COMPANY NEWS

Press, Volume LXXXIX, Issue 27010, 9 April 1953, Page 13

COMPANY NEWS

AUSTRALIAN MOTOR TRADE PROFITS WHITTLED DOWN Average net earnings of the Australian motor trade in relation to paid-up capital have been whittled down from 70.2 per cent, to 34.9 per cent, in the last eight months, says the "Financial Review" (Sydney).

Thirteen companies, including General Motors-Holden. showed 70.2 per cent, profit on capital in results reported to July, 1952. But later profits reported for the year to December by an additional 43 companies have gradually lowered the average to 34.9 per cent. Because General Motors-Holden’s remarkable profit unbalanced the early figures, the comparison is not a true one. But by eliminating this company from the calculations the lower trend of profits is still much in evidence. Average net earnings before July (12 companies) were 37.6 per cent, on capital compared with 23.2 per cent, for 43 companies whose financial results were reported after July. Of the 56 companies in the motor trade group reporting results for 1951-52. dividends were raised by eight and lowered by 14. The majority of the dividend reductions occurred in the latter part of 1952. Since December, interim dividends have been lowered by several companies in the group. Bradford Cotton.—Bradford Cotton Mills Ltd., has acquired 233.000 £1 ordinary shares in Burlington Mills (Aust.), Ltd., rayon textile manufacturers. The directors have issued 116,500 ordinary £1 shares as consideration—one Bradford share for each two Burlington. The shares acquired were held by the Burlington- Mills Corporation of the United States. Paid capital of Burlington Mills (Aust.), Ltd., is £1,200.000, consisting of £500,000 preference, and £700,000 ordinary. The shares issued by Bradford will rank for dividend equally with the existing shares. The investment, representing a 33 per cent. Molding of the ordinary capital, should be profitable, directors state. There was already a close association between the two companies. Burlington was one of the most, important customers of Bradford. COMPANIES REGISTERED Notification of the following companies of local interest appears- in the current issue of the "Mercantile Gazette”:— Brynly-Keith (W.), Ltd. Private company. March 20, 22 Regent Theatre Building Christchurch. Capital: £l5OO in £1 shares. Subscribers: Christchurch, W. J. Keith 1000, Z. R. Keith 500. Objects: Phdtographers and incidental. Langwood Camera Supplies, Ltd. Private company, March 23, Stafford street, Timaru. Capital: £lOOO in £1 shares. Subscribers: Timaru, W. J. Wood 699, R. W. Appelbe 300, F. K. L. Moffatt 1. Objects: Deal in cameras, films, photographic stock and equipment, and incidental. Increase of Capital Piesse Transport. Ltd. Capital increased from £3OOO to £6OOO.