COMMERCIAL City And Suburban Profit Up 5.5%

Press, Volume CVIII, Issue 31783, 13 September 1968, Page 20

COMMERCIAL City And Suburban Profit Up 5.5%

City and Suburban Estates, Ltd, the Christchurch land developer, increased its profit by $1734, or 5.5 per cent, to $33,037 in the year to July 31, directors say in a preliminary report.

The recommended dividend is a steady 7 per cent, payable November 13, ex November 7.

The latest profit Is after providing $1935 more for tax at $31,126. The dividend will be paid on capital of $162,500, before the recent one-for-four issue of 50c shares at par. This will require an unchanged $11,375 which is covered 2.9 times by the profit. The issue brought ordinary capital $40,625 higher to $203,125 and the new shares rank equally with the old for

Business Personal

Mr R. A.. Beck has been elected chairman of the N.Z. Finance Houses Association at its annual meeting in Wellington. Mr Beck is managing director of Lombard New Zealand, Ltd, Wellington. Mr H. L. Thomas, general manager of Marac, Ltd, Auckland, and Mr D. W. Johnson, general manager of Dominion Finance Holdings, Ltd, Christchurch, have been appointed vicechairmen.

Mr O. R. Gruber, accounting and finance manager of Mobil Oil New Zealand, Ltd, has been elected a director of the company. He fills a vacancy created by the return to the company’s New York office of Mr A. G. Stuart

dividends declared for the current year beginning on August 1. The latest profit represents an earning rate of 20.3 per cent on average capital against 19.3 per cent the year before.

Tongan Oil Prospect

(N.Z. Press Assn,.—Copyright) NUKUALOFA (Tonga), September 12

Further oil surveys in the vicinity of Tongatapu Island, 12 miles north-west of Nukualofa, were advocated by Mr John Grover, Director of Geological Surveys, Fiji. He confirmed that signs of slicks that were first noticed in Eua boat harbour 30 years ago were a small seepage of oil, but said its presence was no indication of economic accumulations.

Mr Grover urged further detailed geophysical surveys on Tongatapu and in the surrounding sea. He said there was a strong possibility of promising sediments in the area.