COMPANY NEWS

Press, Volume XC, Issue 27425, 11 August 1954, Page 15

COMPANY NEWS

STRAMIT BOARDS LTD. On July 2 the company’s directors met straw suppliers at a meeting at Washdyke, at which meeting explanations were given - for tlie company’s inability to meet its e commitments to creditors for the supply ’• of raw material at the factory and other t trade liabilities, says a circular letter to ® trade creditors and suppliers of straw, “ issued by Stramit Boards (N.Z.), Ltd. “At the time,” continues the circular, t “creditors were advised that the company j Had applied for approval to increase capis tai from £25,000 to £35,000, and that this j increase had been approved, and an offer ■j was made to existing shareholders to take s up further ordinary and preference shares y on the basis of a payment of Is a share e on application and allotment, the balance v of 4s a share to remain uncalled for a b period of 12 months. Application lists i have since closed, and we regret that the number of applications received is not sufficient to enable the company to obtain immediately the additional working capital necessary to make the first substantial contribution In reduction of its unsecured liabilities that had been hoped for when representations were made to the • meeting of straw suppliers. “The position now is that in order to keep the factory in production the company will need all the resources immediately available to it, and greatly regrets that no immediate payment can be made to unsecured creditors. The following administrative arrangements have, however, been made, which we feel sure will indicate to the creditors that the company has a proper concern for the interests of its creditors and will make every endeavour to see its liabilities met in full just as soon as possible:— “(1) Mr H. D. McCrostie. of Christchurch, has been appointed general manager of the company and. will administer the factory and sales organisation from offices in Manchester street, Christchurch. “(2) An account has been opened with the company’s bankers in Christchurch, the account being guaranteed by Messrs W. Burns and Company (N.Z.), Ltd., of Auckland, which company is the holder of a substantial number of ordinary shares in Stramit Boards (N.Z.), Ltd. This arrangement will provide the necessary funds for carrying on production mean- . time. “(3) All proceeds of sales, which are just now commencing on a satisfactory scale, will be applied 50 per cent, to the , cost of manufacturing, selling, and ad- , ministration, and 50 per cent, fo a special account for the reduction of trade liabili- : ties. “(4) From these proceeds all creditors will be paid pro rata.” Wright, Stephenson.—Final dividend 18 8 per cent., plus a bonus of 5 per cent. Bonus shares will receive one-sixth and contributing shares l-24th of the final dividend, ex September B.—(P.A.) Best Company Reports.—Ampol Petroleum, Ltd., and Leroy Manufacturing Co., Ltd., tied for first place in the annual awards of the Sydney division of the Institute of Industrial Management for the best company reports of 1953. Commercial Bank.—The Commercial Bank of Australia, Ltd., made £500,221 net profit for the year ended June 30. Profit for the previous year was £421,345. Gross income rose from £5,089,327 to £5,843,751, and expenses from £4,667,982 to £5,343,530. The steady 10 per cent, ordinary dividend absorbed £268,150, and the preference dividend of 4 per cent, absorbs £84,694.—(P.A.) Dennys, Lascelles—Net profit of Dennys, Lascelles, Ltd., woolbrokers, Geelong, rose by £32,127 to £132,617 in the year ended June 30. The result was reached after the provision of £17,500 less for taxation at £79,000, and £2465 less for depreciation at £19.643. Dividend has been increased from 15 per cent, to 20 per cent, and requires £78,000. General reserve has been credited with £25,000, building reserve with £45,000, and the Itaff superannuation fund with £lO,OOO. Kandos Cement Profits.—Net profit of Kandos Cement. Ltd., Sydney, increased by £306 to £83,328 in the year to June 30. In addition to the net profit, excess taxation of £7OOO has been written back into the accounts. Dividend is unchanged at the 10 per cent, rate paid for the last nine years, and requires £74,874. The net profit exceeds this by £8454, and the carry-forward, including the excess tax, is increased from £95,491 to £110,945. The final dividend of 5 per cent. Is payable on August 18, ex August 3. Tapper Industries.—Consolidated net tax-paid profit of Tapper Industries, Ltd., and Tapper Construction, Ltd., for the year to March 31, 1954, was £13,092, against £10,862 the previous year. Profit is struck after providing £17,686 (£13,821 the previous year) for depreciation, and £14,250 (£12,249) for taxation. Preference dividend of 5 per cent, takes £l5OO (unchanged), and oisdinary dividend steady at 7 per cent on higher capital takes £6300 (£4941). A sum of £3OO (£300) is written off preliminary expenses. Carry-forward is £10,438 (£5446). Current assets are £187,600 (£154.319); and fixed assets are £141,689 (£124,048). Total liabilities are £198,019 (£152,168). Shareholders’ funds are £133,438 (£128,446).