COMPANY NEWS

Press, Volume LXXXVIII, Issue 26886, 12 November 1952, Page 11

COMPANY NEWS

DXC.’S CAPITAL INCREASED (New Zealand Press Association) DUNEDIN, November 11. 1 The Drapery and General Importing I Company of New Zealand. Ltd., decided to increase its capita] and to capitalise part of its reserve accounts at an extraordinary general meeting of the company, held in Dunedin today. The capital of the company was increased to £1,500,000 by the creation of additional capital amounting to £875,000, divided into 1,750,000 shares of 10s each. These shares will be ordinary shares ranking as to dividend and as to distribution of capital on a winding-up pari passu with the ordinary shares in the existing capital of the company. The sum of £162,500 in the reserves was capitalised and applied on behalf of persons wh? were ordinary shareholders on November 11. Speaking at the annual meeting of the company, held before the extraordinarv meeting, the chairman of directors (Mr J- M. Paterson) said that the directors felt the time had arrived for some of the reserves to be capitalised and given to the shareholders in the form of bonus shares. N.Z. AND AUSTRALIAN LAND CO. Net profit of the New Zealand and Australian Land Company, Ltd., and subsidiary companies for the year ended March 31, 1952, fell from £428,050 to £259,178. With the unappropriated profits brought forward, £391,022 (compared with £319,877), the sum of £650,200 is available for distribution. Transfers to contingency fund (nil last year) and staff superannuation reserve (£15,000) takes £42,173 and £15,000 respectively, Dividends on ordinary stock, less income tax, are recommended as follows: special interim of 61 per cent., £49,219 (nil); interim of 5 per cent., £39,375 (same); recommended final of 10 per cent., £78,750 (£29,531). Carry-for-ward is £425,683. The reduction in profit, says the chairman (Mr G. S. Tullis) in his review, was mainly due to the substantial drDp in wool prices. The company’s two properties in New Zealand, managed by the National Mortgage and Agency Company of New Zealand, had a good year and results were satisfactory. Freehold and leasehold properties held by the company in New Zealand at March 31, 1948, totalled £74,609. Additions and depreciation since then are not shown separately from the Australian properties. RESERVE BANK RETURN SLIGHT DROP IN STERLING FUNDS (New Zealand Press Association) WELLINGTON, November 11. The Reserve Bank’s holdings of sterling exchange were lowered by £280,000 to stand at £31,712,000 in the week ended 5. Other exchange also declined by £66,000 to £1,308,000. Trading banks’ deposits are £2,162,000 lower at £61,025,000. Investments, which include £22,090 of sterling investments, are steady at £42,132,000. Comparative weekly figures are:— Liabilities

Nov. 5. (£000) Oct. 29. (£000) General reserve 1.500 1,500 Bank notes Demand liabilities60.092 60,484 state .. .. 10.493 10,159 Banks 61,025 63,187 Cther .. 376 322 Other currencies .. 15 12 Other liabilities 5,807 5,806 ■i ■ Total .. 139,308 141,471 Assets Reserve— Gold 6,009 6,009 Sterling exchange .. 31,712 31,992 Other exchange 1,308 1,376 Subsidiary coin 628 628 Advances to State— Marketing 599 745 Other purposes 50,206 51,512 Other advances 6,019 6,019 Investments 42,132 42,122 Other assets .. 695 1,058 — _ - Total .. 139,308 141,471