AUST. REPORTS Boral Subsidiary To Be Sold

Press, Volume CVI, Issue 31319, 15 March 1967, Page 19

AUST. REPORTS Boral Subsidiary To Be Sold

(N.Z. Press Association—Copyright) SYDNEY, March 14. Coal and Allied Industries, Ltd., is to purchase for cash the undertaking of Hebbum Proprietary, Ltd., a coalmining company which is at present a partly owned subsidiary of Boral, Ltd.

The deal will be effected through J. and A. Brown and Abermain Seaham Collieries Ltd., an operating subsidiary of Coal and Allied, and the “vesting date” will be April 1. Hebburn is owned 60 per cent by Boral and 40 per cent by 8.H.P., and according to the last annual return has a paid capital of 2,333,332 dollars. Elder G.M.

Improved results in N.S.W. and Queensland helped Elder Smith Goldsborough Mort, Ltd., woolbroker, station agent and merchant, to improve its profit for the December half-year. Trading for the half-year was satisfactory and net profit was “somewhat higher” than in the previous corresponding term, directors say in their interim report. Results in the previous period suffered because of the severe drought Cliem. Materials Sales of Chemical Materials, Ltd., manufacturer, importer and distributor of industrial

and agricultural chemicals, rose by more than 15 per cent in the half-year to December compared with the same period of 1965. Profit margins were maintained and net profit increased proportionately, directors say in the interim report. In the 12 months to June 30, 1966, earnings rose from 139,000 dollars to 173,000 dollars, and earning rate from 19.1 to 23.8 per cent. Annual dividend was 15 per cent.