HALLENSTEIN BROS.

Press, Volume XCIV, Issue 28053, 22 August 1956, Page 17

HALLENSTEIN BROS.

COMPANY NEWS

LOWER PROFIT EARNER LAST YEAR Net profit of Hallenstein Bros., Ltddeclined by £5448 to £30,253 in the year ended June 30. The result was struck after providing £9940 less for taxation at £33,500 and £2044 more for depreciation at £10,814. Ordinary dividend was raised from 7 per cent, in 1955 to 7j per cent., requiring £21,750. The preference dividend at 5 per cent, takes £5250. No transfer has been made to general reserve, and the net profit exceeds the dividend requirements by £3253. increasing the carry-forward from £119,396 to £122.649. Gross profit increased by £1544 to £378,350, while expenses rose by £15,688 to £801,783. The bank overdraft was reduced from £**83.212 to £189,338. In the balance-sheet creditors were shown £12,213 lower at £106.453, while debtors were £19,127 below the amount shown for the previous year at £88.006. A transfer from the insurance reserve increased the general reserve fund to £65.486, compared with £22,307 last year. Paid capital was raised during the year from £335,000 to £395,000. Total shareholders’ funds are £121,432 higher at £648,135.

Directors state that the rebuilding of the New Plymouth premises had progressed satisfactorily, and it was thought that the new shop would be ready before the end of the year. Of the cost, at approximately’ £48,000, £26.000 had been paid during the year. In December, 1955 the company had opened a retail shop in Lower Hutt, while the shop in Hamilton was modernised. Although buildins costs were abnormally high, these works, which had cost more than had been expected, were considered necessary. N.Z. Share of Ship Insurance.—The New Zealand Insurance Company, Ltd., has received confirmation from London that it was involved in the loss of the Italian liner. Andrea Doria, said the general manager. Mr W. J. O'Brien, in Wellington on Monday. The company’s proportion of the loss would be reduced bv reason of the fact that the company itself had spread the risk among other companies London sources, state that the liner was insured on the London market and elsewhere for a total of 16,000,000 dollars, of which 11.000,000 dollars has already been paid by Lloyd’s and other marine insurance companies to insurance brokers representing the Italia fleet. When the claim is formulated and supported this sum will be paid to the principals. Northern Roller Milling.—The interim preference dividend of 2 3-5 per cent, has been declared.—(P.A.)

Drug Houses.—Drug Houses of Australia, Ltd., plans to offer 800.CO0 £1 ordinary shares at par, in the ratio of one-to-six held on October 19. A revaluation of certain freehold properties has also been made, disclosing a surplus of £1.500,000 above book values, directors state. No bonus share issue is contemplated at present. The cash issue is the second to be made within a year. Last November a one-for-eight par issue was made. The present issue, with 30,000 £1 shares offered to employees, will raise a total of £830,000. and will increase paid capital to £5,626.000. The new shares are payable 10s on application by November 30, with a call of 10s on May 31. 1957. They rank for one-third of the dividend paid for the year to June 30 next. The revaluation of certain freeholds, the directors state, would be reflected in the accounts for the year ended June 30 last being made to cope with the influx.

CONSOLIDATED BRICK PROFIT HIGHER

(New Zealand Press Association) AUCKLAND, August 21. The net income of Consolidated Brick and Pipe Investments, Ltd., Auckland, was £6OOO higher at £33,041, for the year to June 30, 1956. This income is the amount received in dividends from the subsidiary companies. Ordinary dividend, increased from 4 per cent, to 5 per cent, as previously announced, and the preference dividend of 41 per cent, requires £32,438. Consolidated net profit rose by £5656 to £42,627 after providing £4204 more for taxation at £44,233 and £5094 less for depreciation at £48,556. Net income from trading and miscellaneous revenue rose by £4403 to £150,753.

TAUPO TOTARA TIMBER Net trading profit of the Taupo Totar Timber Company, Putaruru (which i seeking approval of an issue of 55,00 ordinary 10s shares at a premium of £1) for the year ended April 30, was lowei at £15,761. The result, was reached after provision of £19,062 less for taxation a £16,545. The amount of depreciation has no been disclosed in the profit and losi account, but it is stated in the directors report that provisions for ordinary anc special depreciation were £15,773 higher than in the previous year. In addition tr the net trading profit, the company received an unchanged dividend of £15,90 z from the subsidiary company, Pouaru. Ltd. As previously announced, dividend foi the year amounts to 2s 6d a 10s share comprising Is 6d a share paid as an in terim before the one-for-two bonus issue and a final dividend of Is new recommended. In the previous year, the company paid a dividend of 2s 6d and a bonus of 6d. The latest year's payment absorbs £31,488, which the net income clears bj £217. The sum of £1179 has been added to capital reserve, and the carry-forward is reduced from £45.230 to £44.268. Gross trading profit declined by £33.956 to £57.149. while other income was £798 higher at. £3705. Office and administration expenses, excluding taxation, increased by £4584 to £28,548.

NATIONAL MORTGAGE ISSUE

The first sale of National Mortgage B shares after the announcement on Monday evening of the new issue was made in Dunedin yesterday, at 61s—3s above the price paid in the last recorded Dominion transaction. The A shares were quoted in Christchurch yesterday at Ils 7d—l2s 9d, most recent business having been done at Ils 9d.

The individual shareholder wishing to take up the shares now offered to him will have to pay £lO for every 100 A shares he now holds, and £5O for every 100 B shares now held. The holder ol 100 A shares is entitled to take up 50 of the new £1 A shares, paid to 4s, at 4s each. He will also receive a bonus issue of 50 new B shares, paid to 4s. bringing his total holding to 150 £1 A shares (4s paid) and 50 4s B shares (fully paid). The B shares, at present carrying a face value of £l, are to be subdivided into 4s shares, fully paid. The present holder of 100 B shares will thus become the holder of 500 4s B shares, fully paid. This holding will entitle him to take up. at par. 250 new A shares, at a total cost of £5O. He will also receive a bonus of 250 new B shares, to bring his total holding to 250 A shares and 750 B shares.

In its to shareholders, the company explains that the subdivisior of the £1 B shares into 4s shares will it is considered, make the B shares mon readily marketable.

Humes (N.Z.). —Net profit.of Hume Industries (New Zealand), Ltd., rose by £5502 to £65,546 in the year to June 30 Profit was struck after providing £66.500 for ta?& and £65.151 for depreciation. Final preference dividend is 2J per cent. (5 per cent, for the year), and ordinary dividend is 10 per cent., compared with 5 per cent, last year.—(N.Z.P.A.).

Whittome, Stevenson.—Net profit o( Whittome. Stevenson and Company, Ltd. was £3BB higher at £5135 for the year to June 30, 1956. Gross profit is £3983 lower at £67,734, hut expenses are down by £4361 to £54.412. Depreciation is £385 less at £2447. Taxation is £375 higher at £5339. Dividend, maintained at 8 per cent., lakes £2460. Carryforward is increased, by £2307 to £31,785.