COMPANY NEWS

Press, Volume XCI, Issue 27669, 27 May 1955, Page 15

COMPANY NEWS

RADIO CORPORATION’S ACCOUNTS

Net profit of Radio Corporation of New Zealand, Ltd., for the year ended December 31, 1954, was £6834, against £5731 the previous year. Profit includes an unchanged dividend of £1750 from the subsidiary, Radio Centre, Ltd. It is reached after providing £5500 (£4500 the previous year) for taxation and £3290 (£4788) for depreciation. Steady dividend of 5 per cent, takes £4002, leaving a carry forward, of £21,314. against £18,482 brought The consolidated statement shows that current liabilities have increased by .-26,121 to £202,644, current assets have risen by £53,945 to £305,374. j>T£ a £ , «£ ol . d€rs ’ funds are £ 13,844 up to £151,327, but £5OOO of this is increased capital.

# Tl t e , directors state that the Wellington freehold property of the company appears in the balance-sheet at £72,941, whereas A a ? est Government valuation is £134,000, an increase of £61,059. Were this shown in the consolidated balance-sheet shareholders’ funds would £ 212,386, an increase of £74,903. * . he - Erectors of Amalgamated Wireless (Aasia), Ltd., have subscribed for 5000 shares in the company, and have a director on the board. A.W.A. have agreed to act as consultants to Radio Corporation ana great benefit has already been received from the arrangement. Credit Services, Ltd.—The accounts of Credit Services, Ltd., Christchurch, for the year ended March 31, disclose a net profit after taxation of £2072, compared with £2096 in 1954. Including £376 brought forward £2809 was available for distribution. Dividend of 10 per cent, paid a “ s 9L be d £2OOO, leaving a carry-forward of Gross interest earned was £6603, £ 41 32 in 1954. Expenses were ££?2L' aga ? nst £9BB - Taxation took £978 (£1048). Advances on hire purchase and other securities are shown at £70,138, against £46,614. Authorised and paid-up ~ a £ lt „ al is £ 20,000. Bank overdraft is £10.797 (£2978), deposits £13,842 (£7350), debentures £lO,OOO (£9019), and unearned interest reserve £8570 (£4661). According to the directors’ report expenses were considerably higher because of additional interest which is being paid on deposits In addition legal expenses and’ brokerage on the debenture issue made in 1954 had to be met..

r.?J^ nd Bon us Issue.—A free issue of £13,770,554 (sterling) worth of bonus shares to Peninsular and Oriental Steam Company (P. and O.) shareholders on a one-for-one basis "was announced at a crowded annual meeting today by the shipping company’s chairman < s f r Wdliam Currie). Sir William Currie detailed the company’s plans for reorganising its financial structure to free secret reserves for the bonus payment. He warned that the bonus did not necessarily mean bigger dividehds, but the company would narrow the gap between interim and final payments.—(P.A.) Herald and Weekly Times.—The Herald and Weekly Times, Ltd., has placed privately an issue of £1,250,090 unsecured registered notes. The company’s existing unsecured notes, totalling £750.000, are being redeemed. Currency of the new notes is 15 years. A total of 399,076 5s ordinary shares have been allotted at par to shareholders of Telegraph Newspaper co., Ltd., Brisbane, in exchange for their noldmgs, directors state. ..A- s - Paterson.—Recommended final dividends are 2J per cent. preference (5 per cent, for the year) and 7 per cent, ordinary (10 per cent, for the year), unchanged, ex June 15.—(P.A.) Electrolytic Zinc Co.—The company advises that its supply of power in Tasmania, which was reduced by 20 per cent, in March, has been restored to its former

Coles to Make New Issue.—G. J. Coles and Co., Ltd., (Australian chain store operators. are making a new itseu of 3,846,342 ordinary 5s shares at par in the ratio of one new share for five held. The company has offered to buy all the 720,000 fully-paid ordinary 10s shares of Manton and Sons. Ltd.—(P.A.)