COMPANY NEWS
NATIONAL MORTGAGE ACCOUNTS RECORD PROFIT LAST YEAR (N.Z. Press Association—Copyright) LONDON, January 23. Gross trading profit of the National Mortgage and Agency Company of New Zealand, Ltd., rose to a record of £538,917 in the year to September 30. This compares with £533,676 in 1954. Fixed assets increased from £599,691 to £673,087. Interests in subsidiary and associated companies and trade investments rose from £380,080 to £575,838 and loans on mortgage and secured accounts from £916,663 to £1,190,538. Net current assets were £192,379, compared with £560,967. The 12 per cent, tax-free dividend for the year is unchanged. . The future outlook for wool, particularly crossbreds, appears good, Lord Glenconner, chairman of the company, said in his annual review. Consumption overseas had shown some increase, he said. With more countries, especially Germany, Japan and Russia, requiring further supplies as a result of the growth in their textile industries, there was little doubt that increased production would be readily absorbed. General satisfaction would be felt by New Zealand growers that during the present season ewe mutton would return about 8s to 10s a carcase more than a year ago, Lord Glenconner said.
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Press, Volume XCIII, Issue 27875, 25 January 1956, Page 15
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190COMPANY NEWS Press, Volume XCIII, Issue 27875, 25 January 1956, Page 15
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