COMPANY NEWS

Press, Volume LXXXIX, Issue 27193, 10 November 1953, Page 8

COMPANY NEWS

CEMENT COMPANY’S PROFITS Net profit of the Golden Bay Cement Company, Ltd., Wellington, the operating subsidiary of the British Standard Portland Cement, Ltd., was more than doubled in the year to June'3o, rising by £20,019 to a record of £34,614. The result was struck after provision of £22,700 more for taxation at £42,000 and £2697 more for depreciation at £16,069. Paid capital was increased during the year by £395,738 to £600,000. Dividend has been maintained at the 61 per cent, rate, and requires £26,191, against £11,419 in the previous - year. A contingencies reserve has been created by the transfer of £7OOO of net profit and £665 has been added to general reserve, increasing it to £12,000. The net profit exceeds the dividend and reserve requirements by £758, and carryforward is increased from £7213 to £7971. \ Gross profit from manufacturing increased by £42,587. to £105,601, and the yield from rent, interest, and commission was £11,197 higher at £15,754. Expenses, apart from taxation and depreciation. were £8368 higher at £28.672. The directors state that production from the new kiln commenced during May and the new plant is now in operation. The output showed a substantial increase over the previous year’s record figure and this was reflected in the sharp rise in net profit. The company’s hulk cement vessel, the Golden Bay, has been successfully launched, and it is expected that it will be in operation about the middle of nex t year. Net profit 61 the holding company, the British Standard Portland Cement, Ltd., increased by £2464 to £9703 in the year to Junfe 30, after provision of £5OO lesi for taxation at £1750. Dividend has been increased from 5d to 7d a 15s share and requires £9417, against £6727. Carryforward is increased by £286 to £4140.

N.Z. LOAN AND MERCANTILE

A recovery of £24,361 to £219,644 sterling in net profit is reported by the New Zealand Loan and Mercantile Agency

Ordinary dividend is 10 per cent, against 7$ per cent., plus a bonus of 2A per cent, paid annually since 1S50), and, together .with the 5 per cent, preference charge, total payment is £964250 allot taxation at the rate of 9s in the £1 sterling.

Other appropriations total £141,857, including an unchanged amount of £lOO,OOO to general reserve, leaving a carryforward of £96,100. against £114,563 brought in. Results for two years are:—

1952. 1953. June 30. £ £ Brought in .. .. 111,155 114,563 Net profit .. .. 195,283 219,644

To general reserve .. 100,000 100,000 To staff fund .. 20,000 To contingencies .. 21,857 •Dividends—

Pref.. 5 p.c. .. 26,250 27,500 ■(Ordinary, 10 p.c. 65,625 68,750

•Differences in amounts due to changed taxation. , bonus of 2J per cent, paid in

Group profit attributable to members of the holding company was £233,348, against £210,938 in 1952. This was struck after charging debenture interest totalling £76,000 and tax provision of £497,181. The subsidiary companies retained £13,704.

The final preference dividend and the ordinary dividend are payable on January

MOSGIEL RECORD EARNINGS

Net earnings of the Mosgiel Woollen Factory Company, Ltd., increased by £7353 to a record of £23,678 in the year

The result was struck after provision of £26,500 for taxation (an increase of £B5OO on 1951-52) and £29,889 for depreciation (an increase of £4986).

In addition to the net profit, a profit of £1933 from the sale of investments has been brought into the accounts. Dividend hss been increased to 12 i per cent, from the 10 per cent, rate paid for 30 years, and requires £15,625. The sum of £10,070 (£4OOO in 1951-52) has been added to reserve account, which, with the addition of £6930 of share premiums during the year, has been increased from £lOB,OOO to £125,000.

The dividend and reserve appropriations exceed the net income by £B4, and carryforward is reduced from .£26,387 to £26,303.

Gross manufacturing profit increased by £24,165 to £115,916, and investment revenue and rents were £924 lower at £lOll, Expenses, apart from taxation and depreciation, were £2402 higher at £36,860.

The directors state that record sales were achieved for the third consecutive year. Substantial additions of modem machinery, with previous installations during the last few years, were contributing materially to the continued increases in production.

Cory, Wright, and Salmon Issue. —The directors report that their new issue is over-subscribed and the lists closed.— (P.A.) 5

Phillipps and Impey.—A fall of £3121 to £31,622 in net profit is shown by Phillipps arid Impey, Ltd., oil and colour merchants, for the year to August 31. The profit was struck after providing £13,352 less for taxation at £25,708, and, £2716 more for depreciation at £6651. Dividend, steady at 15 per cent., including a bonus of 5 per cent., requires £ 18,750. This has been the rate for five years. The sum of £25,000, against £36,995 last year, has been added to the general reserve, raising it to £150,000. Unappropriated profits have been reduced by £12,102 to £24,550. —(P-A.)

National Timber.—-The National Timber Company, Ltd., Ngongotaha, has called an extraordinary meeting to consider a proposal to repay 8s each on the fully-paid shares of 9s. The company holds substantial liquid assets that are no longei considered necessary for the business. This will make the shares fully paid at Is.