ANDREWS AND BEAVEN

Press, Volume XCIV, Issue 28020, 14 July 1956, Page 12

ANDREWS AND BEAVEN

COMPANY NEWS

SHARE ISSUE FILLED The recent issue of shares by Andrews and Beaven, Ltd., has been completed, according to an announcement by the company yesterday. The issue, announced last November, was of 70,000 ordinary £1 shares at par and 30,000 5 per cent. Cumulative preference shares of £1 at par. The closing date of the issue was extended to June 30. The announcement says that the preference issue was oversubscribed and the ordinary issue was filled The new issue brings total paid capital to £310,000, of which £160,000 is ordinary capital and £150.000 preference capital. For the first 11 months of the company’s 1955-56 year (which ended on June 30) sales showed an increase over the same period of the previous year, when dividends of 5 per cent, preference and 7J per cent, ordinary were paid, the company advises. The company intends to apply for official listing on the New Zealand Stock Exchange for the ordinary shares. The preference shares are already listed.

JAS. J. NIVEN’S ACCOUNTS

(New Zealand Press Association) WELLINGTON, July 13. Net profit of Jas. J. Niven and Company, Ltd., for the year ended March 31, 1956, was £88,738 against £91,017 the previous year. Profit is reached after provision of £102,000 (£104.200 in 1955) for taxation, £21,916 (£12,140) for depreciation and £lO,OOO (same) for special depreciation based on replacement cost. The sum of £lOB (£5109 in 1955) is added to net profit on account of surplus tax provision the previous year. Transfer to general reserve is £45,000 (£40,000) and unchanged distribution of 8 per cent, dividend and 1 per cent, bonus takes £45,000. Carry forward is £47,165 (£48,319). Gross profit was £520.509 (£476,402) expenses were £296,055 (£257,245). Directors’ fees were unchanged at £lBOO.

Issued capital is £500,000, and reserves total £407,115 (£353,265 in 1955).