UNITED DOMINIONS CORPORATION

Press, Volume XCVIII, Issue 28938, 4 July 1959, Page 16

UNITED DOMINIONS CORPORATION

N.Z. Business Now £1,600,000

Aggregate business of the United Dominions Trust} group in New Zealand is now about £1,600,000, according to the, annual report of United Dominions Corporation (South Pacific), Ltd. This figure has been reached since the acquisition by the Corporation’s parent company, United Dominions Trust, Ltd., London, of the Traders’ Finance Corporation, Ltd., Auckland. Consolidated net profit of U.D.C. for the year ended March 31 was £33,911, an increase of £7965. Operating profit was £77,412 (up £7121) and tax provision was £2583 higher at £34,272. Again no dividend was paid to the parent company and £30,191 of the profit was transferred to the revenue reserve, increasing carry-forward to £20,771. ' Reserves and unappropriated profits rose from £117,051 to £150,771. Indebtedness to the parent company rose from £471,188 to £493,227. Advances and other current assets rose from £1,260,041 to £1,316,519. The report records the purchase last year by Barclay’s Bank of a considerable shareholding in United Dominions Trust and similar purchases by other British banks in other British finance companies. These moves strengthened the position of the leading British financial organisations in the field of industrial and hire purchase finance.

Clyde Engineering.—Changes have been made in the directorate of Clyde Engineering, Ltd., Wellington, after the death of Mr P. Scott Ramsay. Mr M. O. Barnett is chairman, Mr Keith Scott Ramsay managing director, and Mr J. G. Syme, a director.—;PA.)