COMPANY NEWS

Press, Volume XC, Issue 27405, 19 July 1954, Page 10

COMPANY NEWS

AULSEBROOK ACCOUNTS NET PROFIT LOWER ON HIGHER RETURNS A net profit of £29,639, compared with £32,963 in 1953. is shown in the accounts of Aulsebrook and Company, Ltd., for the year ended March 31. With the addition of £74,116 brought forward and £872 over-provided for taxation in 1953, and the subtraction of an interim preference dividend absorbing £1250, the sum of £103,377 is available for distribution. Recommendations are a final dividend of 2J per cent, on preference shares, absorbing £1250, and an ordinary dividend of 8 per cent, (unchanged), accounting for £19,884, leaving a carry-forward of £82,243. During the year a profit of £43.179 realised on the sale of the Auckland warehouse and £416 profit on the sale of share investments, were added to the general reserve, which now stands at £93,695.

It is noted by the directors that the value of sales has been more than maintained, but at an increased cost. Although gross profits rose from £278,554 to £313,773, this increase was more than offset by a further rise in selling, distribution, and administrative expenses, particularly freights, and led to a fall in the net profit. Balance-sheet details are as follows:

Aulsebrook Enterprise.—Shareholdwin ?? Aulsebrook and Company, Ltd., nY e + ? e£ore tl l em the following proposal at the annual meeting of the company on July 28; “That, subject to the th? r SX.»U Of capital issues committee, nrfn rs empowered to issue and allot 44,000 ordinary shares of £1 each in th® capital of the company in the proP?? 10 " 2 f omS 0 . to H untley and Palmers, Ltd., and 9000 to the managing director vrithoxri’iJKSS?’ u a price of 25s a share ’ to thi 1 all 2F any of such shares Tt i? 1 ting ordinary shareholders.” I* f pr °P° s ed to increase the number of directors to eight, so as to make f+»H 1 K On Tx for *.n One director to be nominHun tiey and Palmers, Ltd., with which firm arrangements have been completed whereby their biscuits are being produced by Aulsebrooks. re Deing

AUSTRALIAN COMPANY PROFITS Profits of 685 Australian public comPMies show a trend upward after the 1962 recession from the 1951 peak The Commonwealth Bank of Australia wh?oh S th his stotistieal bulletin, tn which the profits are stated as percentages of shareholders’ funds. B

LINING Arahura Dredge.—Arahura Gold Dredging Company, Ltd., operated by Gold Mines of New Zealand, Ltd., during the first half of July won a total of 574 ounces of gold from 150,000 yards of material excavated in 234 hours. Snowy River Dredge.—The Snowy River dredge return for the last fortnight ended on Friday vfras 130 ounces of gold from 55,000 yards of material excavated in 265 hours.

\ Liabilitie 1954. 1953. Sundry creditors £ 99,364 £ 95,805 Deposits ■ .. 7,502 Bank overdraft 244,495 234,950 Tax provision 31,387 36,600 Calls paid in advance 28 Proposed dividends 21,134 17,929 Mortgage 225,000 65,000 Paid up capital General reserve 306,000 93,695 286,800 50,100 Depreciation reserve .. 56,690 56,689 P. and L. appropriation 82,243 74,116 £1,160.008 £925.519 Assets 1954. 1953. Cash in hand £ 288 £ Sundry debtors 100,080 104,812 Stocks .. .. Investments 365,130 12,899 347,020 15 135 Land and buildings .. 344,395 Plant and machinery .. 314,225 202,935 Motor vehicles 14,208 Office furniture and equipment 8,783 6,054 £1,160,008 £925,519

Profits as Percentage of Shareholders* Funds 1951 1952 1953 All groups .. 9.9 7.7 8.1 Mining .. 24.7 25.3 20.0 Manufacturing .. 9.1 7.1 7.8 Wholesale, retail .. 11.6 8.9 8.1 Transport, etc. .. 5.4 5.9 6.7 Banks .. 5.5 5.5 6.0 Other finance .. 12.7 9.2 11.2