P. AND O. LINE YEAR

Press, Volume CII, Issue 30063, 22 February 1963, Page 14

P. AND O. LINE YEAR

Improvement In Trading (N.ZJ>u4.-Ro«tee-CopvrigM) LONDON, Feb. 20. The P. and 0.-Orient Shipping Line today announced an over-all improvement io trading results, but this was wiped out by an increase, to depreciation charges. The net result before taxation was a group loss of £61,686, compared with a profit of £579,302 for the previous year. Last year's figures, however, included an income of £406,523 from the sale of Government securities.

Higher Depreciation The last year’s depreciation charge was £15,695,353. compared with £14,282,496 in the previous year. The directors resolved to pay a 2} per cent, dividend for the half-year to March 31. 1963 on preferred stock. They decided to recommend to the ordinary general meeting on March 27 a final dividend of 7 per cent, on deferred stock for a total of 10 per cent, for the year. This compared with 6 per cent, to 1961. Pyneboard Pty. Earns £68,968 Pyneboard Pty, Ltd, Sydney, particle board maker, earned a net profit of £68,968 for the year ended June 30.

The profit equals an earning rate of 11.2 per cent, on paid capital of £612,500. The shareholders are Colonial Sugar Refining Company, Ltd. (60 per cent.); Fletcher Manufacturing Company, Pty, Ltd. (30 per cent.), a subsidiary of Fletcher Holdings, Ltd, and Atel, Ltd. (10 per cent.).

Boral Dividend Increased (N.Z. Press Assn.—Copyright) MELBOURNE, Feb. 20. Bitumen and Oil Refineries (Australia), Ltd, has lifted the dividend rate from 17J per cent to a yearly basis of 20 per cent. The interim dividend is raised from 7J to 10 per cent. The full rate has been 17J per cent, for three years after eight years ait 15 per cent. Hay's Dividend.—Directors of Hay’s, Ltd. Christchurch, announce a 5 per cent. Interim dividend, payable on March 15, ex February 25. Last year the 5 per cent, interim dividend was followed by a final payment of 7J per cent.

Winding Up Sought.—A petition to wind up N. A Kretzmann (N.Q.I Pty, Ltd, a subsidiary of Reid Murray Holdings, Ltd, was presented to the Supreme Court in Townsville yesterday. Grounds were that the company was unable .to pay its debts. The company was taken over by Reid Murray Holdings in 1959.

Bowling Centres.—The net profit of Bowling Centres (Holdings) Ltd. for the six months ended December 31, was £124,990, after tax of £92,474, the directors say in an interim report. This compares with a profit of £130,000 for the year ended June 30, 1962. A second quarterly interim of 2| per cent, makes dividend 5 per cent, for the half-year, and requires £121,250.

Business Personal

Mr C. W. O. Turner, formerly engineer in chief, Ministry of Works, has been appointed a director of C. W. F. Hamilton and Company, Ltd.

Sir Norman Nock has been appointed to the board of directors of Manufacturers' and Retailers’ Acceptance Company, Ltd. (M.AH.A.C.). Auckland. Sir Norman Nock is a director of Commercial and General Acceptance, Ltd., Sydney, one of the partners in the new finance company. He is also "hairman of Nock and Kirby, Ltd.

Correction. —The New Zealand Bankers’ Association Research Directorate advises that cheque clearings in December, 1062. showed an increase of 12 per cent, on the figure for December, 1961. The association in a press release published last Friday had incorrectly given the increase as 30 per cent.