Courtaulds To Pay 4½ Per Cent.

Press, Volume XCVI, Issue 28354, 13 August 1957, Page 17

Courtaulds To Pay 4½ Per Cent.

Courtaulds (Australia), Ltd., rayon yarn manufacturers, will pay a final dividend of 2$ per cent, to make 4$ per cent for the year to June 30. This compares with last year’s 2 per cent., which was the first the company paid since it was formed in 1949.

Provisional net profit for the year ended June 30 is £465,000, an increase of £37,484. Tax provision is £171,000 higher at £348,000.

Earning rate on ordinary capital is 6.8 per cent against 6.2 per cent last year. The charge for the 4$ per cent, dividend is about £277,155, which the profit clears by £lBB,OOO. The latest profit is the third since the company was formed in 1949. The first was £111,117 in 1955, followed by £427,516 in 1956.

These profits were sufficient to pay last year’s 2 per cent dividend, wipe off establishment expenses of £274,834, and leave a credit balance of £29,302.

Australian Guarantee.—Consolidated net profit of Australian Guaranteed Corporation, Ltd., rose £5992 in the year ended June 30, to £11108,087. Dividend is steady at 15 per cent. The result is reached after providing £942,963 for tax, a decrease of £13,617.

Elder Smith.—Elder Smith and Company, Ltd., stock and station agents, Adelaide, has increased the dividend from 11 to 12 per cent, for the year ended June 30. The bonus addition to the final 5 per cent, dividend is increased from 1 to 2 per cent. The total 12 per cent, is the same as the 1955 rate. D.I.B.A.—Net profit of the Dominion Investment and Banking Association increased by £1056 to £14,403 in the year ended June 30. Deposits with the association declined by £9414, compared with a reduction of £49,890 in the previous year, and advances on first mortgage increased by £7491 after falling by £34,499 in 1955-56. The directors state that the continuance of restricted conditions of credit maintained a strong demand for mortgage loans. The existing authorised rates of interest for deposits and the low individual limit of £2OO for savings accounts did not enable the association to retain the volume of deposits held last year. The reduction in deposits limited the scope for meeting the requirements of prospective home purchasers and home builders.