COMPANY NEWS

Press, Volume LXXXVI, Issue 26204, 30 August 1950, Page 9

COMPANY NEWS

MASON, STRUTHERS’ ACCOUNTS The accounts of Mason, Struthers and Company, Ltd., for the year ended June 30 show a net profit, after providing, for depreciation, of £33,917—£32,796 a year ago. With the addition of £8231 brought forward from last year, the amount available for appropriation is £42,148—£40,331 in 1949—which the directors recommend be disposed of as fellows:—dividend of 6 per cent, (unchanged), and a bonus of 1 per cent., £7700 (£6600); *provision for taxation, £21,000 (£20,500); and transfer to general reserve, £5OOO (£5000)." The carry-forward is £8448 (£8231). Gross profit from trading was £83,536 (£75,864), and interest and rents, £2002 (£1794). Salaries, wages, administration expenses and depreciation accounted for £49,877 (£43,392). Shareholders’ funds are listed at £163,448 (£158,231). Stocks on hand are valued at £109,142 (£97,431). The balancing total Ls £229,769 (£209,666). The directors nyte that during the year the company acquired the old-established business of Fortes, Ltd., at Lyttelton. N.Z. Farmers’ Co-op. Dividends.— Recommendations of the directors of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., to the annual meeting of shareholders to be held on October 4 are for dividends of u’a per cent, per annum on first preference shares and 6 per cent, on the "A” and "B” preference shares, and on the ordinary shares. Dividends are up 1 per cent, all round on the previous year’s payments. The directors also announce rebates of commission on stock and wool sold during the year on behalf of farmer clients at the rate of 20 per cent, of commission earned and that rebates for the year to July 31, 1951, will also be at the rate of not less than 20 per cent. North Auckland Farmers.—An increase of £6169 to a record of £13,508 is shown in the net profit of North Auckland Farmers’ Co-operative, Ltd., Whangarei, for the year ended June 30. , This profit was struck after allowing £7535 more for taxation at £16,998, and an unspecified amount for depreciation. For the first time in 30 years an ordinary dividend has been recommended. The directors propose to pay 5 per cent, on ordinary capital for the full year, together with the usual preference payment of 5 per cent, (less security tax). The total dividend requirements will be £4854, leaving £8654 to increase the carry-forward to £16,277. Gross profit from all sources increased by £20,833 to £115,806. Against this, expenses, including depreciation and directors’ fees, rose £7128 to £85,299. During the year the company’s ordinary shares of 8s each were consolidated into £1 units and authority was obtained for the issue of £55,000 of ordinary capital In shares of £1 each. The directors - state that the new issue will be offered for subscription at a suitable time.—(P.S.S.)

Newton King Payments.—The directors of Newton King, Ltd., recommend payment on September 5 of one year’s dividend, for the year ended April 30, on preference shares at the rate of £5 per cent., together with six months’ dividend on preference shares at the fate of £2 12s per cent., being the balance of preference dividend in arrears; also one year’s dividend on ordinary shares, at the rate of £4 per cent. These dividends will be free of social security tax, but the directors reserve the right to deduct social security tax before the payment of any future preference dividends. Shares will be ex dividend on September 7. (P.A.)

William Cable New Issue.—The new issue by William Cable and Company, Ltd., of 124,902 shares of £1 each, offered on a one-for-three basis, has been fully subscribed, and the shares have been allotted by the directors. The share certificates will not be issued until the whole issue is fully paid up after February 1, 1951. The new shares will not rank for dividend until July, 1051. and will be quoted .as the 1950 contributing issue on the stock exchanges. New Overseas Engineering Company Registered.—A new overseas company, Australian and Eastern Engineering Com pany Proprietary, Ltd., h?s been registered in New Zealand, according to the latest issue of the Mercantile Carette. Its capital is of £lOO,OOO. in £1 shares. Objects of the company are to trade as manufacturers of and dealers in all kinds of machinery, engines, etc.

