WINCHCOMBE CARSON

Press, Volume CIV, Issue 30862, 22 September 1965, Page 21

WINCHCOMBE CARSON

Profit Drops, Dividend Cut (N.Z. Press Assn.—Copyright) SYDNEY, Sept. 21. Winchcombe, Carson, Ltd., wool brokers, is cutting dividend from 9 to 6 per cent after a 20.7 per cent drop in consolidated net profit for the year ended June 30. Declared profit at £304,199 is down £79,438. The decline contrasts sharply with the marked profit gains of the previous two years in which earnings recovered from their 1961-62 setback. In a preliminary report, directors say the total number of bales of wool sold was again a record. “However the severe drop in wool values, coupled with generally adverse seasonal conditions in New South Wales and Queensland caused a corresponding fall in earnings,” they say. Latest profit represents an earning rate of 11.2 per cent (previously 14.2 per cent) on capital of £2,708,334. It is after depreciation £80,645 (up £2017) and tax £241,099 (down £49,882). The preliminary report does not indicate if it is also after a loss on sale of assets (previously £6359).

Pound Slips In London (N.Z.P.A.-Reuter —Copyright! LONDON, Sept. 20. The pound slipped a little on the foreign exchanges today after starting the week in fine style, the Press Association reported. In early dealings the rate against the dollar climbed 1-8 per cent to 2.79 15/16—its best level since April 30 last. Dealers reported buying of pounds from several leading Continental centres. Sterling also moved ahead again in the forward positions. In spite of the small slip back during the day, the pound at the close of business was still showing a net gain of around 1/16 cent at a shade under 2.791 dollars.