W. R. CARPENTER AND CO.

Dominion, Volume 32, Issue 307, 25 September 1939, Page 12

W. R. CARPENTER AND CO.

Last Year’s Results Profits oft £115,281 were disclosed by W. R. Carpenter and Co., Ltd., for the year ended June 30, compared with £111,372 earned in the previous term—an improvement of £3909. In each instance the profits were arrived at after deducting taxes assessed, but before providing for taxes payable. With the certainty Of substantial increases in taxation assessable on the 1939 profits, the argument in favour of making adequate provision is obviously strengthened, as these increases must now be borne in the 1940 accounts. It is noted that the directors recommend transfers of £10.600 to contingencies account and £2OOO to superannuation account, similar to the provisions made in the previous year. The directors report that reserves existing at June 30, 1938, have been drawn upon to the extent of £3505 to meet losses due to volcanic eruption and other causes, but this depletion is not disclosed in the reserves, and it is therefore probable that contingencies account has borne this amount. Dividend at .10 per cent, per annum is at the same rate as in the previous, year, but owing to an increase in the capital_it required a distribution of an extra £2250. There has been an increase of £13,839 in the omnibus item of freehold land, buildings, and improvements, ships, shipping plant and gear, aircraft, machinery and plant, and furniture and fittings—£3B7,349. On items subject to depreciation a substantially higher amount of £18.513 was provided, against £8766 in 1938. It is impossible to form any opinion as to the adequacy of this provision. The amount of plantation advances is higher by £7192, while debtors are greater by £16.711. Stocks in hand and in transit, valued at cost or less, fell by £21,507. Though shares in subsidiary companies varied little", there was an_increase in other investments of £30.047. The company has a good dividend record. During the years 1923 to 1934 inclusive, dividends at the rate of 8 per cent, were paid, and in 1935 a 2 per cent. bonus was added. Since then results have been as under: — ■ Dividends

BRITAIN’S TRADE Figures For August By 'Telegraph.—Press Aesn.—Copyright. LONDON, September 22. Thes Board of Trade return for August is as follows: —Imports, £81.096,000; exports, £37,076,000; re-exports, £4.488,000. Principal increases over August, 1938: —lmports: Meat, £1,642,000; iron ore and scrap, £744,000; wood and timber, £765,000; wool and raw waste, £1,093,000; iron and steel manufactures, £1,409,000; machinery, £6,246,000; chemicals and dyes. £495,000; oils and fats. £739.000. Exports: Beverages and cocoa, £356.000; cotton, yarns and manufactures, £456,000. Re-exports: Rubber, £446,000. Principal decreases: —Imports: Grain and flour. £2.142.000. Exports: Machinery. £479.000. Re-exports: Hides and skins, £<>74,000. The aggregate figures for August, 1938, were: l —lmports, £74,130.000; exports, £36,331,000; re-exports, £5,044.000. Pric&H Of Metals By Telegraph.—Press Assn.—Copy right. LONDON. September 22. Metals quotations are: — Pig iron: Home trade, 99/- a ton (controlled price) ; export, not quoted. Antimony : British, £B7 to £93 a ton. nominal (last week, £75 to £80) ; foreign unquoted. Molybdenite: Not quoted (last week 44/-to 48/- a unit, nominal). Wolfram : Not quoted. Australian Paper Manufacturers A redistribution of the shareholdings in Australian Paper Manufacturers, Ltd.. is under consideration by the directors of the company, tt is proposed to give a more direct interest in Australian Paper Manufacturers, Ltd., to tlie shareholders in the two holding companies, Australasian Paper and Pulp. Ltd., and Cumberland Paper Board Mills, Ltd. These two companies own all the ordinary capital of Australian Paper Manufacturers, Ltd., which is the operating company. • The chairman of Australian Paper Manufacturers, Ltd., Sir Hugh Denison, said that details of the scheme had not yet been fully worked out by the board, but they would be presented for the consideration of shareholders at the annual meeting. Most probably the plan will provide for an exchange of shares in the holding companies for shares in the operating company. If it is approved, it will have to be ratified by the shareholders of the two holding companies.

Net profit Ord. Amount Year. £ p.c. £ 1936 .. 68.079 8 47,362 1937 .. 100.585 9 60,615 1938 .. 111,372 10 74,000 1939 .. 115,281 10 76,250