STOCK SALES TEMUKA “The Press” Special Service TIMARU, August 29. About 60 head or rat cattle v»eie yarded for to-day's Temuka sale. Very tew finished beasts were offered, and a very k en sale' resulted. Th. re was a specialty Hood yarding of store cattie, anu buyers attended from outside districts. Tais causcu a rise of £1 a in store cattle values. Large entries were forward ip the tat and store sheep sections. The good prices ruling recently were fuliy maintained. Vaiucs were;— Fat Steers.—Extra prime heavy, £35 17s 6a to £4l 2s 6d; prime, £2B to £34; medium, £24 to £27; Ught, £l9 to £23. Fat heifers: extra prime, £22 to £24 12s 6d; medium, £l7 to £2O; light, £l3 to £,6. fcat cows: -prime heavy, £2O to £24 12s 6d; guoa, £l6 to £i9; medium, £l2 to £l5; light, £9 to £ll. Store Cattie.—Bulls, to £l2 7s 6d; threa-yesr-oid steers, £l3 2s 6d to £l7 2s 6d; two-year-old steers, £9 10s to £l3 12s 6d; yearlings, to £ll 15s. Fat wethers in the wool.—Prime heavy, 85s to 93s Id; prime, 7L's to 83s 7d; light, 7ls to 775-Id. Fat wethers: shorn, 48s to 53s Id. Fat ewes in the wool: prime heavy 60s to 66s Id; prime, 575. Id to 59s 7d; light, 45s to 53s 7d. Prime fat hoggets: 68s to 70s Id. Fat ewes: shorn, prime 30s to 32s 7d; light, 28s to 29s 7d. Store Wethers.—s6s to 63s 6d. Ewe hoggets: best, up to 78s; medium, 58s to 60s; full-mouth ewes, 55s 6d to 58s 6d; wether hoggets, up to 51s 6d. ASHBURTON There was a large yarding at the Ashburton stock sale yesterday. Fat wethers were firm at last week’s rates, but eased at the last race by 2s to 3s. Prime withers made frem 68s to 80s, and extra prime to 100 s 7d, sheep sold on account of W. J. Cochr?ne (Wakanui) reaching the top price. Shorn wethers made up to 73s Id <on account of Alan Lemon, Winchmore), two-tooth maiden ewes sold up to 85s Id, and fat hoggets made 9os Id, ton account of P G. Rickards, Riverside). Light ewes made up to 235, prime to 535, and extra prime up to 59s Id. Sheep from C. D. Wilson (Riverside), reached the top figure. In the store section 70 sound-mouth ewes in lamb to 8.L.-cross rams sold at 70s with 5.3 Corriedale sound-mouth ewes and 55 lambs making 46s all counted. Wether hoggets made from 53s to 645, with shorn at 355. A line of 43 one-shear wethers made 735, and 65 two-tooth ewes sold at 60s 6d.

VEGETABLES AND FRUIT

Australian oranges are expected in Christchurch by the end of this week. Retailers’ shelves are bare of bananas, and shopkeepers are looking forward to the direct shipment from the Islands promised for September There are ample stocks of grapefruit and lemons. Onions have now reached the luxury price of 8d per lb! Delicious apples are still selling at 9d per lb.

Retailers’ Prices Apples 6d to 9d per lb, cookers 6d per lb; lettuce (each), Is to 2s; cauliflowers (each), ls to 2s 6d; forced rhuba’b (bunch), 2s; onions, lb. 8d: carrots, per lb, 4d; cabbage, ls to Is 6d each; spinach (bunch), 6d; potatoes, 2d per lb; walnuts, 2s per lb; beetroot, 6a a bunch; pumpkins, 6d per lb; pears, Is 3d per lb; passion fruit, 6d to lOd each; kujneras, 10d per lb; celery. Is to 2s 3d a head; garlic, 2d an ounce; Brussels sprouts, 9d to Is 3d per lb; leeks (bunch), 8d and Is; tree tomatoes, 2s per lb; Southland swedes, 2d per lb; Chinese gooseberries, 2s 6d to 3s per' lb; marmalade oranges. lOd to Is per lb; artichokes, 6d per lb; Australian oranges, lOd per lb; lemons (Australian), Is IJd per lb; lemons (New Zealand). lljd per lb; Meyer lemons, Is 3d per lb; cooking pears, 9d per lb.