has placed direct to reserve exchange adjustments amounting to £227,143. Bryant and May. Ltd., is a subsidiary of the British Match Corporation, Ltd. It has interests in factories in Australia, New Zealand. Canada, South Africa, and South America.

GROCERY NOTES

In spite of the many changes affecting the grocery trade that have taken place over the first six months of the year, the lifting of rationing, the withdrawal of subsidies, and the consequent increase in prices of many foodstuffs, general opinion is that trading figures show some improvement over the same period last year. Although higher prices may be partly responsible, there has been an increase in the volume and the variety of goods for the public to pick and choose from. The unrest in Korea is causing importers some concern, but it is yet too soon to gauge what effect events there will have on these markets, and there is no likelihood of this diminishing under the conditions now prevailing. New season's mixed dried fruits are again being offered, but the majority of merchants had a carry-over of last year’s fruit and for the time being are not displaying a great, interest in prices which are again up on those of last season. The price of the new season's mixed dried fruits is up by approximately Id per lb. Stocks at present held will be good value, as the fruit keeps remarkably well during the cool months.

Dates.—For the last four years the shippers controlling the export of dates from Basra kept New Zealand on a quota. Now, however, merchants will be able to buy whatever quantities they require, provided the necessary import licences are forthcoming.

Dessicated Coconut.—Over the last few weeks, there have been some rapid changes in the Ceylon coconut market. With the sudden increase in the demand from Britain, recent prices went as high as £226 a ton. Reports now to hand are to the effect that as a result of the Ceylon Government abolishing the export system, increased stocks have been released and prices have receded by more than £lOO a ton and are now almost back to the level of the Samoan coconut.

Muscatels.—Agents are advised that owing to the diversion of large quantities of fresh fruit to the wineries and heavy rains at harvesting time, new season’s muscatels available for export from Australia to New Zealand will be reduced to 20 per cent, of bookings, and merchants’ allocations will be cut accordingly. Loose muscatels in 201 b boxes are still being offered from South Africa for prompt shipment, and to ensure having stocks for the Christmas trade it can be expected that merchants are taking advantage of these offers.

Raisins.—A further report on the position regarding the supply of seeded raisins for the seasonal trade is not very encouraging. Advices from South Africa state that owing to the unsatisfactory condition of the packed fruit, export licences have been refused for several thousand cases and only very limited quantities can now be offered for early shipment. The seedless variety have not been affected, and fairly large shipments of these are still to arrive.

Tinned Pineapple.—Although reports early in the year indicated that the Australian canners of pineapple would be exporting practically the whole of their output to Canada, it is now understood that an allocation from the winter pack will be made to New Zealand. Prices have been received and are up by approximately 2s 6d a dozen for slices in the 20oz tins and 2s for pieces in the 30oz tins on shipments landed some weeks ago. Hops.—Agents have again advised merchants that no packet hops will be available this year from Nelson, and only a very small number of the 201 b packets will be distributed. Greaseproof Paper.—An increase of £8 a ton in the price .of greaseproof paper has been advised. Spot stocks are short and a bare market is likely to exist before the arrival of the next shipment in a few weeks. Preserving Jars.—Prices for next season s jars have been announced, and they show an advance of 3s a gross. MINING Premier Gold Dredging —The return for the fortnight ended yesterday was 44 ounces of gold from 35,856 yards in 250 hours.—(F.O.O.R.) Rimu Gold Dredging.—The return for the clean-up period, June 20 to Julv 4 was 385 ounces gold from 86,000 yard's in 263 J hours. June totals: 770.82 ounces f L°m 195.000 yards in 539 hours.— (F.0.0.R.) RANGIORA HORSE FAIR A small yarding of 25 constituted the Rangiora horse fair yesterday. Good draughts brought £9 to £l2; ordinary *° £4; an< * hacks brought £4