UNITED DOMINIONS CORPORATION

Press, Volume XCIII, Issue 27987, 6 June 1956, Page 17

UNITED DOMINIONS CORPORATION

COMPANY NEWS

PROFIT INCREASED LAST YEAR (New Zealand Press Association) WELLINGTON, June 5. United Dominions Corporation (South Pacific), Ltd., Wellington (formerly Financial Services, Ltd.), in its accounts for the year ended March 31, 1956, shows an increase in net profit from £10,642 to £17,344. The company, in a statement today, said that in line with its established policy, no dividend is being paid to its London parent company, United Dominions Trust, Ltd., and the profits made are fully retained in the busi-' cent, respectively). The reserves of the company, including unappropriated profits, show an increase from £42,269 to £59,613. The over-all reserves, including those of the company’s subsidiaries as shown in the consolidated account, total £66,495. The issued share capital is unchanged at £lOO,OOO. Advances, etc., show a slight reduction of £40,000 to £1,036,000, of which 75.5 per cent, is for industrial and commercial purposes, 24.5 per cent, for hire purchase accounts for motor vehicles and appliances for private use, (last year’s figures were 58.2 per cent, and 41.8 per cent).

The directors report that there has been no change in the Government’s policy precluding the company from utilising funds which were held at its disposal by its London parent company, and that it therefore had to decline numerous applications for finance from industry and commerce. The report describes it as unfortunate for the Dominion that such restrictions are placed on the company’s operations by the Government’s credit policy.

Prestige, Ltd.—Prestige, Ltd., Melbourne, hosiery and lingerie makers, have raised the ordinary dividend from 9 to 10 per cent, for the year to March 31. Results (subject to audit) show a slightly lower consolidated profit, the directors state. Broken Hill South.— The company announces the appointment to the boards of that company and of Barrier Central Pty. of Mr G. Lindsay Clark as chairman. in succession to the late Sir Alexander Stewart. Mr Harry W. Buckley becomes managing-director. Sir Sydney Snow has resigned from the directorate for health reasons. Mr Wilfred D. Brookes, D. 5.0., has joined the board.—(P.A.)