AUSTRALIAN CHEMICAL

Press, Volume C, Issue 29635, 4 October 1961, Page 19

AUSTRALIAN CHEMICAL

Credit Squeeze Affects Sales (N Z.P.A.•Reuter—Copyright) MELBOURNE, Oct. 3. Consolidated turnover and profit had benefited through the inclusion of a full year’s figures from new subsidiaries, the chairman of Australian Chemical Holdings. Ltd (Mr A. C Hatrick), states in his annual report to shareholders. The industry had suffered severely during the latter half of the financial year through the credit squeeze, particularly in the industries allied to paint, plastics, motor vehicles and durable appliance manufacturers. Costs had had to be cut and streamlined to counter a decrease in both turnover and margins. The A.C.H. group was currently divided into three main operating divisions to cover the chemical industry in Australia, chemicals in New Zealand, and the light engineering industry. In New Zealand the two chemical subsidiaries- were thriving on a well established market. A new plant was under construction in Auckland to increase manufacturing capacity and provide for a more thorough sales coverage in the northern part of New Zealand.

G. J. Coles £2.5m Profit G. J. Coles and Company. Ltd., earned a net profit of £2,549.531 in the year ended June 24. against £2,031.404 in the previous year. Sales tumped during the year from £67 million ’o £92 million The total dividend aporooriation £1 908.129. Including £1.856.703 for the unchanged 11 oer cent, ordinary nayment. Paid capital rose from £14,662.993 to £17.029.122. The balance-sheet gives the number of the company’s employees as 17,491 employed in 600 stores, against 15.377 employed in 325 stores a year earlier. The number of shareholders increased from 33,669 to 44.260. of which 17.500 are in Victoria.