VIBRAPAC BLOCKS

Press, Volume XCIII, Issue 27999, 20 June 1956, Page 17

VIBRAPAC BLOCKS

COMPANY NEWS

£2526 INCREASE IN PROFIT

Net profit of Vibrapac Blocks, Ltd., for the year ended March 31, 1956, was £7758, an increase of £2526 on the figure for the previous year. The directors recommended a final dividend of 3J per cent, on the old capital of £60.000 (making 6 per cent. lor the year), and a dividend of 3 per cent, on the 10,000 new shares allotted on November 29 last year. The directors have written off £1568 (compared with £2060 last year) being the balance of the brokerage due. The interim dividend and the final dividend on the old capital require £l5OO and £2lOO respectively and the dividend on the new capital will take £3OO. Carryforward is increased from £613 to £2905.

A new item of £1574 appears as share money refundable. An overdraft of £623 has been eliminated, while cash in hand and at bank has risen from £lO to £8440. Trade accounts and accruals are £9270 higher at £17,130, and sundry debtors and work in progress is £13.234 higher at £29,243. Trading stocks have increased from £10,597 to £18,069. Provision for taxes is £2150 higher at £BO5O. Intangible assets —’“goodwill and brokerage”—have been written down from £2976 to £l5OO.

Expenses of administration, etc., have risen from £18.131 to £25,012, directors’ fees are £lOO higher at £6OO. and depreciation rose £2524 to £9104. Gross profit increased from £30.044 to £41,969. and rent and interest received from £399 to £505.

CHARLES BEGG’S ACCOUNTS

(New Zealand Press Association) DUNEDIN, June 19. Net profit of Charles Begg and Company, Ltd., Dunedin, for the year to March 31, at £32.331, was £740 more than last year. With the balance of £14.135 brought forward, a total of £46.466 is arrived at in the parent company’s accounts. The directors recommend a dividend of 10 per cent., plus a 2J per cent, bonus dividend on the ordinary and staff shares, which will require £18,750, and the transfer of £13,000 to general reserve, which will leave a balance of £14,715 to be carried forward.

The consolidated accounts show that the net profit was £5306 lower at £51,546, and overdraft was reduced by £58,611 to £79,576.

Trading profit of the parent and subsidiary companies rose from £150,144 to £171,659, rents received rose from £6760 to £7275, copyrights brought in £353, and over provision for tax £270. Depreciation allowance rose sharply from £27,192 to £43,135 and taxation took £8717 more at £76,437.

During the year dividends were received from the subsidiaries. Dominion Radio and Electrical Corporation paid a dividend of £15,000 and the Russell Import Company paid £20,000. These dividends were transferred to general reserve, which, with the proposed transfer of £13.000 from the parent company, now stands at £186,000. Carry-forward is £14.716.

The consolidated balance-sheet shows that total reserves now stand at £328.176. Sundry creditors (including tax) amount to £176,294. Fixed assets are shown at £216,727 (a rise of £8727) and stocks are £6803 lower at £330,303. Hire-purchase accounts fell from £212,051 to £185,267.

TRUSTEES EXECUTORS AND AGENCY

A profit of £6991, before tax, was earned by the Trustees Executors and Agency Company of N.Z., Ltd., in the year ended March 31. 1956. This compares with £6247 in the previous year. Tax provision is £3900 (an increase of £576), plus £29 under-provided in 1955. Dividend front subsidiary is £6OO (nil last year). The interim 3 per cent, dividend required £9OO and the final 4 per cent, dividend will take £l2OO. This year’s seventy-fifth anniversary bonus of 3 per cent, takes £9OO. Carry-forward is increased by £661 to £3859.

The biggest change in the balancesheet is an increase of £67,304 to £294,136 in balances due by the company. Balances due to the company rose £5782 to £189.693, and debentures held by the company are £18,500 higher at £20,434.

F.A.M.E. INSURANCE YEAR

Net premium income of the F.A.M.E. Insurance Company, Ltd., Wellington, increased by £36,775 to a new peak of £467,336 in the year ended March 31. At the same time claims increased by £63,501 to £310,871. In the previous year the increase in net premiums was £58.400. and the rise in claims £37.765. After placing £11,079 (£30,412 in 1955) to unexpired risks reserve, raising it to £208,963. and provision for unspecified taxation and depreciation, there was a surplus of £12.892—a reduction of £2377. Unchanged dividends of 5 per cent, ordinary and 5J per cent, preference absorb a total of £4545. General reserve has been credited with £5OOO (£5126 in the previous year) and an investment fluctuation reserve has been created by the transfer of £3OOO. The surplus exceeds the dividend and reserve requirements by £347, and the carry-forward is increased from £2755 to £3102.

Waihi Investment and Exploration.— The directors have declared an unchanged dividend of 10 per cent., less British income tax, for the year ended December 31, 1955. to shareholders registered on June 20, 1956, ex that date.—(P.A.) Hill 50.—The company announces a bonus issue of Is shares, paid to 3d, in the ratio of two for one held as at June 19. To meet the charge of 3d a share, an additional bonus of 6d a stock unit held as at July 19 has been declared. The company is paying an interim dividend of Is 3d a stock unit, plus a cash bonus of 6d a stock unit, ex July 20.—(P.A.) N.Z. Insurance.—The directors of the New Zealand Insurance Company, Ltd., are recommending a final dividend of Is 6d a £1 stock unit, bringing the total payment for the year ended May 31 to 2s 6d a stock ‘ unit, equal to 12’/ 2 per cent. In the 1954-55 financial year, the company paid 4s, together with a special bonus of Is, on half the present capital. Paid capital was doubled to £3,000,000 last August by means of a one-for-one bonus issue from reserves. The company’s annual general meeting will.be held on August 14.—(P.A.)

Ansett Transport.—Ansett Transport Industries. Ltd., earned a net profit of £99.333 for the first six months of the current year, directors state. This is equal to an annual profit of £198,666. about £23.000 more than the result shown last year. The half-year’s profit is after £67,321 estimated tax. Figures are disclosed in the company’s prospectus for the issue of £150.000 in 10 per cent, preference shares. The funds are required for steady expansion of Pioneer tourist coach business and for working capital. Earning power will be enhanced by the adidtional capital, the prospectus states. LONDON METALS MARKET

(N.Z. Press Association—Copyright)

LONDON, June 18. London metal market quotations are:— Copper— Buyers Sellers £ s. d. £ s. d. Spot .. .. 299 0 0 300 0 0 Forward Tin299 0 0 300 0 0 Spot .. •. 748 0 0 750 0 0 Forward Lead— 742 0 0 743 0 0 Snot 114 1 0 115 0 0 Forward Zinc— 112 10 0 112 15 0 Spot 94 15 0 95 5 .0 Forward 93 5 0 93 15 0 Silver-—6s 6|d per oz. spot; 6s ward. Gold?—£12 19a Bld par 61d for-