FORD TO MAKE SMALL CAR

Press, Volume XCVI, Issue 28445, 27 November 1957, Page 19

FORD TO MAKE SMALL CAR

(Special Correspondent N.Z.P.A.) LONDON, November 25. The Ford Company intends to | introduce a small car to compete with the Volkswagen and small | Fiat models in one or two years’ I time, Mr C. Stenger, managing director of the Netherlands Ford plant, said in an interview with the “Amsterdam Telegraaf.” It will be a four-cylinder model priced below £5OO and will be manufactured in Britain. Queensland Insurance! Year Net profit of the Queensland Insurance Company, Ltd., rose £74.690 ! to £501,326—an increase of 17.5 per I cent.—in the year ended September ■ 30. The profit is equal to an earning rate of 20 per cent, on the increased capital of £2.5 million. Premium income rose by £296.805 to £4.195.695. Losses were £129.954 : higher at £2,420.200—equal to 57.61 per cent of premium income, against j 58.7 per cent, last year—while ex- ; penses totalled £1,261,909 (an increase of £103.344), equal to 30 per cent, of premium income, against : 29.7 per cent, in the previous year. | The underwriting surplus was in- ' creased by £43.892 to £139.064 and was reached after placing £200.000 to unexpired risks reserve (against : £175.000). Investment income re- ; turned £362,262, an increase of, £30,798. Dividend is steady at 12’i per j cent, on the capital increased by last ' year's bonus and cash issues, ab- I sorbing £289.063. Reserve is credited with £lOO,OOO (against £200,000 last, year) and £30.000 (£20.000) is! placed to staff funds, leaving a bal- ' ance forward of £303,826.

Calder Mackay.— The Calder Mac- ; kay Company, Ltd., Auckland, has I increased capital from £150,000 to £200,000 by the creation of 25,000 ordinary and 25,000 preference shares of £1 each.

C. and A. Odlin.—Final ordinary dividend is 5 per cent., making 10 per cent, for the year, plus a special “jubilee” dividend of 2J per cent. The final “A” preference dividend is 2J per cent, and the final “B” preference is at the rate of 6 per cent, per annum on amounts paid up.— (P.A.) McSkimming Industries.—Subsidiary companies of McSkimming Industries, Ltd., Dunedin, are being wound up as part of the reconstruction of the McSkimming group of ■ companies. Formed in 1951 as a pub- | lie company, McSkimming Industries ! is a holding company for the group i which manufactures sanitary pottery. earthenware, etc. Paid capital stands at £250,000, comprising £190.000 ordinary and £60,000 pre-j ference.