COMPANY NEWS

Press, Volume LXXXVII, Issue 26515, 1 September 1951, Page 9

COMPANY NEWS

KAIAPOI WOOLLEN ACCOUNTS INCREASED PROFIT AGAIN SHOWN An Increase in net profit from £41,036 in 1950 to £44,819 is shown in the accounts of the Kaiapoi Woollen Manufacturing Company. Ltd., for the year ended July 19. The profit in 1949 was £36,391. Including £25,523 brought in from the 1950 accounts, the surplus for the year, after providing for taxation, is £70,342. The directors recommend that this surplus should be appropriated as follows; — £ Dividend on preference shares at 5 per cent., and a bonus of 1 per cent. .. .. .. .. 3,911 Dividend on ordinary shares at 5 per cent., and a bonus of 1 per cent. .. .. .. .. 19,038 Transfer to general reserve .. 20,000 Carry forward .. .. .. 27,393

These pay-outs are unchanged from the previous year. The report of the chairman of directors, Mr J. H. Rhodes, mentions that as was the case in the preceding year, the only limit to production was the availability of suitable operatives. Additional experienced female labour would be most welcome at Kaiapoi. Plant and buildings had been thoroughly maintained, and further necessary additions had been made. Although £35,000 had been reserved for depreciation, the directors considered it to be little enough because of the continually increasing costs of replacement. Stocks at £363,120 showed an Increase of £28,745 on last year. This increase was related to thp considerable increases in wool costs.

Balance-sheet figures are as follows: Liabilities

The annual meeting of shareholders will take place on September 12. General Industries.—The company has declared Interim dividends of 3} per cent, on preference shares and 5 per cent on ordinary shares, payable September 28—ex September 17. Gadsden’s Interim.—J. Gadsden N.Z., Ltd., are paying an interim dividend on ordinary shares of 3 per cent. It is payable on September 28—ex September 15. (P.A.) Milne and Choyce.—The directors recommend a final dividend of S per cent., plus a bonus of Ij per cent., on all share and debenture capital, payable September 31—ex September 17.—(P.A.) Chrysler Australian Results.—Net profit of Chrysler Australia, Ltd., Adelaide, for the year ended June 30. was £154,805, a decrease of £1525 from the previous year's earnings. The result was reached after providing £66.000 more for taxation at £196,000. The company's sales totalled £6.100,000, an increase of £1,400,000. The company was formerly Chrysler, Dodge, De Soto Distributors, Ltd., and the name was changed earlier this year following capital reorganisation. Victoria Insurance Profits.—Premium income of the Victoria Insurance Company, Ltd., Melbourne, increased by nearly 50 per cent, to £1,339,955 during the year ended June 30. The profit reached a- record of £82,133, an increase of £8575 over the previous year’s result. Dividend ts unchanged at 6s on each £2 share (15 per cent.), and requires £41,250. Reserve for unexpired risks was credited with £90,000, against £30,000 in the previous year, bringing it to £385,000. General reserve has been strengthened to £440,000 by the addition of £15.000. Total assets amount to £1,623,872, an increase of nearly £200,000. Taubmans, Ltd.—Taubmans, Ltd., paint manufacturers, Sydney, .proposes tc change its name to Taubmans Industries Ltd., and to form a new company, Taubmans (N.S.W.) Pty., Ltd. Precious Metals Name Change.— Precious Metals, Ltd., bullion merchants and precious metal smelters. Auckland, is changing its name to Garrett, Davidson and Matthey (N.Z.), Ltd. The company is a subsidiary of Garrett, Davidson, and Matthey, Pty.. Ltd., Sydney, which is connected with the Hatton Garden company of Johnson Matthey and Company, Ltd., assayers to the Bank of England. Woolworths Properties, Ltd.—Woolworths Properties, Ltd.. Sydney, which handles the real estate of Woolworths, Ltd., earned a net profit of £49,903 for the year ended June 30, an Increase of £7499. The result was struck after allowing £4369 more for depredation at £14,778 and £483 less for taxation at £28,575. Dividends are unchanged at 6 per cent, on preferred ordinary shares and 47.97 per cent, on ordinary shares (all of which are held by Wool worths, Ltd.), and absorb a total of £41.603. Carryforward is £38,001, against £29,701 b *Beath arid Co.’s Final.—The directors of Beath and Company, Ltd., will recommend to the annual meeting of shareholders to be held on October 3, a final dividend of 2} per cent, on preference shares and 5 per cent, on ordinary shares. This gives total dividends for the year of 5 per cent, preference and 12i per cent, ordinary shares. "Die directors, will also recommend a transfer of £25,000 to gener Rad r io Se ( r i936). Ltd.—A bonus of 3d a 10s share, in addition to the dividend of 9d a share, is being recommended by the directors of Radio (1936). Ltd., the radio and electrical manufacturers for the year ended June 30. The total distribution of Is a .share (10 per cent.) is the highest for 10 years. Net earnings for the year rose to £10,499, the highest since £18,819 was earned in the company’s first year as a public concern in 1937.—(P.A.) North Auckland Farmers’.—An increase of almost £IO,OOO in net profit and the payment of a»6 per cent, ordinary dividend are features of the accounts of Itorth Auckland Farmers’ Co-operative, Ltd., for the year ended June 30. TTte net profit of £23,425 compares with £13,508 earned in 1950, and is the highest profit to date and an ordinary dividend of 6 per cent, (against 5 per cent, in 1950) is recommended. Last year’s distribution on ordinary capital was the first for 30 years. The preference dividend of 5 per cent, is to be paid free of social security charge for the first time. Total dividend requirements are £5092, general reserve has been strengthened by £30,000 (bringing it to £40,000), and the carry-forward is reduced from £16,277 to £4610. (P. •)

