QUEENSLAND SUGAR FIRE

Press, Volume CII, Issue 30130, 14 May 1963, Page 16

QUEENSLAND SUGAR FIRE

£7m Loss Seems Likely (N.Z. Press Association) • AUCKLAND, May 13. The fire in the Queensland raw sugar bulk terminal at Townsville has caused the largest single fire loss in the history of Australia and New Zealand, the general manager of the South British Insurance Company (Mr G. Len-non-King) said in Auckland today. The £7 million worth of raw sugar might be a total loss, he said. The United Insurance Company, Sydney, a subsidiary of South British Insurance, is the main insurer of both terminal and sugar, but reinsurance has spread the loss to 52 companies.

Insurance For Sugar Fire

The fire which last week destroyed the Townsville bulk sugar terminal in Queensland was the largest in the history of Australian insurance and is likely to have repercussions in New Zealand. The 77,000 tons of sugar in the terminal was worth about £7,000,000, but all of it may not have been lost. The main company involved is the United Insurance Company, Ltd., a subsidiary of the South British insurance Company, Ltd., Auckland.

Damage to the terminal building is estimated at £250.000.

Ownership Of Aust. Firms

The chairman of the Australian Mutual Provident Society, Mr C. G. Crane, yesterday expressed concern at the increasing overseas ownership and control of enterprises operating in Australia. The life offices’ entry into share investment has provided an opportunity for Australians to acquire, indirectly as policy holders, a stake in Australian industry, Mr Crane told the society’s annual meeting. “The increasing extent to which access to such ownership is denied by the form of capital structure adopted by many overseas companies operating here is a matter of some concern,” he said.

Philip Morris Sales Up

Sales and profit gains by Philip Morris (Australia), Ltd., for the half-year to December have continued for the three months ended March 31. The market for the company’s leading brands is. steadily expanding, directors say.

Earnings for the first nine months of the current year were more than 45 per cent, higher than for the previous full year. Net profit for the year ended June 30, 1962, rose from £184,155 to £264,361.

Caltex Oil Australia

(N.Z. Press Assn. —Copyright) MELBOURNE, May 13. The Caltex group of Australian companies earned profits totalling £1,005.382, less tax provisions, in the year ended last December 31. The figure, just released, is for Caltex Oil, Australia, Proprietary, Ltd., distributing company for the California Texas Oil Corporation of the United States, and for the Australian Oil Refining Proprietary, Ltd., wholly-owned subsidiary of the American organisation.

Caltex Oil Australia’s net profit was £546,342, but tax provision of £510,907 reduced this to only £35,435. Directors said the high tax provision was to provide for claims in prior years on improvements to leasehold properties. Australian Oil Refining’s net profit was £459,040 less tax of £144,384.

National Bank Dividend (N.Z. Press Assn.— Copyright) LONDON, May 13. The board of directors of the National Bank of New Zealand have recommended the payment of a final 6 per cent, actual dividend—less United Kingdom income tax. The dividend, payable on July 9, makes a total of 10 per cent, for the year ended March 31, 1963. A statement by the bank said net profit, subject to audit, was £338,197 compared with £313,216 last year. Dividends would take £214,375 compared with £192,937 last year.

Potato Shipments

Up to last Saturday 19,142 sacks of potatoes had been shipped from Lyttelton, compared with 23,162 sacks up to May 5 last year. Shipments included 9876 sacks to Auckland, 795 to Wellington, 2978 to Napier and Gisborne, 364 to west coast ports of the North Island, and 5129 overseas.

Gordon and Gotch Bonus.— Gordon and Gotch (A'asia), Ltd., advertising agent, wholesale periodical distributor, stationer. and bookseller, will make a one-for-five bonus issue. Directors also declared a final 10 per cent, dividend tor the year to March 31. lifting the rate from 18 1-3 per cent, to 20 per cent, for 1962-63. NZ.P.A.