EXPORTS BY E.Z.

Press, Volume CI, Issue 29983, 19 November 1962, Page 16

EXPORTS BY E.Z.

Rise For Year (NZ. Pres* Assn.—Copyright) MELBOURNE. Nov. 17. Zinc exports of E.Z. Industries, Ltd., were 40,000 tons higher in the year to June 30 Last, directors said in their annual report Melbourne newspapers reported. However, directors said zinc sold for Australian consumption fell from 85-527 tons to 61,605 tons because of the market entry of zinc from the new lead-zinc smelter at Cockle Creek, near Newcastle. Exports were made to 22 countries during the year compared with 14 in the previous year. It was expected export sales could be maintained at present levels, depending on the metal available from production. Sales to New Zealand Sales to New Zealand last financial year totalled 2384 tons compared with 1894 tons for 1960. Consolidated net profit of the company in the year to June 30 fell 3.5 per cent to £2,l74,392—giving an earning rate of 12.1 per cent cn capital. Commenting on Britain’s possible entry into the Common Market, directors said it was not possible to forecast the effect of the move on the company’s zinc exports to the United Kingdom and Europe. But it might be expected that the zinc consumption of the United Kingdom and Common Market countries would continue to rise and it was hoped that E.Z. would be able to continue its sales in the area in part satisfaction of its needs.

10. NATHAN YEAR 32 p.c. Fall In Net Profit (N.Z. Pres* Association) AUCKLAND, November 16. Net profit of Joseph Nathan and Company. Ltd., Wellington, fell £7689 (32.4 per cent.) to £16,028 in the year ending August 31. The drop was not unexpected, directors say in the annual report, as fluctuations were to be expected from a company whose fortunes were dependent on import control Profit was reached after providing an almost unchanged £2122 for depreciation and decreasing taxation provision from £24,200 to £14,606. It represents an earning rate of 15 per eent. on steady capital and 8.8 per cent on average ordinary shareholders’ funds.

Ordinary dividend has been maintained at 8i per cent, and with the preference charge takes £9600. Carryforward is increased from £19,164 to £25,763.

P.LA. Deficit Last Year

(N.Z. Press Assn.—Copyright) LONDON, November 15. In spite of the higher port charges introduced at the beginning of this year, the Port of London Authority suffered its largest peace-time deficit in the year ended March 31 The authority began the year with some £600,000 of available capital resources, but these were exhausted during the year. It had to realise its free investments and obtain a bank overdraft which totalled £171,210 at the end of the year. The annual report announces that nearly one-third of £3O million to be spent on modernisation and development over six or seven years would be chargeable to revenue account.

“It would be necessary, however, to raise very substantial amounts of fresh capital by issues of port stock over the next few years,” the report adds.

Banks 9 Ratios Increased

The trading banks’ statutory minimum deposits will be increased by £7.Bm this week. The increase, effective from November 20, is the largest since the £ 10.8 m increase on October 19. A Gazette notice lays down the banks’ new ratios as 32 per cent, of demand liabilities plus 10 per cent, of demand liabilities (compared with 29 per cent, and 10 per cent, respectively since October 26).