OTHER EXCHANGES

Business contracted substantially on the Sydney Stock Exchange yesterday and price movements again failed to reveal an 8 y ale S e -TM d ’33s 9d; Aus Paper 33s 6d- A CI., 65s 3d; 8.H.P., 55s 6d, and, contributing. 40s; Feltex, 48s, and, new, 48s 6d; Goldsbrough, 50s 6d; Anthony Hordern 24s 6d; Bradford Cotton, 475, and, new ’ 45s 6d; British Tobacco. 445; Burns, Philp, 84s; Colonial Sugar, £63 2s 6d; Drug Houses, 49s 3d; General Industries. 56s 6d; Coles, 25s 6d; Kandos. 545; Woolworths 24s lid; Morts Dock, 245; Mount Lyell, 245; Broken Hill South, 725; Mount Morgan, 255; Placer Development, £l6 ss, Oil Search, 4s; Kuala Kampar, 48s.

MELBOURNE Investments were variable on the Melbourne Stock Exchange yesterday, but leaders generally remained steady. , . Sales.—Goldsbroufeh. 51s 3d; A asian Paper, 33s 6d: A.CJ.. 65s 6d; CourtauldS, 24s 9d; Drug Houses, 4Bs 6d; Dunlop, 475; Feltex, 495; Coles, 24s 9d; Humes Ind., pf., 20s; Myer. Ils; N.Z. Forest. 15s 2d; Woolworths, 23s ltd; Electro. Zinc, £5 4s; Broken Hill Pty.. 55s 3d; and, new. 33s 3d; Broken South, 725, New Broken, 34s 6d; North Broken, 92s 9d: Consol. Zinc, 435; Mount Lyell, 245; Mount Morgan, 24s 9d; Oil Search, 4s. LONDON Govts. Funding Loan, 4 per cent., £104; War Loan, 3} per cent., £B7 10s; Conversion Loan. 31 per cent., £88; Victory Bonds, 4 per cent., £104; Commonwealth, 3J per cent., £9B 10s; Commonwealth, 31 per cent.. 1956-61, £99 10s; Commonwealth. 31 per cent., 1965-69, £94 10s; Commonwealth, 3 per cent.. £100; South Australia, 3 per cent., £75; New Zealand, 3 per cent., £101; Broken HUI North, 735; Broken Hill South, 57s 6d; Consolidated Zinc, 34s 6df New Broken Hill, 28s; New Guinea, 2s.

laaouiue 1950. £ 1951. £ Paid-up capital 382,500 382,500 Reserves 120,997 146,870 Mortgages 12,910 12,650 Deposits 78,357 80,619 Sundry creditors and tax provision 136,585 159,804 Dividends 22,950 22,950 Carry forward 25.524 27.392 777,823 832,785 Assets 1950. 1951. £ £ Properties and plant, less depreciation .. 265,864 259,795 Investments 14,824 20,617 Cash 79,597 85,887 Bills receivable 1,420 911 Sundry debtors 81,742 102,454 Stocks 334,375 363,120 777,823 832,785 Profit and Loss Account Outgoings 1950. 1951. £ £ General- expenses and tax provision 135,441 153,256 Depreciation .. .. 30,000 35,000 Net profit .. .. 41,038 44,819 206,477 233,075 Trading 1950. 1951, £ £ Warehouse and manufacturing .. 198,568 224,115 Sundry revenue 7.909 8,960 206,477 233,075