COMPANY NEWS

Press, Volume LXXXVII, Issue 26513, 30 August 1951, Page 8

COMPANY NEWS

N.Z. Newspapers.—New Zealand Newspapers, Ltd., will pay an interim dividend of lOd a share, unchanged, for the halfyear ending September 30. Payment will be made on October 1, and shares exdividend on September 18.—(P.A.) Grey and Menzies. —The improvement in the turnover of Grey and Menzies, Ltd., during the last year had been sufficient to cover the increase in wages and to offset the higher costs qf manufacturing goods, said the acting-chairman, Mr A. G. Menzies, at the annual meeting of shareholders this week. Supplies of raw materials for the. industry had been difficult, said Mr Menzies. This particularly applied to citrus juices of which New Zealand growers could not supply more than 50 per cent, of the industry s requirements. The company was forced on to the Australian market, where all citrus juices were in bare supply.—(P.S.S.) Whittome, Stevenson.—World shortage and the higher cost of tinplate was one of a number of factors contributing to increased production costs, said thchairman of Whittome, Stevenson and Company. Ltd., Mr S. Austin Carr, at the annual meeting of shareholders this week The chairman said that depreciation rates on plant, machinery, and premises were now much too low to cover wear and tear, and the obsolescence situation was most difficult in connexion with premises because of the abnormal Increase in building costs. It was essential that the Government should'grant relief by means of more adequate tax-free depreciation allowances.—(P.S.S.). Wellington Woollen Accounts.—The net profit of the Wellington Woollen Manufacturing Company, Ltd., for the year ended June 30. was £47.443, against £46,215 the previous year. A sum of £lO,OOO is transferred to fire Insurance reserve (last year £5OOO went to fire insurance and £5OOO to staff pension fund). Unchanged dividends of 5 per cent., plus a bonus of 3 per cent, on both preference and ordinary shares, take £24.000. Carryforward is £13,443 (£12,215). Gross profit was £218,110 (£194.020). Victoria Laundry .—The directors recommend an annual dividend of 7j per cent, (last year 5 per cent.), plus a bonus of 4 per cent, from the accumulated profits of the subsidiary—ex September 10.— (P.A.). British Tobacco.—The British Tobacco Company (Aust.), Ltd., has announced a third Interim quarterly dividend of 2 per cent, on the ordinary and B ordinary shares. Last year’s third interim payment was deferred and total distribution was reduced from 9 per cent, to 61 per cent. Shares are ex dividend on September 4.