COMPANY NEWS

Press, Volume LXXXIX, Issue 27201, 19 November 1953, Page 7

COMPANY NEWS

NATIONAL INSURANCE

(New Zealand Press Association) DUNEDIN, November 18. The annual report-, of the National Insurance Company of New Zealand, Ltd., shows that the net premium income for the year ended September 30 amounted to £1,015,403. After deducting losses and expenses, and making provision for unexpired risks, there is an underwriting surplus of £83,183. Interest and rents (less income tax) amount to £40,904. The balance brought forward is £41,963, making a total of £166,050. Out of this an interim dividend of 4d a share was paid in May, 1953, which absorbed £16,667, leaving an available balance of £149,333. The directors have transferred £22,000 to general reserve, £30,000 to exchange and investment fluctuation and contingency account, written £22,000 off freehold properties, and now recommend the payment of a further dividend of 6d a share and a special eightieth anniversary bonus of 2d a share, making the total distribution for the year £50,000, and to carry-forward £42,050. Coles To Make New Issue.—G. J. Coles and Company, Ltd., are to make a new issue of 5s ordinary shares at par, in the ratio of three to 10. The new issue will raise £1,094,466, and make the capital £4,829,685, of which all but £150,000 is in ordinary shares. The issue, says a Press Association message from Sydney, will be payable in full next June, and the rights on current market values (Australian) will be worth Ils sd. N.Z. Breweries Interim.—The directors announce an interim dividend of 4 per cent, ex November 26.—(P.A.) Tooth’s Profit.—Tooth and Company, Ltd., brewers, Sydney, reports a net profit of £1,013,739 for the year ended September 30, an increase of £60,963 over the previous year’s result, according to a Sydney cablegram. As announced earlier, the dividend has been raised from 15 io 15% per cent., absorbing £958,312, and the reserve fund has been strengthened by £50,000, bringing it to £2,213,769. MINING Snowy River Dredge.—The Snowy River Gold Dredging Company’s plant at Hukawai has broken down temporarily, and a new gear box is being installed. It will be at least two weeks before the unit is operating again. The latest washup realised 82 ounces of gold from 20,000 yards of material excavated in 120 hours. CEYLON TEA MARKET (N.Z. Press Association—Copyright) COLOMBO, November 17. The market was firm at the tea sales this week. Offerings totalled 4,745,9281 b. High-grown, broken orange pekoe, made 235 cents per lb; medium liquoring broken orange pekoe, 194 cents; medium liquoring orange pekoe, 225 cents; low-medium, broken orange pekoe, 185 cents; lowmedium dust, 195 cents.