Company News HUME INDUSTRIES (N.Z.), LTD.

Press, Volume XCVIII, Issue 29002, 17 September 1959, Page 21

Company News HUME INDUSTRIES (N.Z.), LTD.

Record £76,885 Profit

Net profit of Hume Industries (N.Z.) Ltd., manufacturers of concrete and steel pipes and general engineers, rose £17.533 to a record £76.885 in the year ended June 30. It is reached after provision of £77,043 (down £3479) for depreciation and £86.000 (up £23,500) for taxation.

Capital was increased during the year but ordinary dividend, reduced from 9 per cent, to 8 per cent., requires an unchanged £40,000. All the ordinary shares are held by Humes, Ltd., Australia. The preference dividend requirement is again £12,500. Transfer to a new general reserve is £11,264 (nil last year), and an unchanged £5OOO is appropriated towards the amortisation of the asbestos mine. Net profit exceeds appropriations by £Bl2l and carry-forward is raised to £50,049. Reserves £121,292

General reserve now stands at £20,000, having absorbed £8770 standing to the credit of the fire Insurance reserve. Directors explain that the company formerly carried the fire risk itself. Preference dividend reserve is steady at ,£25.000 and total reserves are £19.893 higher at £121.292. Fixed assets rose £3931 to Current assets rose £2072 to £820,649. Materials and stores fell £68,528 to £309.163 manufactured stock and work in progress rose £26,733 to £167.467. Trade debtors are £35,533 higher at £330,650. Current liabilities fell £11,316 to £482,166. Tax provision is shown under this heading at £88.046, an increase of £23,640. Amounts owing to the Hume group rose £21,716 to £41.955, creditors fell £10,247 to £155.704 and overdraft fell £46.425 to £170,211. Mortgage debt is £2574 lower at £99.306. to T £24s 028 Pr ° fit FOSe fr ° m £204282

Directors ’ report that the main contributions to the record year’s profit came from the concrete and earthenware divisions, both of which enjoyed a higher demand for their products. Full output was maintained >n these factories and similar conditions are likely in the current year.

Trading was difficult In the steel division. Although this division was kept busy, margins were unduly low as the steel pipe, structural ‘ and engineering industries have become extremely competitive, the report adds.

MATHESON MINSTER

Operations To Be Centralised (Eew Zealand Press Association) WELLINGTON, September 16. The directors of Matheson Minster, Ltd., have decided to concentrate all the company’s warehousing. workrooms and offices in Auckland. The company, which makes men's clothing, has operated throughout New Zealand and had its registered office and a workroom in Wellington. The workroom will be in a new building at McKelvie street, Grey Lynn, and the sales and general office in Anzac avenue. The shift will be completed by Monday. With one modern factory the company expects to gain the benefit of low overhead costs and at the same time provide an efficient service. NEW COMPANIES Company registrations notified In the “Mercantile Gazette” include: Aiax Fisheries, Ltd. Private company. August 25, 177 Hereford street. Capital: £lOOO. Subscribers—Christchurch: J. Odey 999. W. A Henshall 1. Objects: purchase and acquire business of ship owners and incidental. P’esse Shingle Supplies. Ltd. Private company. August 25, 167 Hereford street. Christchurch. Capital: £lOOO Subscribers—Christchurch: G. J. Piesse 990, J. E. Piesse 10. Objects : manufacturers and dealers in shingle, sand and incidental. L H.G. Holdings. Ltd. Private company, August 26, 179 Tuam street. Christchurch. Capital: £1250. Subscribers—Christchurch: L. H. Govan 1000 pref., C. Govan 50 ordinary, C. Govan, G R. Lawn, A. R. Gallagher (jointly) 200 ordinary. Objects: Acquire shares, stocks, debentures and .ncidental.

Increase of Capital Martin Barriball Ltd. Capital increased from £5OO to £750. Successful Sales Properties Auctioned Livingstone’s report Busy Property Selling, Properties recently advertised by them for auction having been sold quickly at satisfactory figures. Other Properties recently also sold by LIVINGSTONE’S include from Fendalton, Murray Ainsley Hill, Cashmere and Opawa and Linwood at prices from £l4OO to £B5OO. LIVINGSTONE, and JONES, LANG WOOTTON, advise having Many Cash Buyers waiting for Properties of all kinds. —Advt. Government Borrowing.—Government borrowing from the Reserve Bank, net of deposits, rose £s.lm to £43.7m during August. The latest figure is still £ 15.6 m below the August, 1958, figure.