J. NATHAN’S GOOD YEAR

Press, Volume C, Issue 29673, 17 November 1961, Page 19

J. NATHAN’S GOOD YEAR

# Net Profit Doubled

Joseph Nathan and Company. Ltd.. Wellington merchants, more than doubled net profit to £23,717 in the year to August 31. Previous year’s profit was £10.894. Profit was reached after providing £23 less for depreciation at £2084 and £ 12,140 more for tax at £24,200. The 5 per cent, preference dividend takes £lOOO and the 8J per cent, ordinary £B5OO After writing off £954 investment in subsidiary companies, . carry-forward is £19.164 against £5901 brought in from last year. Balance-sheet The balance-sheet rfiows capital unchanged at £lOO.OOO ordinary and £20,000 preference. Capital reserve is steady at £13,377 and revenue reserves (including appropriation account) are up from £175,278 to £188.541. Current liabilteies are up from £75,022 to £90,343, with overdraft £l3lO lower at £21.730 and sundry creditors £6879 higher at £38.105. Current assets are up from £201,330 to £235,247. with debtors down from £102,143 to £76.246 and stocks up from £99,187 to £159.001. Fixed assets are £41,637 against £43.721 last year. Reserve Ratios Increased (N.Z Press Association) WELLINGTON, Nov. 16. The reserve ratios for balances held by trading banks with the Reserve Bank are again increased by a Gazette notice tonight with effect from November 20. Demand liabilities are increased from 25 per cent, to 28 per cent Time liabilities remain unchanged at 10 per cent. U.S. Loan Upsets E.Z. Exports (N.Z.P.A.-Reuter—Copyright) MELBOURNE. Nov. 16. The recent 52 million United States dollar loan to India will seriously affect E.Z. Industries’ zinc export trade, directors say in their annual report. The loan, which was made to buy non-ferrous metals, including zinc and cadmium, may be spent only in the United States. As a result India’s purchases of zinc between October, 1961, and March, 1962. will be largely confined to the United States metal. India was easily E.Z.’s largest overseas customer last year, when shipments to the country rose from 12,920 tons to 19,430 tons. Carapark To Pay No Dividend (N.Z.P. A.-Reuter—Copyright) SYDNEY. Nov. 16. Directors of Garaperk Holdings, Ltd., Sydney, advise that group profits for the year ended June 30 before providing for taxation and depreciation were £175,370. The sum of £38,908 has been provided for depreciation and £60.970 for taxation, leaving a trading profit for the year of £75.492. This is before deducting an amount of £48.825, representing an overstatement of profits ‘ for the year ended June 30. 1960. The directors do not recommend payment of a final dividend. Queensland Can Makes £l.4m. Bid (N Z.P.A.-Reuter—Copyright) MELBOURNE, November 14 Queensland Can Company, Ltd., in which Containers, Ltd., has a share interest, has made a £1,380.000 share offer for Paper and Board Industries, Ltd. The Queensland company also plans a one-for-five bonus issue and a share split Directors of Paper and Board have accepted the offer and recommend it to other shareholders. Business Persona) Mr W. N. Norwood, managing director of Dominion Motors, Ltd., and of C. B Norwood, Ltd., has returned to Wellington from a visit to the United States, Britain and Europe.