Company News TRUTH N.Z. YEAR

Press, Volume CII, Issue 30155, 12 June 1963, Page 20

Company News TRUTH N.Z. YEAR

Recovery In Profit

(N.Z. Press Association)

WELLINGTON, June 11

The net profit of “Truth” (New Zealand). Ltd., recovered to £50.036 in the year «ended March 31, 1963. from £48.664 in 1962. It was £55.520 In 1961. Tbe latest result is after providing £24.817 for depreciation (£18.508 in the previous year) and £62.913 (£52,903) for tax, and adding £3ll over-provided for tax in the previous year. Dividends are unchanged except for the cumulative preference dividend, which in accordance with a Privy Council decision has been restored to 7 per cent, from April, 1961. from the 5.6 per cent, to which it had been reduced under the National Expenditure Adjustment Act, 1932.

The 12 per cent, on ordinary and B ordinary shares <4 per cent, interim and 8 per cent, final) requires £22,813 (unchanged), the 6 per cent, on participating preference shares £705 (unchanged) and the cumulative preference dividend £4200 (£2800). Unappropriated profits carried forward will be £146,195 (£123,419). The earning rate on ordinary capital is 24.1 per cent., compared with 23.75 per cent, in 1962 and 27.36 per cent, in 1962.

CHRISTCHURCH GAS

Big Expansion Foreseen

‘■‘The time when gas was looked upon as the ‘Cinderella’ of the heating industry is gone for ever,” said the chairman of the Christchurch Gas, Coal and Coke Company, -Ad. (Mr A. M. Saitterthwaite) at the ninety-ninth annual meeting of shareholders, yesterday. “The company is on the threshold of further advances as the commercial community comes to- realise the value of gas. I emphasise this statement in view of the spectacular advance in the use of gas overseas,” he said.

After describing the company’s expansion in recent years, culminating in the erection of the largest gasholder in New Zealand. Mr Satterthwaite said there had been a resurgence in the use of gas for private, public and industrial purposes.

‘The ultra-modern Princess Margaret is using—and the St. Helens Hospital will use. when completed—millions of cubic feet of gas a year, and the Post Office is now being serviced by gas. Leading industrial firms, including such well known companies as Aulsebrook and Company and Osborne Products, use our product. The progressive retail house of Hay’s is installing gas-fired infra-red heating in their new store in Sydenham.”

C.A.G.A 1:4, 2s Premium

(N.Z. Press Assn.—-Copyright) SYDNEY, June 11.

Commercial and General Acceptance, Ltd. today announced an issue to shareholders of one 5s for every four 5s stock units held op June 30. at a premium of 2s per share. The Commercial Banking Company of Sydney. Ltd., will take up its full entitlement, thus maintaining its 40 per cent, shareholding.

Latec Debs. May Be Redeemed

Latec Investments, Ltd., Sydney/ which last year went in receivership after a £3m loss, should be able to pay holders of the £4.5m worth of debentures in full. This was reported by the chairman (Mr P. A. Malouf), who said, however. that holders of £5,480.000 worth of notes as well as deposit holders and other creditors were unlikely to be paid in full. The statement of affairs made up at September 30 shows total tangible assets of the group, excluding inter-com-pany debts, at £8,038.535.