Record. Spending By I.C.I.A.N.Z.

Press, Volume CVI, Issue 31290, 9 February 1967, Page 17

Record. Spending By I.C.I.A.N.Z.

(N.Z. Press Association— Copyright)

MELBOURNE, February 8.

Imperial Chemical Industries of Australia and New Zealand, Ltd., spent a record 47.4 million dollars on its capital expansion programme during 1965-66.

However, at the September 30 balance date contracts for capital spending totalled only

5.9 m dollars, against 23.8 m dollars a year earlier. Capital spending of the group in the previous year was 36m dollars.

Meanwhile, directors say they will recommend splitting the company’s two dollar shares into one dollar units “for the convenience of members.”

Group assets rose by almost 50m dollars to 342.6 m dollars in the latest year, compared with a gain of over 82m dollars in 1964-65. Close To Schedule

The managing directors (Sir Archibald Glenn and Mr T. B. Swanson) say in their annual report that in spite of the high work load, project completion was reasonably close to schedule. Increased emphasis was placed on planning for commissioning, and resulted in improved start up of a number of projects. In particular, the chlorine plants at Botany, Sydney, and Yarraville, Melbourne, achieved planned output within a few days of starting. Profit Group net profit edged up from 9,213,000 to 9,416,000 dollars in the latest year, but the return of higher average capital slipped from 11.1 to 10 per cent Dividend Was steady at 7) per cent. External sales totalled 270.6 m dollars (previously 224 m dollars), and the managing directors say that after adjusting for changes in the holdings of the group and accounting periods of certain subsidiaries, the net increase in sales was 28.9 m dollars, or about 13 per cent The comparative increase in the previous year was 10.1 m dollars, or about 6 per cent Export sales rose to 4.8 m dollars in the latest year. A break-down of sales by industries shows that 31 per cent were made to . agriculture, 11 per cent to clothing, footwear and textiles, 9 per cent to paint varnish and lacquer and 7 per cent to the motor and aircraft industries.

DIVIDENDS Zsalandls Milling Company, Ltd., Christchurch.—Annual 10 p.c., payable, ex May 10. (Last year 10 p.c.)

Dominion Investment and Banking Assn., Auckland.—lnterim 4 p.c., payable February 28. ex February 14. (Last year 4 and 4 p.c.) Canterbury Roller Flour Mills, Ltd., Ashburton.—Annual 8 p.c. (Last year 8 p.c.)