Retail Trade In Australia
Retail turnovers in Australia in recent months have not revealed the improvemest expected at the start of 1959, says the National Bank of Australasia in its monthly summary. Christmas trading, however, should reach record levels, closing the year satisfactorily for most retailers.
The year had certainly been strengthened by higher consumer spending; yet, after allowing for rising prices, “the actual volume of sales might well have reflected only the growth in population numbers,” the bank states. Further expansion seems likely in 1960, which will show full impact of wages adjustments and the improved employment position. The expansion may Still follow population, rather than indicate an increase per head in actual quantities bought. Current retail trends are marked by intense competition, particularly between the larger stores. More self-service stores, supermarkets and branches f larger firms are being opened.
Carlton Investments. Carlton Investments, Ltd., again shows a steady net profit of £23,035 for the year ended October 31. Actual increase of £53 offsets the previous year’s fall of £44. Profit is equal to 21 per cent, on ordinary capital, after deducting £5BOB preference charge. Ordinary 20 per cent, dividend, a steady rate since 1955, absorbs £16,404. Income was virtually unchanged at £23,616 (1958, £23,615).
Lustre Hosiery.—Lustre Hosiery, Ltd., whose directors are recommending a 3s a share bid by Reid Murray Holdings, Ltd., shows accumulated losses of £701,933 at October 31. Losses stood at £680,064 at February 23, when'a receiver, Mr N. H. Routley, was appointed by the Bank of New South Wales. Net loss between February 23 and October 31 was £21,929. Shareholders’ funds now total £115,007, against issued capital of £700,000. Progressive disposal of assets has covered the bank's debts, leaving current assets at £126,618, including £27,579 due from proceeds of auction sale. Kauri Timber Plans.—The Kauri Timber Company, Ltd.’s policy remained one of expansion, the chairman, Mr J. R. Bishop, told shareholders at the annual meeting. The timber industry had no need to fear for the future. The directors look forward to increased activity this year. Already sales and trading results showed an increase over the previous year. Mr Bishop repeated his contention that an extra £2O million a year should be diverted to housing under a national plan. He said the company believed that these necessary funds could be provided from overseas at a reasonable rate of interest. Such action x was most necessary for long-tern? stability in the building and allied industries. He said sales of Kauri products in Victoria had increased, but profit return was not as satisfactory as it should be. ' ,
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Bibliographic details
Press, Volume XCVIII, Issue 29082, 19 December 1959, Page 20
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429Retail Trade In Australia Press, Volume XCVIII, Issue 29082, 19 December 1959, Page 20
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