COMMERCIAL

Press, Volume XCII, Issue 27851, 27 December 1955, Page 14

COMMERCIAL

COMPANY NEWS

NATIONAL INSURANCE DIVIDEND "Shareholders are glad to receive a dividend of lid a share, but I think it is a bit modest." said Mr A. McMillan at the eighty-second annual meeting of the National Insurance Company of New Zealand in Dunedin. “The financial position is exceedingly strong and rates of interest are bound to increase in the future.” . The chairman (Sir J. Sutherland Ross): "In insurance business in particular one has got to be conservative, and it is recognised policy to pay the dividend out of interest earnings. Notwithstanding the increase in interest earnings, the "directors felt that they were adopting the wise course in leaving the dividend the same as last year, but I sincerely trust that, next year we will be in a position to recommend in increase.”

Mr M. W. Beaven. who seconded the motion for the adoption of the report and balance-sheet, said: "There may be a suggestion that the board has been a little too conservative, but I would remind you that the success of an insurance company depends upon its having adequate assets'”

OTAGO FARMERS’

(New Zealand Press Association) DUNEDIN, December 23. The net profit earned by the Otago Farmers’ Co-operative Association of New Zealand, Ltd., in the year to September 30 was £25.186—an increase of £lOl6 on last year’s figure. This, with the balance of £22.929 brought forward from last year, and £1420 goodwill on salevards’ companies, makes a total of £49.536. Pro-vision-for taxation at £13,250 was £5OO more, and the transfer of £5OOO to general reserve was unchanged. This left £31,286 available for distribution. VOLKSWAGEN’S GOOD RESULTS (N.Z. Press Ascnrintinn—Copyright.) WOLFSBURG. December 22. The accounts for the years 1951 to 1954 of Europe's largest car firm, th? Volkswagen Company, show that turnover jumped in the three years from 479.000.30'> marks (about £40.000.000) to 1,064.000.000 marks (about £90.000.000). Reserves increased from 123.000,%0 marks (about £10.000.000) to 259.000.003 marks (about £2l 000,000). All but a small fraction of last year’s trading profits went into reserves. The accounts published today indica.e that the Volkswagen Company could absorb a substantial cut in the price of its cars if the present sellers’ market should disappear. Mr O. W. Hensen, the deputy managing director, told reporters that this years turnover was expected to reac.'i 1,350.000,009 marks (about £110,000,000). Polymers Corporation Pty., Ltd.—The Australian firm of chemical manufacturers. W Hermon Slade and Company, Ptv . Ltd.. Homebush, Sydney, New South Wales, has decided to change the family name of the company to Polymers Corporation, Pty.. Ltd., because it beliex cs that the company’s name can be better defined by the type of chemical it prodiI r C £ s ’ A subsidiary company. Polymers (N.Z.), Ltd., has been registered, and land purchased in Saleyards road. Otahuhu. Auckland, where a modern factory for the production of synthetic resins is being erected.

BRADFORD TOPS QUOTATIONS

(N.Z. Press Association—Copyright) LONDON, December 22 Latest Bradford tops quotations are:— Merino: 70’s, 115 d; 64's. 107 d; 60's, 1023 Crossbred: 56’s, 89d; 50’s, 84d; 46's, 82d.