NORTHERN TERMINATING BUILDING

Press, Volume LXXXVI, Issue 26266, 10 November 1950, Page 10

NORTHERN TERMINATING BUILDING

FRESH RECORDS CREATED (New Zealand Press Association) AUCKLAND, Nov. 8. Fresh records in advances of income and assets were attained by the Northern Co-operative Terminating Building Society during the year ended August 31. The accounts for that period show that cash advances totalled £1,082.661, an increase of £248,340 over the previous year’s record, and more than three times the level of five years ago. Current mortgages held by the society as security for cash advances now being repaid amount to nearly £5,500,000, against £3,500.000 in the previous year. Income of the society has maintained its unbroken upward trend during the year with a rise of £228,207 to f £1,350,892, which is nearly double the figure of three years ago. With another record increase of £697,126, members' total funds now stand at £3,900,060. The funds representing credits in the current share subscriptions accounts, together with th’ reserves and accumulated profits assets of the society, recorded another record rise of £851.939 to £4.803,811, while total profits, both realised and unrealised, accumulated over the last 27 years, rose by £125,200 to £774.857. Fixed deposits, which were accepted for the first time in 1945, amount to £246,650, an increase of £11,520.

L*yland - O’Brien Accounts.—The net profit of the Leyland-O'Brien Timber Company, Ltd., increased by £1073 to £10,934 during the year ended September 30. The profit was struck after providing £9OO more for taxation of £13,650. Dividend is unchanged at Is a share (6 2-3 per cent.), and requires £6OOO, and an unchanged amount of £475 is set aside for directors’ fees. Carry-forward is £24,712, against £20,253 brought in. Although gross profits from timber sales and other sources increased by only £951 to £56,127, the amount of expenses, including depreciation, was reduced by £1022 to £31,542.—(P.A.)

Electro. Zinc Profit.—The Electrolytic Zinc Company of Australia, Ltd., discloses a record net profit of £1,299,841 tor the year ended June 30, compared with £1,068,600 for the previous year. This profit remains after providing £891,000 for taxation, £500.000 (unchanged) for depreciation, and £lOO,OOO (unchanged) for ore depletion. Ordinary and preference dividends of 25 per cent, require £750,000. — (P.A.)