A. AND T. BURT PURCHASE

Press, Volume CII, Issue 30192, 25 July 1963, Page 18

A. AND T. BURT PURCHASE

£184,645 For Vale And Company A. and T. Burt. Ltd., paid £184,645 for the business of Vale and Company, Ltd., Christchurch. This is shown in the annual accounts of A. and T. Burt, which took over Vale and Company on April 1 this year. Vale and Company's balance date was March 31, so that A. and T. Burt’s accounts for the year ended April 30 this year included one month’s trading of its new subsidiary. “As the amount involved is insignificant to A. and T. Burt's figures,'’ directors say, they considered it unnecessary to show consolidated figures for this year. “Moreover, it is intended to change the balance date of the subsidiary to coincide with that of the parent company and next year’s consolidated accounts will therefore cover 13 months’ trading by the subsidiary.” The chairman of A. and TBurt (Mr L. R. Burt) says in the annual report that more attention must be paid to manufacturing in New Zealand “with the inevitability of import licensing continuing.’’ The company was fortunate in this respect to be able to acquire the whole of the capital of Vale and Company, “a company which has specialised in manufacturing heating and ventilating equipment in a wide range and with a very good name for top quality products. They are also contractors in this field and consequently we have taken over quite a number of valuable contracts as well as skilled staff.” Mr Burt says. A. and T. Burt are also concluding an agreement with a British firm of heating and ventilating engineers, Copperad, Ltd., for the right to manufacture Copperad products in New Zealand. A. and T. Burt will establish a new factory on the site of the old Nugget factory in Ferry road, Christchurch. “Ultimately we will have a production line established there which will supply a nation-wide demand for the products which have been imported,” Mr Burt says.

Ducon Inquiry Under Way (N.Z. Press Assn.—Copyright) SYDNEY, July 24. The investigation of dealings in shares of Ducon Industries, Ltd., in the last few weeks was begun today by the Government Registrar of Companies (Mr F. J. O. Ryan), The. purpose of the investigation, ordered by the New South Wales AttorneyGeneral (Mr Downing), is to discover who bought shares in Ducon Industries on the eve of an announcement that British Plessey Company, Ltd., had made a £lom bid for the issued capital of Ducon. The announcement of the bid was made on Sunday, but more than 40,000 shares changed hands last Friday. Bank N.S.W. interim.—Bank of N.S.W. interim quarterly dividend of 9s (Aust.) a share is payable on August 29.