TIMARU WOOLLEN MILLS

Dominion, Volume 35, Issue 52, 25 November 1941, Page 3

TIMARU WOOLLEN MILLS

Dividend Rate Reduced

Net profit of £9IS9, against £13,364 last year'and £4130 in 1939, is reported bv the Timaru Worsted and Woollen Company, Limited, for the year ended October 19. Tlie profit was struck after providing £4173 for depreciation, against £4619, and £13,964 for taxes, compared with £9126. The directors recommend a dividend of 5 per cent, (last year 6 per cent.), requiring. £4229. and to transfer £4960 to taxation reserve. This absorbs the total profit.’

Waitaki Farmers’ Freezing Dividend The Waitaki Farmers Freezing Co., Ltd., has advised the Stock Exchange Association that the net profit for the year totalled £7965 to which must be added £3805 brought forward, making a total of £11,770. The directors recommendetL a dividend of 6 per cent., absorbing £5758, the transfer of £5OOO to the reserve, leaving a balance of £lOlO to be carried forward. Bulolo & Placer Profits Bulolo Gold Dredging, Limited, the Vancouver controlled company .operating in New Guinea, reports a net profit ot 3,912,671 dollars (Canadian), or £1,117,906 Australian, for the year ended May 31, against 4,506,40 S dolars, or £1,3)3,259 Australian in the previous year. Profit was struck in both eases before allowing for amortization. Dredgeable gravel reserves at May 31 were estimatei. at 140,000,000 cubic yards, and about 21,000,000 yards which will be handled hydraulically. T > Profit of Placer Development, Limited the holdiug company, tor the year ended April 30. was 1.059.264 dollars, Canadian (£311,218 Australian) compared with 1,100,660 dollars (£314,4(4 Australian), in the previous year. /

Golden Sands & Mossey Creek

Golden Sands will pay an interim dividend of 15 per cent, on December 19. The Mossy Creek . Company annual meeting received reports on areas investigated, with a view to moving the dredge, which has been idle for. the last six months. Nothing Suitable has yet been found, and the meeting decided to continue investigating areas which are under offer to the company. Taringamutu Totara Year Taringamutu Totara Sawmills, Limited, reports a profit of £12,313 for the year ended September 30, after providing £1036 loss on the sale of War Loan (1953) but before provision for income and security taxes. The profit compares with £15,353 last year and £11,b19 m 1939 A sum of £7488 is reserved for Rixes and contingencies and dividend ot < per cent, for the year (final 3J' eent.), against 9 per cent., requires £4200. Tins will leave £7096 to be carried forward, against £6471 brought in. Gross profit was £15.062, comprising Taringamutu, £5593, Palmerston North, £ll2B and farm, £1748, plus interest and rents, £593.

Woolworths (Victoria) Profit Net profit of Woolworths (Victoria), Limited, at £49.522 for the year ended September 30, compares with £40,8-0 lor 1939-40. It is reached after providing £14,463 for depreciation, against £19,033 last year, and £19,258 for taxation, against £18,438. Ordinary dividend is reduced from 124 per cent, to 11 per cent., and requires £24,751 on increased capital. The 7 per cent, preference dividend amounts to £5600. A.P.A. Association The available surplus of £48,600 shown by the Australian Provincial Assurance Association, Limited, for the vear ended September 30 compares with £61,716 for 1939-40. . Bonus to policy-holders is ±01,6W1, against £30,523 last year. Dividend is raised from li to 2J per cent., and requires £9OOO. Other allocations are £6OOO to tax reserve and £6OOO to general reserve, leaving £BBl5 to carry forward,against £12,8<5 brought in. