COMPANY NEWS

Press, Volume XC, Issue 27404, 17 July 1954, Page 10

COMPANY NEWS

Canterbury Saleyards Co., Ltd.— An interim dividend of Is a share has been declared. A.C.I. Subsidiary.—A.C.l. Plastics Pty., Ltd., Melbourne, one of the A.C.I. subsidiaries which recently announced an increase in nominal capital, has been registered as a foreign company trading in New Zealand. The company’s objects are to deal in plastic and moulded ware. Molyneaux Gold Dredging Co.. Ltd.— This company, which is incorporated in England,, gave notice in this week’s "Gazette" that it intends to cease to have a place of business in New Zealand after September 30, 1954. The notice was dated at Dunedin.—(P.A.) Forest Products’ Prospects.—The statement that, because of the need for consolidation. the payment of an ordinary dividend by N.Z. Forest Products, Ltd., was unlikely this year was wrongly attributed this week to Sir David Henry, chairman and managing director of tne company. The statement was, in fact, comment by the financial editor of the Melbourne newspaper which cabled Sir David Henry’s remarks, but was not designated as such in the cablegram. Devonport Ferry Accounts.—This company earned a net prof' of £12,984 for the year to April 30; last year there wrs no net profit. The operating profit, £11.269, was insufficient to meet depreciation allowed by the Inland Revenue Department and to cover the balance and pay a 6 per cent, dividend the directors transferred' £9OOO from reserves. The latest result was reached after providing £20,054. or £4017 more than last year, for depreciation, and setting aside £16,050 for taxation. Dividend, increased from 6 per cent, to 7 per cent, (final 4 per cent.) takes £10,500, and undistributed profits have been raised by £2484 to £4454. Operating profit has risen by £37,344 to £48,614, and income from interest, discounts, dividends, and other sources by £373 to £1725.—(P.A.) Tip Top Earnings.—A rise of £lB5O carried the net profit of the Tip Top Ice Cream Company (Auckland), Ltd., to a peak of £35,515 for the year to April 30. This is slightly more than double the £17,595 earned five years ago. The latest result was reached after providing £2903 less for taxation at £22,597; £4207 more for ordinary depreciation at £12.401, and £10,647 more for special depreciation at £12,462. Dividend requirements total £15.492. including £14.242 on the ordinary shares at 9d a share, or 15 per cent., and £1250 on the 5 per cent, preference shares. The sum of £lO,OOO has been set aside for the dividend equalisation reserve, raising it to £20,000.—(P.A.).

DAIRY CATTLE SALE AT RANGIORA Eighty head of cattle were offered at a sale of dairy and store cattle at Rangiora yesterday. Heifer calves made from £5 to £ll 10s, and good heifer calves from £l5 10s to £lB. A line of springing Jersey heifers made £29. Best springing calvers made from £25 to £35. and others from £l7 10s. An almost complete clearance was made. GOOD SAI.E AT TINWALD Buyers from ah parts of Canterbury attended a sale of 80 head of dairy cattle at Tinwald on Thursday. The top price was £49 paid for a heifer just calved, offered by Mr D. D. Chisnall, of Hinds. Al! cows and heifers on the point of calving and showing some quality, made good sales. Sales were as follows:—best cows and heifers, to £49; good, from £3O to £4O; medium, £22 to £27 10s; and heifer calves, from £l5 to £l5 ss. MINING Snowy River.—For the period ended yesterday the return was 130 ounces of gold from 55,000 yards, in 265 hours. Arahura Gold Dredge.—This dredge, operated by Gold Mines New Zealand. Ltd., during the first half of July, won 574 ounces of gold from 150,000 yards, excavated in 234 hours.