BRITISH TOBACCO

Dominion, Volume 32, Issue 63, 7 December 1938, Page 14

BRITISH TOBACCO

10 p.c. Dividend Maintained NET PROFIT UNCHANGED After deducting all charges and expenses for management and providing for income tax, the British Tobacco Co. (Australia), Ltd., records a profit of £911,479 for the year ended October 31. I his does not include the company’s interest in the undivided profits of the subsidiary companies. In the preceding year the profit was £911,386. The directors declared a final dividend of 2 per cent, in respect of the year ended October 31 last, and an interim dividend of 2 per cent, in respect of (lie year ending October 31, 1939, on issued ordinary shares of the company, payable on December 31. . Tlie year’s 61 per cent, preference dividend took £96.5Q7. and lour interim dividends already paid on ordinary shajes, aggregating S per cent., took £650,751. The total of 10 per cent, for the year, therefore, takes £813,446. In 1936-37, in addition to the dividend of 10 per cent., a special bonus of 9d. a share _ from accumulated profits of the subsidiary companies was paid. The distribution oji ordinary shares was 7 per cent, in 193536. At the last annual meeting, the chairman, Mr. R. .1. A. Massie, said that there was reason to believe that provision would be made in the new Victorian Companies Act to enable the company to hold its annual meeting in February, 1939. In this case the dirjytors would have been able tp issue a consolidated statement of assets and liabilities, in tlie form of a balance-sheet, of British Tobacco Company (Australia), Limited, and its subsidiary companies before the holding of the meeting. The company now reports that, although this provision has been made in the Companies Bill now before the Victorian Parliament, it will not be effective in time to enable the company to postpone its annual meeting this year. The consolidated statement will be issued as soon after the meeting as it is completed. The subsidiary companies are:—W. D. and H. O. Wills (Australia). Ltd., the British Australasian Tobacco Co. Pty., Ltd., the State's Tobacco Co. Pty.. Ltd., and S. T. Leigh and Co. Pty., Ltd. The first three subsidiaries are wholly owned, and a controlling interest is held in S. T. Leigi and Co. Pty.. Ltd., which makes cartons for the group. Balance-sheet items of the parent company at October 31 compare with those of the previous year as follows: —

HIGHGATES LIMITED Considerable Loss ShownThe directors of Highgate# Ltd., Sydney, in their report for the 19 months ended September 30, 1938, disclose a hiss of £22,701, which is struck after transforring £9863 to cstablitjliniciit .account. Each member of the present board, with two exceptions, has been appointed since the beginning of August, 1938. The report reveals that on September 8 the company’s cyreditors were called together, as the directors found it impossible to meet commitments on due dates. The creditors appointed a committee to investigate the affaire of the company, and later agreed, subject to certain conditions, to grant an extension of time lor payment of accounts. The report states that in considering the lose it should be remembered that the period covered by the accounts includes the initial trading of the company and the unsatisfactory periods immediately before and after the winter season, and that, in addition, a sever influenza epidemic adversely affected trading. The directors’ report states that it was the wish of the creditors that tlie original directors should retire. Accordingly Mr. E. T. M. Eddy retired and Mr. B. Light will not seek re-election. Messrs. Eddy, Light and Mr. E. C. B. Midlane were members of the first board. Mr. Midlane has not so far retired from the board, the report states, and it _is not known whether he intends seeking reelection, but if lie docs so it will be contrary to the of the creditors. Mr. Midlane’s services with the company have been terminated, the report states, and lie was requested to resign his directorship, but refused. Mr. Midlane said that, he would be a candidate for re-election and that he intended soon to issue a statement to shareholders setting out his views. BASE METALS MARKET Further Decline In Prices By Telegraph,—Press Assn.—Copyright. LONDON. December 5. The official London (middle) quotations compare with those previously cabled as*

London Wool Sales Bv Telegraph.—Press Assn.—Copyright LONDON. December 5. At the wool sales today 6424 bales were offered, ineluding 2877 bales New Zealand, and 4549 bales were sold. The selection was poor and excited but moderate competition. Withdrawals were confined to inferior sorts and to medium wools. Rates held steady with the exception of those for inferior greasy merinos, which were occasionally easier. Gold Mining Returns Talisman Dubbo Gold Mines Ltd. reports that for the fortnight ended November 26, 175 tons was treated for a realization of £222. taking gold at £7/12/- au ounce. By Telegraph—Press Association HOKITIKA. December 6 The Kilim dredge reports a return of 197.40 z. from 49,497 cubic yards worked in 131 hours. ‘ TIMARIi, December 6 Tile Goldfields Dredging Company advises that the first washup for the broken period since recommencing dredging was Goz. Idwt.

1937. . 1938. Assets— £ £ Cash ........ 14,057 14,431 Debtors, etc. ... 2,103,624 2,106,118 Shares and subsidiaries 7,722,192 7,722,192 Liabilities— Creditors 17,824 19,166 Pref, capital, GJ percent. 1,48-1,727 1,484,72'1 Ordinary capital 8,134,459 8,134,459 Undivided profits 202,863 204,389

follows Dec. 2. Per ton. Dec. 5. Per ton. Copper £ s. d. £ s. d. Standard, spot . .. 43 1 104 42 2 fl Ditto, forward ■ .. 43 5 11 42 6 10$ Electrolytic .. 48 10 0 47 15 0 to 111 10 0 48 15 0 Wire bars .. 49 10 0 48 15 0 Lead— Spot .. 15 9 4J 15 4 44 Forward 15 13 14 15 8 14 Spelter— Spot .. 13 10 74 13 5 7J Forward •••••• .. 13 14 4* 13 10 0 'Pio— tSpot .. i’ll 2 i; 212 17 0 Forward . , 214 17 6 213 17 U Silver— Standard, an oz. . 20 3-hid. 2t)d. Fine, an oz .. 21 13-lGd. 21 9-1 Gd. i American , Id cents a lb.