COMPANY NEWS

Press, Volume XCI, Issue 27675, 3 June 1955, Page 17

COMPANY NEWS

Farmers’ Trading.—Recommended annual dividend on ordinary shares is ex dividend June 10.—(P.A.) Norvic Shoes.—This company advisesthat no dividend is recommended for the year ended March 31. Dental and Medical Supplies.—Recommended dividend is 7J per cent., plus a bonus of 2J per -cent., payable June 30, ex June 3.—(P.A.) N.Z. Industrial Gases.— Recommended annual are 6 per cent, ordinary and 4J per cent, preference, ex June 17. (P.A.) Tasman Pulp and Paper.—A call of 5s on all shares is payable on July 1. Shares will be quoted 15s paid on and after June 2.—(P.A.) Bartholomew Land and company advises that a resolution changing the name of the company has been carried unanimously. The new title is Bartholomew Timbers, Ltd.—(P.A.) Airwork (N.Z.), Ltd.— This company reports that the recent issue of 5000 ordinary shares at £1 each and 5000 6 pet cent, cumulative preference shares at £1 each, increasing the company’s capital from £22,700 to £32,700, has been fully subscribed. Union Steam Ship.<-The monthly meeting of the directors of the Union Steam Ship Company of New Zealand. Ltd., in Wellington elected Mr M. B. Miller managing director of the company as chairman. Mr H. H. Dobie was appointed to the board in place of the late Mr G. R. Ritchie.—(P.A.) Consolidated Zinc’s Profit.—The Consolidated Zinc Corporation, Ltd., recorded a pre-taxation profit of £4,696,132 in 1954, the chairman said in the annual report, released today. The 1954 figure compares with a pre-taxation profit of £2,516,562 in 1953. The profit reflected the higher prices for lead and zinc. The corporation’s net profit for the year was £2,383,378 against £1,393,022 in 1953. Dividend payments totalled £963,393 against £651,002.—(P.A.) Australian Paper Manufacturers’ Move. —Tasmanian Board Mills, Ltd., which closed its big Launceston mill at the end of last month, has now sold most of its plant to Australian Paper Manufacturers, Ltd. In a circular to shareholders, the directors state that the disposal “involved considerable losses.” However, the directors expect that the, profitable timber milling, processing, and wood products divisions will ultimately offset the loss on the board mill. They state that the board mill could be. put on a profitable basis only by the expenditure of further large sums to increase output and efficiency. These funds were not available.

LONDON WOOL FUTURES

BANK REPORTS DECLINE Wool futures quotations in London have declined 2d to 3d per lb in slow trading since mid-April, apparently through some distrust of wool values by the trade, according to the latest advice received by the Bank of New Zealand from its London office, regarding the wool terminal market. There has been some over-valua-tion of near months in the past, but the market now appears to be more aware of this danger, and it seems likely that the present premium for September and October will shrink. However, the disparity that exists between futures quotations and replacement costs is not so easily explained, says the bank. Both on the Continent and in the United Kingdom business seems to becoming more competitive. Combing and spinning profit margins have been reduced to keep machinery active. The main reason for the cheapness of futures is attributable to the slowing down of the textile processing cycle, and a lack of faith in the ultimate level of raw wooi values. Quotations are:—May, buyers 117 d, sellers 118 d; October, 1194 d (traded); March, 1173,4 d, October (1956), 117>/ 2 d (traded).

WELLINGTON CUSTOMS REVENUE

(New Zealand Press Association) WELLINGTON, June 1. Customs revenue collected at Wellington last month, at £2,346.61Q, was substantially greater than that for May last year. Main items, with the figures for the corresponding period last year in parenthesis, are:—customs, £1,130,443 (£735,744); sales tax, £153,263 (£722,942); road tax, £194,604 (£167,488); total, £2,346,610 (£1,686,501)..

Auckland Wool Proceeds.— Auckland’s wool cheque for the 1954-55 season was £10,071,065, which was second only to the record return of £15,452,437 for the boom 1950-51 season. Average prices were fractionally below those of the 1953-54 season, but an increase of nearly 8000 in the number of bales sold caused the rise in gross proceeds. The average price a pound was 47.02 d, compared with 47.19 d in 1953-54. The average price a bale was 9s 8d lower at £67 Bs. For the final sale on May 13, the gross proceeds were £1,570,204 from the 23,738 bales sold. The average price a pound was 47.24 d, and the average a bale £66 2s lid.—(P.A.)