Receiver To Keep Palmers Going

Press, Volume CIV, Issue 30934, 15 December 1965, Page 25

Receiver To Keep Palmers Going

f.v.Z. Frrsx Axociotioo—Copyright! SYDNEY, Dec. 14. The largest Australian electrical retailer— H. G. Palmer (Consolidated), Ltd.,—is to be carried on as a going concern, says the receiver over the company’s assets (Mr C. H. R. Jackson), the Sydney “Daily Telegraph” reported today.

Mr Jackson revealed that more than 33,000 persons have money invested in the business, the “Telegraph" said. He said he believed that the position of all creditors of the Palmer group could be preserved only by a continuance of trading coupled with a gradual rehabilitation of the business on sound and profitable lines. He has asked the directors to give him a statement of the company’s affairs at October 25 last. And, to strengthen control of credit to customers, he has insisted on at least a minimum deposit on all credit sales, as well as a base deposit amount, depending on the size of the purchase. “Palmers isn’t going to close overnight, or at all, if my plans work,” Mr Jackson said. More Losses Directors of H. G. Palmer said yesterday in the annual accounts to June 30 last, that they expect to have to write off an additional £5.5m in addition to the £4.2 written off in May, the “Daily Telegraph*' reported. The accounts show tangible assets at June 30 totalling £37,683,692, but the accounts are qualified as the result of the directors’ investigation.

In the accounts, directors show the loss for the year as £4.350,091 after writing off £1,258,876 in bad debts, providing £2.741,124 for doubtful debts and £532,421 in stock losses. However, in their report, they say that although the loss in the six months to June was substantial, a proper assessment of the size cannot yet be made, as adequate data on stock losses, bad debts, earned income on credit contracts and on television maintenance contracts is not yet to hand.

Indices Latest share prtce indices are:— Landon.—Financial Times tin dustrial ordinary IS3S, equals. 100; Government, 1020, equals 100: gold. loss, equals loot:

Purchase By Mount Cook <N.Z. Press Association) WELLINGTON, Dec. 14. The Mount Cook and Southern Lakes Tourist Company has purchased the whole of the shares of Mount Cook Air Services, Ltd., by the issue of 28,498 fully paid 10s shares,' according to the New Zealand Stock Exchange Association. Air Services runs nine light aircraft for tourist flights and pastoral work. A. and T. Burt.—The halfyearly report to October 31 says that sales have been maintained at a high level. Expenses are slightly ahead, but trading conditions have been satisfactory, although import control again continues to restrict activities. An interim tMvidend of 3 per cent, compared- with 2} per cent last year, has been declared on ordinary capital, together with the usual 3 per cent on preference capital—both payable on February 17, ex dividend February 7.

19M Industr Govt Gold Oct I .. 377 8* 82 15 56 4 Dec 31 .. 355 0 79 00 68 8 1965 Dec. 9 .. 344.7 79.07 60.4 Dec. 10 .. 345.3 78.92 60 6 Dec. 13 .. 344.2 78.71 60.3 New York.—Dow ones: 1964 Rails Indust Sold Dec. 31 205 34 874 15 0.470.0<H> 1905 Nov. i 237.85 901.85* 8.380.000 Dec. 9 244.22 949.55 9.150.000 Dec. 10 244.72 952.72 8.740.000 Dec. 13 243.85 951.55 8.680.000 Sydney.— Sydney Stock bx change (July, 1931 June 19.19 eanals l00>- — 1904 Retail. Ord. Indust. Feb 27 .. 472.60 379 21* 395 24 Dec 31 .. 424 70 367 03 398 11 1905 Dec. 9 . 356.23 314.34 346.14 Dec. 13 . 355.05 314.73 346.85 Dec. 14 . 354.98315.01 347.22 •Peak