Company News N.Z. FOREST PRODUCTS

Press, Volume XCVII, Issue 28671, 22 August 1958, Page 17

Company News N.Z. FOREST PRODUCTS

Warning On Budget Effects (New Zea ian a Press Annotation) AUCKLAND. August 21. A special notice containing a warning on Budget provisions has been enclosed in shareholders’ copies of the annual report and balance-sheet of New Zealand Forest Products. Ltd. Auckland shareholders /received their copies today. Signed by the chairman. Sir David Henry, the notice states: “The enclosed directors’ report was prepared before the Budget was presented to Parliament . . • This Budget contains a number of provisions, for example dividend tax, profits retention tax, and increase in tax, which may effect the company and the proposed distribution. , “At the present date the directors find 'it impossible to assess these effects, but it is hoped that the position will have become more clearly defined by the date of the annual meeting. COURTAULDS Sharp Fall In Net Profit (N.Z. Press Association —Copyright) SYDNEY, August 21. Courtaulds (Aust.),. Ltd.. Rayon yarn.maker, is reducing the final ordinary dividend from 2| to 2 per cent, after an interim raised from 2 to 21 per cent. The year's dividend. therefore, is unchanged at 4| per cent. "The dividend of 4J per cent, paid last year compares with an initial 2 per cent, paid for 195556. Net profit of £387.956 for the year ended June 30, 1958. is a fall of £77.368. or 16.6 per cent. “Owing to major problems involved in the transition to higher strength yarn and the costs arising therefrom, the profits in the latter part of the year were seriously affected.” the directors state in a preliminary report. “The present position is that these changes have now been almost completed and the company’s operations are being conducted on a satisfactory basis.”

BOX FIRMS TO MERGE (New Zealand Press Association) WELLINGTON, August 21. Proposals for the merger of the United Box Company, Ltd., and the Empire Printing and Box Manufacturing Company. Ltd., were adopted at meetings of shareholders of the two companies today. 1 The merger takes effect tomorrow. The combined organisation will be known as the United Empire Box Company, Ltd. Wormald Bros.—Dividends of 10 ner cent, ordinary and 6 per cent, preference are payable September 8. ex div. August 26.—(P.A.) United Provisions.—Annual dividends of 10 per cent, ordinary and 8 per cent, preference are payable October 31.—(P.A.) Williamson Jffery.—Final dividends of 4 per cent, ordinary and 2J per cent, preference are ex div. September 10. —(P.A.) Coulls. Somerville. —Recommended final ordinary dividend. 10 per cent.; also scrip issue 1 for 5. ex. premium reserve.—(P.A.) Williamson Jeffrey.—Final ordinary 4 p.c., preference 24 p.c., is ex. div. September 10.—(P.A.) Humes, Ltd.—Recommended final dividend A and B preference 3? p.c.. ord 84 p.c. (64 p.c., plus 2 p.c. from overseas interest). ’ is ex. div. September 16 Trading for the year ended June 30 resulted in a net profit of £533,129. after providing £362,000 foi taxation. The trading profit was £790.944, with dividends from subsidiaries, £102.028.—(P.A.)