COMPANY NEWS

Press, Volume XC, Issue 27499, 5 November 1954, Page 16

COMPANY NEWS

McKendrick Bros.—A final preference dividend of 21 per cent is ex November S.—(P~A.) Dunedin Snowhite Laundries.—Recommended dividend is 7 per cent., plus a bonus of 3 per cent.—(P-A.) Traders Finance.—Recommended final dividend is 5 per cent. (8 per* cent for the year), ex November 20.—(P.A.). Timaru Woollens^—Recommended final dividend 5} per cent., making 8J per cent, for the year, compared with 7 J per cent, in 1953. The dividend is ex on November 23. Tooth's Bonus Issue.—Tooth and ComKny Ltd., proposes to make a one-for-two nus issue. The issue will be financed from a revaluation of assets. Shareholders at February 9 will receive the bonus. The issue, which Involves 3,091,329 £1 shares, will raise paid capital to £9,273,986. . A final half-year dividend of 8 per cent, has been declared, making 16 per cent, for the year, against 151 per cent, last year. It is payable on November 24.—(P.A.) Brown Ewing.—Net profit of Brown Ewing and Company. Ltd., for the year ended August 19. 1954, was £8516 against £7lOB the previous year. Profit is struck after providing £6909 (£7937) for taxation and an unstated amount for depreciation. Unchanged dividends of 5 per cent, preference and 10 per cent, ordinary take £5750. Carry-forward is £10,909 (£10,143). Gross profit was £87,503 (£85,703). Expenses, including depreciation, were £72,204 i£ 68,724). Shareholders* funds are ,101,409 (£100,643).

Napier Gas Losses.—After writing off depreciation of £6875, the. Napier Gas Company, Ltd., incurred a loss of £6649 i the year to December 31, 1953. The loss was wholly incurred by operations at Hastings. No dividends have been recommended, the last payments being 5 per cent, preference in 1950 and 4 per cent, ordinary in 1947. Gas sales were 5,300,000 cubic feet less than in 1952. In the current year the company sold its Hastings assets to a new company, the Hastings Gas Company. Ltd. For its fixed assets the company received £20,000—£15,000 by way of fully-paid shares in the new company and £5OOO as a deferred debenture. The directors state that steps are being taken to reorganise the Napier undertaking to bring overheads in line with the reduced turnover resulting from the disposal of the Hastings business.

John Duthia Holdings.—Accounts of John Duthie Holdings, Ltd., for the year ended October 1, 1954, show a net profit of £22,800, agianst £21,835 the previous year. Dividends from subsidiaries totalled £24,669 (£24,005). Expenses and directors’ fees required £1869. A sum of £678 over provided for tax the previous year is added to the net profit. Unchanged dividend of 8 per cent, takes £16,430. Transfer to general reserve is ,£17,083. Carry forward Is £15,499, against £25,533 brought in. The report states that all subsidiaries traded profitably and group turnover increased, but details of subsidiaries* earnings are not given. Dividends received were: John Duthie and Company, £10,292; John Duthie and Company (Auckland), £10,044; D. McFarlane and Company, £2850; Miller McKay and Company, £621; Metal Manufacturers, £862. The consolidated balance-sheet shows subscribed capital at £205,374, and shareholders’ funds at £416,486.