COMPANY NEWS

Press, Volume LXXXIX, Issue 27151, 22 September 1953, Page 12

COMPANY NEWS

HAY’S LTD. ACCOUNTS NET PROFIT UP BY £4491 Net profit of Hay’s, Ltd., for the year ended July 31 was £31.170. This figure represents an increase of £4491 over the previous year and is higher, too, than the 1951 earnings. The profit is reached after providing £33,920 for taxation (£31,479 for 1952) and depreciation of £10,068 (£6891 for 1952). The amount carried forward from the previous year was £28,244, less £2050 goodwill paid for two branch stores and balance of bonus shares to staff, £lOO, leaving £26,094 and making a total of £57,264 available for distribution. Dividend recommendation of 121 P® r cent, absorbs £18,750, leaving a carryforward of £38,514. Gross trading profit is shown at £78,037 (£68,552 in 1952), and net profit before taxation £65,090 (£58,158). Balance-sheet items include total shareholders’ funds £295,600 (£284,705), net fixed assets £96,278 (£62,167), stocks £240,725 (£276,164), trade debtors £117,986 (£90,198), investments £12,832 (same). Trade creditors and accrued expenses are shown at £115,668 (£84,492), bank overdraft £5523 (£23,275). Total net assets are £295,600 (£284,705 in 1952). It is noted by the directors that the stocks have been conservatively valued. The stock reserve of £6086 has been transferred to the general reserve, which stands at £20,086, and shareholders will b 3 requested to confirm this action. During the year two branches were acquired —the freehold of the Akaroa branch was purchased, and the old-established Ashburton drapery business of Moore’s, Ltd., was taken over. .

An important change was made in linking up with the Myer Emporium (London). Ltd., for the company’s overseas buying, a move which had already shown beneficial results. The twentieth annual meeting of the company will be held on October 7. The retiring director, Mr S. E. Mair, offers himself for re-election. Winston’s, Ltd.—Final dividend recommendation is 7i per cent. (10 per cent, for the year). Burns, Philp (South Sea).—lnterim dividend recommendation is Is (Fijian), payable October 15.—(P.A.) Ross and Glendining.—A reduction of £15,819 to £140,783 in net tax-paid profit is shown by Ross and Glendining, Ltd., for 1952-53. With £168,694 brought forward, less an interim 4 per cent, dividend (£38,000), the sum of £261,163 is available for allocation. A final 6 per cent, dividend, requiring £57,000, leaves the annual dividend unchanged at 10 per cent., and carry-forward is £204,163. The reduced profit disclosed in the accounts has been occasioned entirely by the movement of the market against the values of imported stocks, states the report, and the company has found it necessary to stabilise future trading. However, at January. 1953, retailers had been able to dispose of much of their surplus stock, with the result that the company’s turnover showed a steadily rising tendency.— (PA.) Courtauld’s Loss.—Courtaulds (Australia), Ltd., rayon yarn makers, incurred a loss of £78,632 for the year ended June 30, compared with a loss of £53,682 last year. Investment income is up by £17,204 to £51,092, after payment of £18,210 for premiums on the purchase of Government and semi-Government loans. The loss is after cost of development and loss from manufacturing and trading, £39,973 (loss on trading and manufacturing last year, £20,966), depreciation, £35,533 (up £30,206), and administration £54,198 (up £5838). The establishment account is up £78,632 to £195,829.

Berlei, Sydney.—Consolidated profit of Berlei, Ltd., shows sharp recovery at £111,325 for the year ended June 30, an increase of £16,267 after larger provisions. Latest result is after providing for taxation £142,350 (up £36,373), depreciation £24,447’ (up £6354), and £9913 fob staff fund (up £1463). The parent com-* pany’s profit is £20,507 higher at £72,714, after £17,000 more tax at £50,000. The ordinary dividend is again 10 per cent., a rate unchanged since 1936. The year’s ordinary dividend charge on enlarged capital is £47,086 (last year £37,544). Preference 5 per cent, dividend, £4OOO, makes the total distribution £51,086. Sales increased by 5 per cent, to £1.6 million. Taxation was based on preBudget rates.

North Kalgurli (1912), Ltd.—This company is recommending a final dividend of 7Jd sterling a share, making Is l|d . for the year ended January 1, against Is 3d in 1951-52. The dividend, which is less United Kingdom Income tax of 9s in the I £, is payable on October 29, ex October 11. STERLING EXCHANGE ON LONDON ALTERATION IN RATES Following the reduction in Bank of England discount rate from 4 per cent, to 3i per cent., the following new buying rates of exchange, New Zealand on London, now apply:—

STOCK SALES 1 PLEASANT POINT *‘The Press" Special Service TIMARU. September 21. In a penning of 90 head of mixedquality cattle offered at the Pleasant Point sale today prime sorts held most attention, with values for light and unfinished sorts inclined to ease. Store cattle sold very well. Wethers eased 4s to 5s a head in an entry of two races of fat sheep, made up for the most part of shorn ewes and wethers. Under keen competition values for the store sheep section were held to a high level. Values were:— Fat Cattle.—Steers: Prime heavy, £45 2s 6d to £5B 2s 6d; prime, £3B 2s 6d to £43 2s 6d; medium, £34 2s 6d to £37 2s 6d; light, to £32 7s 6d. Heifers: prime, £35 2s 6d to £4O 17s 6d: light to medium, £27 2s 6d to £32 7s 6d. Cows: prime, £3O to £33 2s 6d; light to medium, £lB to £24 7s 6d. Store Cattle.—Bulls, to £2l; yearling steers and heifers, £l9 to £22 10s; twoyear steers, £3O to £32 10s; three-year steers. £37 10s to £4O. Store Sheep.—Wether hoggets shorn as lambs, to 755: woolly wether hoggets, 71s to 81s; shorn halfbred ewe hoggets, to 58s; shorn two-tooth wethers, 51s; shorn wether hoggets, 54s to 55s 6d; woolly ewe hoggets, to £6 6s; ewes and lambs, all counted, to 545. x Fat Sheep.—Shorn wethers, sds Id to 74s Id; woolly wethers; 92s Id to £5 5s Id; shorn ewes, 51s Id to 65s Id; woolly ewes, 65s Id to 82s Id; hoggets, to 86s Id.

On basis of £Stg.lOO: Z100 7 6 £N On Demand Airmail. Seamail. £NZ99 12 3 £NZ99 19 6 3 Days £NZ99 18 6 £NZ99 11 3 30 Days £NZ99 12 3 £NZ99 5 0 60 Days £NZ99 6 6 £NZ98 19 3 90 Days £NZ99 0 9 £NZ98 13 6 £NZ98 *7 9 120 Days .. £NZ98 15 0 Notes: £NZ97 17s 3d. Selling rates remain unchanged.