ROBERT FRANCIS ACQUISITION

Press, Volume XCIX, Issue 29311, 16 September 1960, Page 17

ROBERT FRANCIS ACQUISITION

Columbus Radio Taken Over

Cojumbus Radio Centre, Ltd., Wellington, has been taken over by Robert Francis, Ltd., Christchurch.

Both are private companies, retailing musical instruments, electrical goods and household appliances. Robert Francis has three shops in Christchurch, one in Timaru and one in Greymouth. Columbus Radio has three shops in Auckland, three in Wellington and 24 shops in other centres, mainly Ih the North Island.

Details of the deal have not been released.

Whittome Stevenson Bonus Issue

(New Zealand Press Aseociation) AUCKLAND, September 14. Net profit of Whittome, Stevenson and Company, Ltd., Auckland, condiment manufacturers, increased by £935 to £6604 in the year ended ; June 30 after prov*sl?n of £934 M6re for taxation at £6603 and. £893 more for depreciation at £3298. A 2| per cent; bonus is again being added to the dividend of 10 per bent, the total payment “f 12i per cent requiring £3844. General reserve is being edi l*S 4 - with end. with tiie additional transfer of a former depreciation reserve of £lO7O will be increased to £41,570. Shareholders will be asked at the annual meeting on October 6 to increase nominal capital by £so’ JOO to £BO,OOO, to capitalise £20,500 of reserves in a two-for-three bonus issue, and to subdivide the shares into 5s units

Wright, Stephenson Capital.—Prof?r an J? crea ? e ln authorised capital from £5 million to £8 million will be placed before shareholders of Wright, Stephenson and Company, Ltd., on October 8. The ta *‘ th* increase is desirable in order to avoid delays in accepting opportunities or making moves which could involve the issue of more capital. Present paid capital la £4,191,046. P , Clyde Industries, Sweco.—Clyde Industries. Ltd., will make under licence from Southwestern Engineering Company, United States, Sweco” heat exchangers. A joint announcement by the two companies states that Clyde will have the manufacturing rights in Australia and its mandated territories and New Zealand. Sweco will provide pyde with the technical "knowhow for making heat exchangers. Elder, Smith Year.—Elder, Smith and_ Compeny. Ltd., shows a net profit of £702,448 for the year ended June 30, a rise of £68.602, or 10jB per cent. This contrasts with the previous year’s £58,123-decrease and a drop of £164,767 to £691,970 for 1957-58. Dividend remains at 10 per cent, and absorbs £535.366. Profit represents an earning rate of 13.1 per cent, on capital. It is after tax £944,482 (up £129,858) and depreciation £553.819 (up £54,856). Reserve gains £121,970 (last year £95,027).

John Fairfax.—John Fairfax, Ltd., will pay a total dividend of 15} per cent, after a rise to more than £1,000,000 in consolidated net profit for the year to June 26 last. The company will pay a final dividend of 8 per cent, on the issued ordinary capital. Together with the interim dividend of 7} per cent, this makes a total distribution of 15} per cent, for the year. Last year the company raised its dividend from 9} per cent, to 13 per cent. —N.Z.PA., Sydney.