PROFIT RISE BY BARTHOLOMEW

Press, Volume CIII, Issue 30560, 1 October 1964, Page 24

PROFIT RISE BY BARTHOLOMEW

£lB.OOO In Latest Year (N.Z. Press Association) AUCKLAND, Sept. 30. Higher production and sales enabled Bartholomew Timbers, Ltd., Hamilton, to offset increased log extraction and operating costs and raise net profit by 8.2 per cent to £18,200 in the year to July 31. The result is £l3Bl higher than in the previous year. Excluded is a capital profit of £30,141 returned on the sale of a property in Hamilton. Also excluded are earnings of T. S. Henry, Ltd., Waikato joinery and shopfitter, acquired on April 1. The one-for-three bonus, together with the 35,000 shares issued in the Henry take-over, took paid capital to £235,000. Dividend Maintained As announced, ordinary dividend is maintained at 7 per cent, taking £13,475, while a tax-free bonus dividend of 1J per cent will be paid from capital profits, requiring £3525.

Shareholders’ funds were £90,337 higher at £365,313, producing an earning rate of 4.98 per cent, against 6.2 per cent last year. Brit. Tob Buy In Food Group (N.Z. Press Assn.—Copyright) MELBOURNE, Sept. 30. British Tobacco Company (Aust.), Ltd., through its subsidiary, Associated Products and Distribution Pty., Ltd., has acquired a large minority shareholding in General Foods Corporation Holdings Ltd., Melbourne-based novelty food group. It is believed Associated Products now holds around 40 per cent of the issued ordinary. capital of General Foods.

Board Changes By Stanhill (N.Z. Press Assn.—Copyright) MELBOURNE, Sept 30. Directors of Stanhill Development Finance, Ltd. (receiver appointed), have announced several board changes. Mr N. W. Strange, who has been acting chairman, has been elected chairman of directors. Mr E. C. W. Hornemann has been elected deputy chairman. Mr C. Calderwood, consulting accountant, has accepted a seat on the board. Directors re-affirmed that at the annual meeting to be held on November 12 shareholders would be invited to discuss the proposed scheme of reconstruction notified to the Stock Exchanges on September 10. M. Packers To Pay Interest (N.Z. Press Association) AUCKLAND, Sept. 30. Meat Packers (N.Z.), Ltd., Wanganui, will pay interest due on September 30 on the convertible notes in accordance with the trust deed to each individual noteholder who accepts the take-over offer by New Zealand Refrigerating Company, Ltd. The company had given assurance of this to the trustee for noteholders, the manager for New Zealand of National Mutual Life Nominees (the trustee) Ltd. (Mr S. R. Ellis) said today. Business Personal Dr. G. A. Lau of Wellington has been appointed financial adviser to the Ross and Glendirring Group, and has accept ed a seat on the board of the parent company. He is deputychairman of the New Zealand Institute of Economic Research, member of the executive of the Associated Chambers of Commerce, of New Zealand and director of several New Zealand companies.