Company News MT. ISA AND MT. LYELL

Press, Volume XCVI, Issue 28415, 23 October 1957, Page 17

Company News MT. ISA AND MT. LYELL

Effect Of Different

Copper Prices

Mt. Isa Mines, Ltd., by exporting copper, is bearing the chief burden of the disparity between the overseas and the Australian prices of the metal. Mt. Lyell Mining and Railway Company, Ltd., is benefiting by selling locally. The chairman of Mt. Lyell, Mr W. E. Bassett, revealed this at the company’s annual meeting in Melbourne last week. Mt. Lyell’s

future mining operations depended on a favourable report on the copper industry by the Tariff Board, or an early recovery of the metal price, Mr Bassett said.

The Tariff Board report was due soon.

He did not know how long the bolstering of the Australian copper price against falling overseas price would continue. Referring to the new ore discovery, Mr Bassett said that test holes had been drilled, and copper, as rich as the company had had since the North Lyell working, had been found in some places. Proving of the ore would take two or three years.

Wilcox Mofflin Profit Down

Net profit of Wilcox Mofflin. Ltd., wool, hide and skin merchants, Sydney, fell £4656 to £63,418 for the year ended June 30. The fall, following increases in the previous four years, is reached after higher provision for depreciation, at £50,294 (up £7822). Tax provision is unstated.

Profit is equal to an earning rate of 11.5 per cent, on the unchanged ordinary capital of £550,000. Dividend is 8 per cent, for the fifth successive year, and absorbs £44,000. Reserve gains £15,000 (down £5000), leaving a carry forward of £32.601 (up £4418).

Turnover increased during the year, but the additional gross profit was not sufficient to completely offset the higher costs in running the business, directors state. Export business was fully maintained under conditions of relatively stable prices until the final months of the year, when lower markets prevailed due to restricted demand, they say.

The additional output of the tanneries was well received both on the local and overseas markets, directors added.

Stock on hand as at June 30 was £1,384,256, a rise Of £103,811. Bank overdraft stood at £1,112,050, an increase of £103.572.

Andrews and Heaven.—Net profit for the year ended June 30 was £17,416 higher at £80,748. In the review of the company’s accounts published on Saturday, the word “higher” was omitted. The increase of £33,807 to £274.908 occurred in net current assets not in current liabilities, as stated. Current liabilities fell £107,968 to £312.634.

N.Z, Paper Mills, —An Interim dividend of 3 per cent, is payable on November 29, ex November 18. Total payment last year was 8 per cent.— (P.A.)

Bank of Adelaide. —The Bank of Adelaide earned a steady net profit of £212,698 for the year ended September 3Q. This i* a fall of £2197 after unstated tax. The result was earned despite further reduction in advances on the year. Profit is equal to an earning rate of 12.2 per cent, on capital. Dividend is steady at 10 per cent, for the fourth successive year, and requires £175,000. Speedway Products.—For the second year in succession, no ordinary dividend is recommended.—(P.A.)

Radio Corporation.—The additional nomination for the board of directors, which would have required a ballot, was withdrawn at the request of the proposer and seconder at the annual meeting today. The proposer, Mr A. R, Geddes, said the mere fact that the name went forward might show lack of confidence in the present board, which was not intended. During discussion the suggestion was made that the accounts would be produced earlier. The chairman indicated that this would be given attention next year.—(P.A.) Williamson Jeffery.—The company’s liquid position could be improved only by earnings and depreciation funds retained in the business, Mr L C. Nisbet, chairman of Williamson, Jeffery. Ltd., said at the annual meeting in Dunedin. "To finance further expansion,’’ he added, "we may. within the foreseeable future, have to approach shareholders for further capital.” Sales for the year ended June 30 were a record, but these benefits were offset to some extent by lower trading margins in some lines arising from keener competition. The company was an unwilling participant in a limited trade war affecting the” school exercise book trade, and it was conservatively estimated that this cost about £2500 in net profit before taxes.