Feltex Issue Heavily Oversubscribed

Press, Volume XCVII, Issue 28527, 5 March 1958, Page 15

Feltex Issue Heavily Oversubscribed

(New Zeatana Press Association) WELLINGTON, March 4.

The directors of Felt and Textiles (Australia), Ltd., advise that the company’s issue of £1,250,000 8 per cent, debentures, which closed on March 3, was heavily oversubscribed. British Tobacco Gross annual turnover of the British Tobacco Company (Australia), Ltd., exceeded £lOO,000,000, the chairman (Mr T. J. Foley) said at the annual meeting in Sydney. An item weighing heavily on the cost structure was the price of tobacco leaf, any upward movement causing a disproportionately large reduction in the unit profit margins.

Because of the industry’s sensitiveness to cost factors, the company had directed efforts to consolidating reserves, so strengthening its existing competitive advantage.

The upward trend in sales, which was evident last year, had continued throughout the four months of the current year. Total sales for the December quarter were 3, record, and figures were following the same pattern. Guthrie Bowron.— Guthrie Bowron, Ltd., has announced an unchanged interim dividend on preference shares of 2»/ 2 per cent. Last year’s total preference dividend was 5 per cent. The dividend is payable on March 10, and the shares are ex dividend at that date.—(P.A.) Tasman Output Up.— ln the Tasman Pulp and Paper Company’s report sent yesterday it was stated that sawn timoer (board feet) production was 10,500,900. This should have been 22,000,000 for the year to October 31 last, compared with 10,500,000 in the previous year.—(P.A.) Metters.—Metters (N.Z.), Ltd., porcelain manufacturers, Petone, reports a net profit of £4655 for the year ended December 31, an increase of £1567 over the previous year’s result. Profit was struck after providing £l9BO more for taxation at £4030 and £145 more for depreciation at £2910.. Dividend Is raised from 4 to 6 per cent., absorbing £3896, leaving a balance of £1987 to carry forward. Gross profit totalled £11,990 against £8720 In the previous year. The dividend will be paid on March 19, shares becoming ex dividend the same date. Humes (Far East). —Humes (Far East), Ltd., has recommended a final dividend on both ordinary and preference shares of 6 per cent., making a total dividend for the year of 11 per cent. The shares-’are ex dividend on March 25. The total dividend of 11 per cent, compares with last year’s dividend of 15 per cent., which was made before a one-for-two bonus share issue. The latest dividend therefore represents a return of 16*,per cent, on the share capital before the bonus issue.—(P.A.) Metropolitan Building.—Net profit of the Metropolitan Permanent Building and Investment Society, Wellington, for the year to February 15, 1958, was £6731, against £6309 the previous year. Steady distribution of 7 per cent., including 1 per cent, bonus on A and B shares, takes £5896. A sum of £lOOO is transferred to dividend equalisation reserve. Carry forward is £3679, against £3845 brought in. Capital is £88,831, £60,000 in A shares of £lO each and £28,831 in B investment shares. Reserves amount to £60,542. The balance-sheet shows that loans on mortgage and accrued interest, less special ‘ advance reserve of £5025, amount to £175,887, against £177,806 a vear ago.—(P.A.)