REID MURRAY LOSSES

Press, Volume CII, Issue 30121, 3 May 1963, Page 14

REID MURRAY LOSSES

Deficiencies By Two Firms

(N.Z.P.A. -Reuter —Copyright) MELBOURNE, May 2.

Twq more Reid Murray Holdings, Ltd., subsidiaries have filed accounts at the Companies Registration Office showihg substantial deficiencies of shareholders’ funds.

Reid Murray Properties. Ltd., incurred a net loss of £67,927 in the year to August 31 last, compared with a profit of £2835 in the previous year. The deficiency of shareholders’ funds is £67,922.

Reid Murray Developments (Victoria) Proprietary, Ltd.’s, net loss for the same period was £67,814, compared with a profit of £8384 previously. The deficiency of shareholders’ funds is £67,809. An auditors’ footnote to the’balance-sheet shows four valuations for real estate required, plus development expensesi It cost £309,164.

An independent valuation made in 1962 estimated it was worth £66,600, while directors’ 1962 valuation was £114,169. It appears in the balance-sheet as £180,769.

Repco Expands In N.Z.

(N .Z.P.A.-Reuter—Copyright) MELBOURNE, April 30 Repco, Ltd., automotive parts maker," is proceeding with plans to expand manufacturing and marketing in New Zealand, the chairman (Mr C. G. McGrath) has announced.

The company’s partnership operation in Auckland already employs 400 people

Mr McGrath said that it was inconceivable that the establishment of a limited free trade area between Australia and New Zealand would be permitted to prejudice the development of industries already established in the Dominion.

Sales in Hong Kong and the United States had increased. The company was currently examining the market in Japan, and expected import restriction difficulties in that country to be eased soon.

Ansett Deal.—Ansett Transport Industries, Ltd., now holds about a 68 per cent, share interest in Macßobertson Miller Airlines. Ltd., West Australia. Anset has acquired 653,716 of M.A.M.'s 952,314 10s ordinary shares. Macßobertson’s Pty., Ltd., sold 453.716 shares to Ansett Transport—its ' total holding and an additional 200,000 shares were transferred from Millers Investments Pty.. Ltd.—N.Z.P.A.