COMPANY NEWS

Press, Volume LXXXIX, Issue 27038, 13 May 1953, Page 10

COMPANY NEWS

ORIENT STEAM ACCOUNTS (N2. Press Assnclation—Capvnght) towayrew. LONDON;-May 11. Wcrking .profit of the Orient Steam Navigation Company fell from £1,143,985 sterling last year to £590,671 sterling thia year, it was announced at the fifty-third annual genera! meeting of the company today. The meeting approved a 2} per cent, dividend and a special distribution of 3d ■ share on profits realised on investments. This was lower than that of last year, but was on the increased capital and the combined amount was somewhat higher than last year. The chairman (Mr A. K. Anderson) told the meeting that higher aggregate voyage earnings had been more than offset by increased running costs. The price of oil had been a heavy burden in 1952. [Tlie amount carried forward is £352,731. During the year the ordinary share capital was increased by the capitalisation of £2,081.760 taken from the fleet replacement reserve, and by the subsequent issue of 2.081,760 fully-paid ordinary shares of £1 each to the ordinary shareholders in the proportion of two for every one held us at July 29, 1962. The investment reserve has been credited with £330,107 profits realised on the sale of trade and other investments made during the year, and £385,248 has been applied to the reduction of the cost of investments to meet the depreciation in the market value that has occurred since September 30, 195 X. This leaves a balance of £461,341, out of which tile special distribution recommended above is to be paid.]

Dominion Fertiliser.—The Dominion Fertiliser Company, Ltd., Dunedin, is recommending an annual dividend of 8 per cent, for the year ended March 31, unchanged. Shares become ex dividend on

May 18. Northerfi Roller Plans.—Two major proposals are under consideration by the directors of the Northern Roiling Milling Company, Ltd., the chairman (Mr J. B. Donald) told shareholders at the annual meeting yesterday. These are the building of a modem flour store, including bulk storage for flour, at Fort street, Auckland, and the transfer of part of the company’s organisation to the rapidly growing district of Tauranga. Steps had been taken to secure land for the latter purpose and, if and when a mill was erected there, it would be an asset.—(P.A.)