COMPANY NEWS

Press, Volume XCII, Issue 27750, 30 August 1955, Page 15

COMPANY NEWS

N.Z. FARMERS’ CO OP. INCREASED DIVIDENDS ANNOUNCED Increased dividend payments are recommended by the directors of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., to the annual meeting of shareholders, which will be held on October -12. The payments will cover the yearly period to July 31, 1955. It is recommended that the dividend on first preference shares be 84 per cent., compared with 64 per cent, last year, and that the dividends on A and B preference and ordinary shares be 8 per cent., compared with 6 per cent, in the preceding period. A.C.I. YEAR NET PROFIT EXCEEDS £1,600,000 (N.Z. Press Association—Copyright) SYDNEY, Aug. 29. Australian Consolidated Industries, Ltd., glass makers, with many allied interests, earned a record consolidated net profit of £1,667,924 for the year ended June 30. For 1953-54, the company earned £1,212,454. The result is reached after providing £1,840,452 for taxation, £1,039,219 for depreciation, £680,000 for the increased cost of replacement of fixed assets, and £lOO,OOO for the superannuation fund. The previous year’s taxation was £1,312,809 and depreciation £1,080,398. The ordinary dividend, which is raised from 10 per cent, to 124 per cent., takes £1,044,980, and the preference charge is £l5 750.* The iatest balance-sheet shows capital reserves up by £1,000,000 to £2,500,000, including £1,435,606 in share premiums, £■: i,OOO, special reserve, and thq new replacement reserve of £680,000. General reserve and the profit and loss balance total £6,500.000.

COMPANY TAXATION CRITICISED

(New Zealand Press Association) WELLINGTON, August 29. Because its profit increased by £225, the Wellington Investment Trustee and Agency Company, Ltd., had to pay an additional £l5O in taxation, according to details given at the annual meeting today by the chairman (Mr G. G. G. Watson). “The State takes two-thirds of the increase and leaves the shareholders onethird,” he said. ‘‘Such a position does not give any incentive for extending the company’s operations.” The company’s net profit was £3006, after payment of £2250 taxation. Woolworths (N.Z.) —A half-yearly preference dividend of 44 per cent, is advised. Ex, September 19. —(P.A.) New Zealand Newspapers.—An interim dividend of 6d per share is notified, ex September 19.—(P.A.) Cox Bros. (Australia) Dividends.—-Final dividends of 34 per cent, on “A” and "B” preference shares, and 5 per cent, on ordinary shares, other than those allotted to stockholders of Foy and Gibson as part consideration for the purchase of their ordinary stock units, are announced. Exdividend, September 26. Kempthorne, Prosser and Company’s N.Z. Drug Co., Ltd.—At a meeting of the board of directors an interim dividend of 4J per cent, for the half-year ended July 31, was declared.—(P.A.)