CLAUDE NEON YEAR

Press, Volume XCIX, Issue 29363, 16 November 1960, Page 21

CLAUDE NEON YEAR

Steady Profit After

Transfer

(New Zealand Press Association) AUCKLAND, November 15.

After transferring £5OOO from the deferred maintenance reserve to the profit and loss account. Claude Neon Lights of New Zealand, Ltd., showed a net profit of £31,774 for the year ended August 31, against £31,703 the previous year.

The latest profit represents an earning rate of 8.3 per cent, on shareholders’ funds of £383.683. compared with 9.9 per cent, on £319,645 in the previous year. It was reached after providing tax of £27,650 against £30.000 in 1959, and £lBl9 more for depreciation at £10.852. The dividend has been maintained at 10 per cent, plus a bonus of 2 per cent, on capital increased during the year by a on'e-for-four premium issue of ordinary shares. New shares created by the issue rank for dividend and bonus from the date of allotment.

The total payment of £14,800 compares with £14,400 the year before. General reserve has been raised to £150,000 by the transfer of £lO.OOO against £20.000 in 1959. There are no other appropriations, and after writing ' back £455 in over-provided tax the carry-forward is raised from £21,090 to £28,448.

ULTIMATE-EKCO £500,000 Expansion Planned (New Zealand Press Association) AUCKLAND, November 15. A £500.000 expansion programme will be undertaken by Ultimate-Ekco (N.Z.), Ltd.. Auckland, radio and appliance manufacturers, over the next few years. A new factory of 80.000 square feet will be built in the coming year, the managing director, Mr D. T. Clifton-Lewis, told a conference of 350 radio dealers. Another 25,000 square feet would be added within 12 to 18 months. The company, whose shareholders recently authorised an increase in nominal capital to £300,000, is now offering 150,000 10s shares at a premium of 5s on a three-for-four basis.

Chevron-Hilton Par , Share Offer

(N.Z. Press Association—Copyright) MELBOURNE, November 15.

Chevron-Hilton Hotels, Ltd., formed by Stanhill Consolidated, Ltd., and Hilton Hotels International to build a series of hotels, will make an ordinary share issue at par and an issue of debenture stock to finance its first two hotels.

Directors of Stanhill Consolidated, Ltd., said this in their annual report today. Stanhill will subscribe for 49 per cent, of the ordinary share issue and Hilton for 15 per cent. The first two hotels are planned for Melbourne and Perth. Later, hotels will be built in other Australian cities and also in Auckland and Hawaii.

Chas. Begg.—Turnover of Charles Begg and Company, Ltd. Dunedin, has increased in both retail and manufacturing departments say the directors in their report for the halfyear to September 30. Since March 31 new retail outlets have been established at Rangiora, Mt. Roskill and Hastings. Branches at Blenheim and Lower Hutt have also been opened. Freehold land has been bought in the best retail area of Rotorua and two shops are being built, one to be occupied by Beggs. Import restrictions are still seriously curtailing trading in some lines. Wages and other charges continue to rise.