UNITED DOMINIONS CORPORATION

Press, Volume XCV, Issue 28314, 27 June 1957, Page 17

UNITED DOMINIONS CORPORATION

(New Zealand Press Association) WELLINGTON, June 26. A statement issued by the United Dominions’ Corporations (South Pacific), Ltd., says that the corporation’s profits continue to show a rising tendency. Net profit, after setting aside £15,000 as a contingency provision for book debts, and after provision for taxation, is £20,216, compared with £17,344 last year. The tax-paid profit shown in the consolidated accpunt, which includes the figures of the subsidiaries, is £22,704, compared with £18,546 last

Since the purchase of the shares in the corporation by United Dominions Trust, Ltd., London, the corporation’s policy has been to retain all profits in the business. In keeping with this, no dividend has been declared. The sum of £20,000 has been added to reserves, which, with the appropriation account; now stand at £81,286. The inclusion of the reserves of the subsidiaries brings the figure to £91,105.

The share capital was increased to £200,000 to bring It more into line with the balance-sheet total of the corporation, which exceeds £1,000,000. The increase was made

by converting a sum of £lOO,OOO from the loans owing to the London parent company. The directors’ report refers to the policy of the Capital Issues Committee, which, it states, continues to prevent the corporation from using the London funds available to it for advances to Industry and commerce in New Zealand. “As a result of this continued restriction the corporation was unable to extend its activities during the year.” Advances made to industry and commerce at the date of balance stood at £1,051,228, as. against £1,036,313 last year.