PROFIT SHOWN

Dominion, Volume 31, Issue 162, 5 April 1938, Page 14

PROFIT SHOWN

Australian Iron And Steel CAPITAL TO BE INCREASED Australian Iron and Steel, Ltd., reports a net profit of £145,379 for the year ended November 30, after providing £201,001 for depreciation, compared with a net loss of £29,733 the previous year, when £83.500 was provided for depreciation. , _ln 1935-36 also there was a loss of £43,500 on the disposal of shares in Southern Blue Metal Quarries, Ltd. Preference dividend of 7-J per cent, less the statutory deduction," for the two half-years to May 1, 1934, require £58,125, and £351,050 is carried forward, against £263,795 brought

Early in the year a fourth steel furnace was finished, and other works completed during the year include: Improvements to the boilers and the installation of a new large-capacity boiler; remodelling of the,finishing end of the 36-inch mill; a new coal storage bridge for the bulk handling of coal; and the acquisition of extra locomotives and rolling stock to deal with the increased tonnages. The new by-products ovens began production on January 6 this year, and are operating satisfactorily. A second blast furnace, with a capacity of 1000 tons, of pig-iron a day, is nearing completion, and many other extensions and additions are proceeding.

Debts to B.H. Proprietary Co., Ltd. Shareholders will be asked to increase the nominal capital from £5,000,000 to £8,500,000 by creating 3,500,000 ordinary shares of £1 each. The directors state that it is not proposed to issue the whole of the new shares at the present time. Extensions to the company’s works have been rendered possible by loans from the Broken Hill Pty. Co., Ltd., and it is proposed to negotiate for the..acquisition by that company of £2,000,000 in ordinary shares to liquidate most of the advances. The directors state that this would place the Australian Iron and Steel accounts on a more satisfactory ■basis. The Broken Hill Pty. Co., Ltd., already owns the issued ordinary capital. Shareholders will be asked also to authorise their directors to vote on any contract with the Broken Hill Pty. Co., Ltd., or with any associated company, notwithstanding that they may be directors or officers of. such companies.

forward. •Year ended Nov. 30. 1935. £ 1936. £ 1937. £ Net protit •. SO, 009 — 145,379 Net loss .... —- 29,733 —— Loss, other c o ni pantes’ shares — 43,500 — Div., pref. . •I'65,142 758,125 •58,125 Forward 395,154 263,795 351,050 LIABILITIES Capital— Pref., cum . 1,000,090 1,000,000 1,000,009 Ordinary .. 2,700,007 2,700,007 2,700,007 Reserve 15.711 15,711 15,711 Creditors ... ♦558.262 1,190,937 2,800,533 Bank “ tt 151,039 777,442 Ord. div. appropriation 91,675 91,675 91,675 ASSETS— Freehold, 1 e a seholds. <1 u a r r i es, plant, etc. 3,794,371 4,218,214 6,364,502 Patent rights — 57,650 58,625 Shares (other companies) 391,809 388,047 388,047 Stocks 269,009 407,975 538,594 Debtors 317,722 353,639 399,661 Deposits on contracts . 1,586 — — C’wealth Govt. secs 15,000 15,142 15,142 Cash 376 1,557 909 •Year to May 1, 1934. fYear to May 1, 1932. fl'ear to May 1, 1933. T -Included with “creditors and bank.” *• Creditors and bank.