GIANT INDUSTRIES’ FIRST YEAR

Press, Volume XCVI, Issue 28451, 4 December 1957, Page 19

GIANT INDUSTRIES’ FIRST YEAR

(New Zealand Press Association} WELLINGTON, December 3. I Giant Industries, Ltd., Welling- | ton, earned a net profit of £30,257 in the year ended September 30. its first year as a public company. The company was formed last year to acquire the shares of G. H. Jackson and Company, Ltd., Giant Colour Company, Ltd., and ;Giant Products. Ltd., paint and varnish manufacturers. The profit was reached after providing £32,040 for taxation and £5344 for depreciation. Ordinary dividend is 8 per cent., absorbing £13,331 The sum of £4525 is written off initial expenses, leaving a balance of £12,401 »o be carried forward.

<4. B. Norwood And Massey-Harris-Fergugon (New Zealand. Pi ess Association} WELLINGTON, December 1. C. B. Norwood, Ltd., of Wellington, has purchased all. the assets of Massey-Harris-Ferguson in New Zealand. C. B. Norwood has for the last nine and a half years been the New Zealand distributor for the Ferguson system. The company has now been appointed sole distributors for New Zealand for Massey-Harris-Ferguson agricultural and industrial lines. Walton’s Debenture Issue.—The £1 million 7>,i per cent, debenture issue of Waltons-Sears, Ltd., closed in Sydney last week oversubscribed. Hill 50.—Hill 50 Gold Mine, N.L., Mt. Magnet, Western Australia, earned £922.544 net profit for the year ended June 30, an increase of £19,108. The company produced 87,2040 z of gold during the year, compared with 83,295 in the previous vear. Gold sales brought in £1.363,156. The latest rise in the profit is the sixth in succession. Profit has been lifted from £2221 in six years. Dividends and bonuses paid during the year absorbed £1,125,000. Reserve gains a steady £50,000, leaving carry forward £252.456 lower at £300,911. Since the dose of the financial year, £262JOCUias been dis • tributed in a dividend* of 5d and- a bonus of 2d a Is share.