COMPANY NEWS

Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 9

COMPANY NEWS

Hong Kong Dollar Rates.—A further easing in the Hong Kong dollar is reported by the Bank of New South Wales, The new rates are:-r-T.T.: buyers, 14 45-64 d; sellers, 15 19-64 d. On demand; buyers, 14 21-32 d; sellers, 15 19-64 d. A.C.I. Profit Increase.—-Consolidated net profit of Australian Consolidated Industries rose by £57,367 to £605,956 for the year ended June 30. The result is reached atter providing £201,164 for depreciation at £883,113. Unchanged dividends of 9 per cent, on both preference and ordinary shares require £459,889. The parent company’s profit was £493,864, against £441,214 in the previous year. The subsidiaries suffered from lack of coal, and power shortages and insufficient labour, the directors state.

Coles-Selfridge Merger.—G. J. Coles, Ltd., Melbc-urne, proposes to complete the merger with Seliridges (W.A.), Ltd., by acquiring, all remaining ordinary shares. Shareholders in Selfridges (W.A.), Ltd., have been offered two fully-paid 5s ordinary, shares in G. J. Coles for each £1 ordinary share fully paid. The holders of the contributing shares (paid to 15s) have been offered three Coles shares for each two shares held.

Amalgamated Wireless.—The directors of Amalgamated Wireless (Australasia), Ltd., have asked the Government to concur in an increase of the company’s capital for a generous expansion of its radio manufacturing business, says a Canberra message. The new capital is needed for important new ventures, including an expansion of valve manufacture and manufacture of television equipment. The authorised capital of the company is £750,000 Is in 1,764,706 shares of 8s 6d each. The issued and fully-paid capital amounts to £567,593 5s in 1,335,518 ordinary share?,• of 8s 6d. After an issue to the public of 350,000 shares in April last, the capital proportions of private and Commonwealth Government shareholders were 683,273 shares held by the Government and 625,245 held privately. John Bulleid.—Net profit of John Bulleid and Company, Ltd., for the year ended July 31 is £2174, the directors state in their report to be submitted at the annual meeting on September 27. Last year’s profit was £2096. The directors recommend a dividend of 7 per cent, on both preference and ordinary shares, the same as last year. This will absorb £1991, leaving £2593 to carry forward, against £2411 brought in from last year. Frozen Products.—Frozen Products, Ltd., Wellington, has declared an unchanged final dividend of 8d a share, making Is a share, or 5 per cent., for the year ended June 30. Total payment is unchanged. Masonite Earnings.—Net profit of Masonite Corporation (Australia), Ltd., for the year ended June 30 recovered by £3889 to £69,385. The result was reached after providing £49,490 more for taxation at £89,856, and £2340 less for depreciation at £35,381. In addition, £50,000 was set aside for assets replacements and £lO,OOO for employees’ amenities before arriving at the net profit. Ordinary dividend is maintained at 12J per cent., including a bonus of 2J per cent., and absorbs £35,938. The distribution on deferred shares, all of which are held by Masonite Corporation, United States, is £25,000, equal to 200 per cent., against £22,500, or 180 per cent., in the previous year. The sum of £9OOO is added to reserve and carry-forward is reduced from £646 to £93. Gross profit increased by £121,294 to £302,900. The directors state that the results reflect the full effect of triplicated plant and improved methods and economies. After adjustment during the year, the whole of the output is now sold at prices from 20 to 30 per cent, below those of before the war.

Toohey’s New Issue.—Tooheys, ’Ltd., brewers, Sydney, propose to- issue 433,125 shares of 16s at a premium of 10s, in the proportion of one for five held. Fractions will be omitted. Paid capital will be increased by £346,500 to £2,079,000 in 2,598,750 shares of 16s. The new shares are payable in four instalments of 6s 6d each (4s capital, 2s 6d premium), the first payment being on application and the others at not less than six-monthly intervcls. The issue is the first to be made by the company since March, 1939, when 240,625 shares were issued at a premium of 8s in the ratio of one for eight. Ampol Petroleum, Ltd.—The company is paying final preference dividend of 3 per cent, on September 30, ex September 26. United Provisions, Ltd.—The company is paying final dividends of 4 per cent, preference and 3 per cent, ordinary on October 31, ex October 25. Total ordinary payment is 5 per cent, (unchanged). Associated Leathers.—Net consolidated profit of Associated Leathers, Ltd., Victoria, was £154,327 for the year ended June 30, the company’s second year. The result, which is subject to audit, was reached after providing £37,395 for depreciation and £108,358 for taxation. The previous year's profit was £116,200, reached after providing £26,056 for depreciation and £69,370 for taxation. A tax-paid bonus of 1 per cent, is being added to the unchanged ordinary dividend of 8 per cent., half of which is tax-paid. This absorbs a total of £84,311, while the 5 per cent, preference dividend absorbs £9812. The dividends and bonus are payable on November 3, ex October 16. Ampol Petroleum.—This company advises that the recent share issue of 306,000 ordinary shares of £1 each and 250,000 cumulative preference shares at £1 each has been substantially oversubscribed.—(P.A.) «