Commercial news in brief

Press, Volume CXII, Issue 33034, 29 September 1972, Page 12

Commercial news in brief

Herald repayment

The shareholders of the Herald and Weekly Times, Ltid, should receive their repawnent of 20c a share capitalwithin the next two months, the chairman (Sir Philip Jones) said yesterday when shareholders met and approved the company's capital. return and increased authorised capital plans. Sir Philip Jones said in reply to a shareholder at the meeting that directors hoped to be atjje to pay the same amount in dividends on the 30c shares as it has been paying on the 50c par value stock. North Sea strike Another oil find in the Ncyth Sea has been announced. The latest discovery wa® made by a consortium of twp American groups. Standard Oil and Gas, and Santa Fe Oilfield Trading, a Canadian company, United Canso Oil, and two British groups, Tricentrol and Charterijouse Securities. The size of the strike — 200 miles east of the Shetland Islands — has yet to be determined, but on a test drill there was said to have been a flow of 5290 barrels of oil a day. Further tests will be taken.

J. Burns net up 16%

John Burns and Company, Ltd, Auckland hardware, metal and machinery merchant, has increased its net profit by $56,216, or 16.5 per cent, to $397,682 in the year to June 30, according to the preliminary report. Last year profit rose $35,064, or 11.4 per cent, The latest result is equal to an earning rate of 18.1 per cent on unchanged capital, compared with 16.9 per cent last year. The dividend has been held at 9 per cent but included in the final 5| per cent payment is a tax-free 2 per cent. The dividend will be paid on November 10, exdividend October 24.

Life Savers net up Life Savers (Australia), Ltd, the largest Australianowned confectionery manufacturer, has announced a rise in net profit of 13.2 per cent and an increased final dividend of 25 per cent. Group, net profit rose to $1,384,837 and a final dividend of 11 per cent plus a bonus of 4 per cent has been recommended to follow the interim 9 per cent plus 1 per cent bonus. The directors of Life Savers are confident that their share and cash bid for Frozen Food Industries, Ltd, will succeed in light of the lower than forecast profits announced by Frozen Foods. Sydney retailing

David Jones, and other Sydney retailers may be forced to close down their city operations and concentraje in the suburbs within four years if rates increase and city retailers receive no relief. The chairman of David Jones, Ltd (Mr Lloyd Jones), said the government is conscious of the serious nature of the problem and has some sympathy for retailer problems. He is confident of a satisfactory outcome. Both Farmer and Company, Ltd, and David Jones have had discussions with the State government and the Sydney City Council on the subject.