COMPANY NEWS

Press, Volume XCII, Issue 27733, 10 August 1955, Page 15

COMPANY NEWS

COMMERCIAL BANK OF AUSTRALIA RECORD NET PROFIT Net profit of the Commercial Bank of Australia, Ltd., for the year ended June 30, 1955. was a record at £554,367, against £500,221 the previous year. Profit is strudA after providing £757,841 (£763,860) lor taxation. From the net profit a sum of £50,090 (£135,000) is written off bank premises and £lOO,OOO (nil) is transferred to reserve fund. Unchanged dividends of 4 per cent, preference and 10 per cent, ordinary take £389.987 (£352.844). The carryforward is £206,559 (£192,159). HUDDART PARKER Trading results of Huddart Parker, Ltd., for the six months to June 30 were causing concern, state the directors in their report announcing the interim ordinary dividend of 5 per cent, (unchanged). There was no improvement in the industrial position with sea transport: costs increased considerably: and receipts from other interests were adversely affected by the industrial position and floods in New South Wales. TAUPO TOTARA TIMBER (New Zealand Press Association) AUCKLAND, August 9. The net profit of the Taupo Totara Timber Company, Ltd., Putaruru, rose oy £5750 to £50,739 in the year to April 30. Earnings nearly doubled, rising by £22.695 to £44,989. The directors announce an issue of 30.000 shares of 10s each at a premium of 30s a share, the terms for which will be circulated to shareholders al Hr they have approved the proposal. The board is also considering a capital increase by an issue of bonus shares. Latest earnings include a dividend from Pouaru, the bush-holding subsidiary, which was £4O higher at £15,904. Taxation, which was credited with an amount of £395 previously over-provided, was £21.821 higher at £35.212. The dividend, raised from 20 per cent, to 25 per cent., takes £24,521 against £19.617 last year. The bonus payment, steady at 5 per cent., requires £4904. The total payment absorbs £29.426. against £24,521. Undivided profits have been raised by £21,283 to £45,267. Trading profit on timber, hardware, joinery and other items increased by £30.620 to £91,105, and other income, including discounts. Insurance rent and profit on sale of assets, by £llO7 to £2907. General expenses, including salaries, stationery and advertising, expanded by £3951 to £18,284. North Auckland Farmers.—A final dividend of22 2 per cent, on preference'sharet and 4 per cent, on ordinary is recommended. Ex-dividend, August 30.(P.A.) Australian Foundation Investment.— A dividend of 7J per cent, on old shares and pro rata on new idaue is recommended. Ex-dividend, August 30.—(P.A.) Taupo Totara.—A dividend of 2s 6d, plus bonus of 6d, making 3s a share, la announced.—(P.A.) Australian Gas Light.—An interim dividend of 31 per cent, on A and B shares is announced. Ex-dividend, August 12 (new Issue).—(P.A.)