COMMERCIAL COMPANY NEWS

Press, Volume LXXXIX, Issue 27055, 2 June 1953, Page 12

COMMERCIAL COMPANY NEWS

NORTHERN STEAM ACCOUNTS

(New Zealand Press Association) AUCKLAND, May 30. The net profit of the Northern Steamship Company, Ltd., amounted to £14,478 for the year ended March 31, including £230 realised on the sale of an asset. This is a fall or £9526 from the previous years total of £24,004, which included b £s4o from the sale of assets. The 1952 earnings represented a substantial recovery after a number of difficult years. The latest result is reached after making full provision for depreciation, insurance, repairs and maintenance, and taxation The dividend, unchanged at 6 per centj absorbs £7562, or £7Bl more than last year because of the higher capital. During the year the balance of 7s 6d on each of the 104,289 former contributing shares was called up. The sum of £5OOO has been added to ?? e ,, g ?" e £ al reserve , making it £31,301. proflts are £1916 hi Sher at , Gross profit has increased by S to° £l® and Other lncome by Ordinary and special depreciation of the fleet has taken £442J more at £31,809 Taxation provision for 1953, at £17,804, is up by £7554. General expenses have risen by £6433 to £33,834.

COLONIAL SUGAR’S RECORD PROFIT

(New Zealand Press Association)

AUCKLAND, June 2. The net profit of the Colonial Sugar . Refining Company, Ltd., increased by ' £211,950 to a record of £1,366,394 in the . year to March 31. The previous ’ record was £1,241,504 earned in 1948 on a smaller capital. The profit was struck after providing £78,605 more than last year for depreciation on fixed assets at £666,462, setting aside an unchanged amount of £200,000 towards meeting increases in replacement costs, and making all other charges, including expenses of the debenture issue made last October. The dividend rate is unchanged at 9 per cent, on capital increased by £780,000 to £14,040,000 during the year. It absorbs £1,228,500. The net profit exceeds the dividend requirements for the first time for three years and the. carry-forward is increased by £137,894 to £574,298. The directors state that raw sugar production in Australia in 1952 increased by 191,000 tons to a record of 916,000 tons. This recovery in production, accompanied by reduced sales in Australia, resulted in an export of 453,000 tons of raw sugar—a substantial rise over the level of recent years. Production of the company’s Australian mills was 14,500 tons more than in 1951 at 186,400 tons. Production of raw sugar in Fiji at 130,000 tons was a considerable improvement of the 1951 low level of 113,000 tons. Sales of refined sugar by the company were and continued to be disappointingly low, continues the directors’ report. Raw sugar production for 1953 is expected to increase at the company’s Australian and Fijian mills. Tip Top’s Final—The Tip Top Ice Cream Company (Auckland), Ltd., is recommending a final ordinary dividend of 4jd a 5s share, making 9d a share, or 15 per cent, (unchanged) for the year to April 30. The final dividend, together with the 5 per cent, preference payment, is payable on June 26. Perpetual Trustees Year.—The net profit earned by the Perpetual Trustees Estate and Agency Company of New Zealand, Ltd., for the year ended March 31, was £6777. The carry-forward of £4548 from last year increases the total to £17,325. Interim dividend of 9d a share for the six months ended September 30 absorbed £937, -leaving £10,388 available for distribution. The directors recommend transfer to taxation reserve of £3lOO, payment of a dividend of Is a share for six months ended March 31, and a bonus of 3d a share (accounting for £1562), and a contribution to the staff benefit fund of £750, leaving a carry-forward of £4975. COMPANY REGISTRATIONS Registration of the following companies is notified in the current issue of the “Mercantile Gazette”:— Morriss (Philip), Ltd.—Private company, May 15; 46 Somerfield street. Capital: £l6OO in £1 shares. Subscribers: Christchurch—P. T. Morriss 1350, F. L. Morriss 250. Objects: mechanical engineers and incidental. Increase in Capital Muirson and Arnold, Ltd.—Capital increased from £lOOO to £6OOO. Kincaids, Ltd.—Capital increased from £15,000 to £20,100. Renwick Construction Company, Ltd.— Capital Increased from £lOOO to £5OOO. G.B.D. Prints. Ltd.—Capital increased from £l5OO to £4500. Addington Trotting Course, Ltd.—Capital increased from £36,111 to £225,357.