COMPANY NEWS

Press, Volume XC, Issue 27427, 13 August 1954, Page 15

COMPANY NEWS

COMMERCIAL BANKING OF SYDNEY, LTD. Net profit of the Commercial Banking Company of Sydney, Ltd., increased by £58,152 to £528,777 in the year to June 30. The result is the company’s highest since £637,619 was earned in the 1929-30 year. Dividend is unchanged at 8 per cent, (final 4 per cent., payable August 17), and requires £379,121. Shares of the new issue do not participate. An unchanged amount of £25,000 has been written off for depreciation in reduction of the bank premises account. The sum of £106,697 (£50,000 in 1952-53) has been transferred to the reserve fund which, with the addition of a surplus of £43,303 from the sale of 6099 shares brings it to £4,850,000. The net profit exceeds the dividend and reserve requirements by £17,959, and the carry-forward is increased from £214,886 to £232,845.

Deposits increased by £12.4 million to £202.9 million, while advances expanded by £9.3 million to £82.4 million. The special account with the Commonwealth Bank was increased by £3.9 million to £45.3 million. Holdings of public securities were £3.1 million higher at £34.7 million, but Treasury bill holdings were £3,000,000 lower at £16,000,000. Last June the company offered shareholders 94,780 shares at £l2 10s in the ratio of one for four held, and sold 6099 shares which realised a surplus above par of £43,302 18s. BARRYTOWN DREDGE Shareholders of Barrytown Gold Dredging, Ltd., will be asked to accept a lower price for the company’s dredge from Ravenshoe Tin Dredging, Ltd., than the originally agreed sale price of £85,000, Australian At a meeting to be held at Greymouth on August 19, they will be asked to accept £A65,000 as full payment. A statement by the liquidators of Barrytown says that Ravenshoe had exercised its option to buy the dredge for £85,000, and made a part payment of £40,000. However, Ravenshoe had since declined to pay the balance in full, claiming that the dredge had been damaged by exposure to the weather and required overhaul. The directors of Ravenshoe requested a reduction of £20,000 in the price, offering to make immediate payment of the £25,000 which would then be outstanding. The liquidators add that, after consideration they considered the Ravenshoe proposition as "reasonable.” They state that the reduction of dividend, after allowing for taxation payable, would represent the equivalent of waiving Is, New Zealand currency, a Barrytown share. The cash available for distribution in a wind-Ing-up would be sufficient to return Barrytown shareholders slightly more than the paid-up capital.

RELAX LTD.’S ACCOUNTS Accounts of Relax, Ltd., for the year ended March 31, 1954, show a net trading profit of £3489, against a net loss of £5069 the previous year. To this year’s net profit is added £26 over provision for taxes, making the total £3515. Preference dividend of 5 per eent. (less Social Security tax) takes £2312, and ordinary dividend of 2% per cent, takes £1250. Carry-forward is £132, against £179 brought in. Gross trading profit was £54,891 (£44.247 in 1953). Exptenses were £51,402 (£49,316). Current liabilities have been reduced by £50,703 to £63,740, mainly by a reduction in the stock. In their annual report, the directors say that the uncertainty experienced in the textile and garment trade in 1952-53 has lagely disappeared, and the company is now returning to more normal trading.—(P.A.)

Commercial Bank’s Appropriations.— The net profit of £500,221 earned by the Commercial Bank of Australia, Ltd., in the year to June 30 was reached after tax provision of £763,860 —an increase of £143,928 from the previous year’s provision. The amount written off bank premises was £135,000, against £125,000 in 1952-53. As announced yesterday, the steady dividends of 10 per cent, on ordinary shares i—d 4 per cent, on preference shares require a total of £352,844. The net profit exceeds the dividend and premises appropriations by £12,377, and the carry-forward is increased from £179,782 to £192,159. The balance-sheet shows that deposits increased by £7,100,000 to £184,000,000, while advances expanded by £11,700,000 to £99,000,000. Total assets are £194,400,000, against £163,300,000.

Results for the last two years are:— June 30 Brought in Net profit Dividend, 8 p.c. Off premises To reserve 1953 £ .. 198,382 .. 470,625 1954 £ 214,886 528,777 669,007 .. 379,121 .. 25,000 .. 50,000 - 743,663 379,121 25,000 106,697 Carried forward .. 214,886 232,845