COMPANY NEWS

Press, Volume XCV, Issue 28253, 15 April 1957, Page 13

COMPANY NEWS

McSkimming Industries Profit Down (New Zealand Press Association) DUNEDIN. April 12. Net profit of McSkimming Industries, Ltd., makers of sanitary pottery, earthenware and concrete pipes, etc.. Dunedin, fell £8990 to £15,217 in the year ended January 31. The result was reached after provision of £27,709 (up £533) for depreciation and £15,890 (down £10,338) for taxation. Ordinary dividend is maintained at last year’s higher rate of 6 per cent., requiring £11.400. The preference charge requires £3OOO, and no transfer to reserves (£19.371 last year) is recommended. Profit exceeds appropriations by £Bl7, and this amount is added to the carry-forward, bringing it to £13.757. The consolidated balance-sheet shows that trade creditors have risen from £19,079 to £25,085, while bank overdraft has fallen from £25.208 to a Stocks are up from £66,185 to £91,350, and fixed assets have been written up from £211,955 to £230,012.

Australian Copper Price,—The Australian price of electrolytic copper 'in the current week is unchanged at £350 a ton. ex store. Port Kembla refinery. B. L. Hart.— A final dividend of 5 per cent, (making 10 per cent., unchanged, for the year), is recommended. The dividend is payable on 11 « x that date.—(P.A) Canadian Wheat Price.— The Canadian Wheat Board has announced a price adjustment plan, that will reduce the price of Canadian flour to certain importing countries. It is understood that the scheme aims at meeting the competition of certain exporters, mainly the United States, which has a subsidy favouring flour exports.

Australian Comment on U.K. Budget.—Tax concessions in the British Budget will help British-controlled Companies operating in Australia, according to the “Melbourne Herald:” Goldmining companies will receive the greatest benefit as they will now pay no income or profits tax. Australia does not tax income from goldmining. Shareholders will still pay the British dividend tax of 8s 6d in the pound. N.Z. Butter Price Rises In London (N.Z. Press Association—Copyright) LONDON, April 12 The price of New Zealand butter has risen this week by 6s per cwt to 2565, while cheese has fallen 6s per cwt to 200 s. The butter market was active again for the second week. It is suggested that there may be a further rise to 260 s next week for New Zealand butter. Danish remains unchanged at 2905, and Australian has risen to 2545. The cheese market continues weak.

London Wool Futures (N.Z. Press Association—Copyright',

LONDON, April 11. London wool terminal market

Bradford Wool Tops.—Merinos: 70’s average carded. 157 d per lb; 64’s average, 148 d; 60’s super, 137 d. Crossbreds: 56’s average carded. 112 d per lb; 50’s average carded, 96d; 46’s average carded, 94d.

London Metals Market

(N.Z. Press Association— LONDON, April 11. Latest London metal prices are:—

quotations today were:— Sellers, d. per lb. Buyers, d. per lb. May .. 143 143J July .. 140 . 1401 October .. 1354 1354 December .. 1324 1324

Buyers Sellers a ton £ s. d. A ton £ s. d. Tin— Spot Forward .. 769 0 0 760 0 0 771 0 0 767 0 0 Lead— Spot .. 112 15 0 113 0 0 Forward .. 112 5 0 112 10 0 Zinc— Spot .. 98 5 0 98 15 0 Forward .. 94 10 0 94 15 0 Copper— Spot .. 241 5 0 241 10 0 Forward .. 242 0 0 242 5 0 Gold: £12 Silver: 6s 10s 3Jd oz. 71d per oz pot, 6s 7|d forward.