COMPANY NEWS

Press, Volume XCI, Issue 27638, 20 April 1955, Page 17

COMPANY NEWS

National Insurance.—An unchanged interim dividend of 4d a 'share is payable on May 17, ex May 2.—(P.A.) Alloy Steel, N.Z.—Final dividend recommended is 3’,i per cent., plus a bonus of Is a share, payable May 20, ex May 13. (P.A.)

North Australian Uranium Corpn. (N.L.). —This company has so far spent £153,984 on exploration and development. This is shown in a financial summary made up tb March 31. In addition, £112,189 was spent on plant, machinery, land and buildings, on construction of yoads, and an aerodrome. Liquid funds available totalled £25,245 of the £333,468 raised from the public a little over a year ago. —(P.A.)

Forest Companies Amalgamate.—Shareholders of Matured Pine Trees, Ltd., have agreed to amalgamate with Pine Bark, Ltd., and Pine Softwoods, Ltd., two neighbouring afforestation companies operating near Taupo, New Zealand. This was decided at the annual meeting of Matured Pine Trees, Ltd./in Melbourne, last week. The chairman, Mr J. C. Blogg, said the pooling of the assets .of the three realisation companies could be the forerunner of major developments. Control and management and planning cutting opera-: tions would be grdatiy facilitated. Future success, he added, would depend on the ability of the companies to present the Taupo forests in an attractive enough manner for the establishment of a major industry.

Bing, Harris Year.—Net profit of Bing, Harris and Company, Ltd., and warehousemen. Wellington, increased by £24,030 to £57,406 for the year ended December 19. The previous accounts covered a period of 14 months due to a change in balance-date. The latest result was struck after provision of £33,617 more for taxation at £57,886, and £2957 less for depreciation at £11,165. Dividend hosbeen maintained at Is a share on both the XI A ordinary shares and the 8s B ordinary shares, and absorbs £27,647. A similar amount has been used to create a dividend equalisation reserve, leaving £2lll of the current profit to increase the carryforward to £43,560. Gross profit increased by £24.956, to £490,045, while expenses apart from taxation and depreciation, were £28,433 lower at £364,889. General reserve shows an increase of £12,369 to £172,369 as the result of the transfer of depreciation reserves which had been built up over the years on plant, equipment and motor-cars. Bank overdrafts in New Zealand and London increased from £450,310 to £556,072, while the vilue of stocks rose from £714,395, to £922,216.