New Name For Bell Bay

Press, Volume CI, Issue 29910, 25 August 1962, Page 16

New Name For Bell Bay

The name of the company operating the Bell Bay (Tasmania) aluminium smelter has been changed to Comalco Aluminium (Bell Bay), Ltd., it has been announced. It was known as Aluminium Production Corporation. Comalco Industries of Melbourne is the major shareholder in the Bell Bay company, with the Tasmanian Government continuing as a partner.

Bell Bay is at present Australia’s only producer of primary aluminium and a spokesman for the company said the new name will more readily identify the plant’s position as a major member of the Comalco group of companies.

Cascade Brewery Profit Falls Consolidated net profit of Cascade Brewery. Ltd., Hobart, fell £37,484. or 15.4 per cent., to £206.938 for the year ended June 30 Dividend is held at 10 per cent., requiring £72,815 The profit is after lower tax provision at £168.860 (down £23,868), but higher depreciation at £97,968 (up £8903). 1 An unchanged £30.000 is provided for “increased cost of plant replacement." Earning rate on unchanged ordinary capital falls from 33.48 per cent to 28.48 per cent.

Directors in their report say trading conditions were not easy and community spending remained restricted

Mutual Accept. Profit High er

Mutual Acceptance Corporation, Ltd., Sydney hirepurchase financier, increased consolidated net profit by £4993 to £442,886 in the year to June 30.

Ordinary dividend is maintained at 15 per cent., the rate paid since 1954. and absorbs £283.336. or £154,550 less than the profit. Final dividend is 7'4 per cent

SHARE PRICE DECLINE

Policy Of Unit Trust Daysh Renouf and Company and lan Potter and Company. investment advisers to New Zealand Unit Fund Managers. Ltd., have concluded that the recent decline in the Australian share market is a market movement only, not generally affecting the stability or profitability of the companies themselves Mr F H Renouf, chairman of New Zealand Unit Fund Managers, say this in the fourth report to unit holders of the Ist New Zealand Unit Trust, for the six months ended June 30 “Our advisers, therefore, have sought out those sound and progressive companies whose shares are at present at an historically low price, and based their recommendations accordingly." The distribution of 6s 8d a 100 units makes 15s (3 per cent.) for the year, compared with 15s lOd (3 45 per cent.) the previous year

Beath Dividends. — Beath and Company, Ltd., final dividends of 5 per cent ordinary (making a steady 10 per cent, for the year) and 21 per cent, preference are recommended.

U.K. Investment Clubs.—lnvestment clubs in Britain—there are now about 1400 of them—are having a boom. Of the total. 574. with a membership of 14.000. belong to the National Association of Investment Clubs The founder of the association (Mr D Moate) told the "Evening Standard” he thought there was room tn Britain for about 10.000 clubs, involving 230,000 people— (N.Z.PA.) <