P. And 0. Prospects

Press, Volume XCIX, Issue 29170, 2 April 1960, Page 11

P. And 0. Prospects

(N.Z. Press Association—Copyright) LONDON, March 31. Sir William Currie, retiring chairman of the P. and O. Company. Britain’s biggest shipping group, said yesterday that last year was “qne of the most depressing since the thirties." The group’s net profit fell to £3 million, compared with £6.6 million the year before and £10.5 million in 1957, he told the company’s annual meeting in London. "Until there are clear signs of a revival, new orders for additional shipping will be kept down to a minimum," he added. Olympic Takeover.—Olympic Consolidated Industries, Ltd., makers of tyres, cables and rubber products, has offered to buy out the half share of capital it does not already hold in Explastics Industries Pty., Ltd. Directors of Explastics have advised shareholders to accept this offer.' In January, 1958, Olympic acquired a half interest in Explastics Industries by taking up at par a special issue of 105,655 shares of £1 each. * Blue Metal Industries.—Blue - Metal Industries, Ltd, Sydney, has. purchased the Melocco Brothers group of four proprietary companies, for a price exceeding £2,200,000. It has also reached “agreement in principle” with Ready Mixed Concrete, Ltd, for “joint operations in the metropolitan area of Sydney," the directors have announced. Australian Cement.—Directors of Australian Cement, Ltd, and Kandos Cement, Ltd, have announced an issue of £1 ordinary shares at par in the ratio of one for five held. The shares will be payable in full on application. 'They will rank for dividend from July 1, 1960. Directors are confident that the existing rate of dividend (10 per cent.) will be maintained. Shareholders will receive a letter of entitlement in due course. Bing, Harris Accounts.—Through a printer’s error, the tax provision of Bing, Harris and Company, Ltd, in the year ended December 19, 1959, was stated wrongly in yesterday’s issue. The figure was £79,645, not £17,645, which compared with £98,558 the previous year.