COMPANY NEWS

Press, Volume LXXXVII, Issue 26493, 7 August 1951, Page 9

COMPANY NEWS

Whakatane Board Mills, Ltd.— The directors have declared the final preference payment of 21 per cent. Shares are ex dividend on August 30. H.B. Profit.—A net profit of £23,113 was earned by Hallensteln Bros. Ltd., Dunedin, for the six months ended June 30. This compares with £22,004 in tha previous six months and £19,713 tn the same period of 1950. Tax provision was £38,550. Ordinary dividend nas been raised to 3 per cent, for the half year, against 2| per cent., which, together with the 21 per cent, preference dividend, requires £9525. The carry-forward is £57,405, against £43,816 brought in. The directors state that a new branch has been opened at Temuka. Modernisation is .being carried out in existing premises in other centres. Paper Manufacturers* profit.—A net profit of £650,000, subject to audit, was earned by Australian Paper Manufacturers, Ltd., for the year ended June 30, according to a preliminary statement. In the previous year the net profit was £361,701. The parent company, Australasian Paper and Pulp Company, Ltd., is raising its dividend from 6 per cent, to 7 per cent. The latest result was reached after providing £816.000 for taxation, against £339,600, £466,000 for depreciation, and £25,000 for employees' security plan. Amalgamated Wireless.—The public offer .by the Australian Government of its shareholding in Amalgamated Wireless (A'asia), Ltd., comprises 683,165 old ordinary shares and 170,791 new shares. The offer price of the old shares Is 455, and the new 44s 9Jd. All the shares are being offered to the public, and no reservations will be made. No parcels will be reduced below 100 shares, although offers for less than 100 will be considered. Applications will open to-day for a minimum period of two days. Australian Whaling Venture.—Whale Industries. Ltd., has been registered in Sydney with an authorised capital of £1,000,000. The company has acquired the whole of the Issued capital of Whale Products Pty., Ltd., and two other companies, in order to establish the whaling industry on the east coast of Australia. A public issue of two million 5s shares has been announced, and the company expects to begin whaling next season, when a licence to catch and treat 500 humpback whales will be granted. One of the directors is Captain Alf Melsom, of Norway, who is well known in the whaling industry. A treatment station will be established on Moreton Island, near Brisbane.

Australia SHknit.—Overseas companies which plan capital investment in Australian enterprises will be encouraged by the success of a Canadian company there. Silknit, Ltd., Canada, is a large holder of shares in Skustralia Silknit, Ltd., of Sydney, which engages in the manufacture of silk knitted fabrics. The company has rayon, cotton underwear, and knitted goods factories in Sydney, .and in several towns in New South Wales. Holders of the ordinary shares received dividends at the rate of 15 per cent, for 1950. In the year 1949 there was a special dividend of approximately 38 per cent, applied to th'ese shares. Profits before depreciation and taxation were £A100,704 for the 1950 year. The company has built up its stocks against a threatened world shortage of rayon and cotton. Dominion Rubber.—The secretary of the Dominion Rubber Company, Ltd., has received cabled advice that production for the month of July was 83,5001b.—(P.A.) Mount Lyell Conversion,—Mount Lyell Mining and Railway Company, Ltd., proposes to convert the £1 shares into stock units, according to an announcement by the directors.