COMPANY NEWS

Press, Volume LXXXVIII, Issue 26857, 9 October 1952, Page 13

COMPANY NEWS

INNES INDUSTRIES (New Zealand Press Association) AUCKLAND, October 8. Consolidated net profit of Innes Industries, Ltd., and subsidiaries fell from £18,290 to £12,996 for the year ended August 31, after tax provision of £15,370 (down £25,130) and depreciation totalling £18,595, a decline of £4275. This year’s earnings, the report says, do not include profits earned by Waikato Breweries, Ltd., which was merged in Consolidated Hotels, Ltd., in the last year. Tpgether with the net profit, the sum of £2470 from tax over-provision has been brought into the accounts. Dividends are steady at 5 per cent, preference and 6 per cent, ordinary, absorbing £9OOO, while £9OOO has been placed to general reserve. The balance of profit is added to the carry-forward, making it £9447 against £12,481 brought in. The absence of brewery earnings is reflected in the consolidated gross trading profit, which fell from £96,705 to £61,139. Income from dividends, rent, and interest was £4055 higher at £4360. General expenses, apart from tax, were £37,133, against £38,360 in 1951. The parent company’s profit for the year, being income from dividends, was £13,750, compared with £14,000 last year. Tax provision was £450.

SOUTH BRITISH INSURANCE

South British Insurance is paying a final dividend of 9d plus an eightieth anniversary bonus of 3d a share, making Is 8d or 16 2-3 per cent, for the year ended August 31. Last year's distribution was 27 i Per cent., but capital has since been doubled by a one-for-one issue. Payment will be made on November 6 and shares will become ex dividend on October 24. ELECTROLYTIC ZINC DIVIDEND SYDNEY, Oct. 8. The Electrolytic Zinc Company of Australasia, Ltd., has declared a final halfyearly dividend on ordinary and preferred stock of Is 6d a 5s stock unit, or 30 per cent., making 45 per cent, for the year (last year 35 per cent.). Dividend is payable on December 9—ex October 22.

FOREIGN EXCHANGE RATES

Sterling again appreciated in relation to hard curencies in the week ended yesterday The gains were approximately .4 cents in American currency and .6 cents in Canadian currency. Altered telegraphic transfer rates, as advised by the Bank of New South Wales, are as follows: N.Z. on New York: buying, 2.7833 dollars to £N.Z. (compared with 2.7795 last Tuesday): selling, 2.7516 (2.7479). N.Z. on Montreal: buying, 2.6753 dollars (2.6691): selling, 2.6406 (2.6344). Belgium: buying. 141.94 francs (141.87): selling, 137.45 (137.38). on Holland: buying 10.78 guilders (10.77); selling, 10.52 (10.51). N.Z. on Switzerland: buying, 12.20 francs (12.21); selling, 11.95 (11.96).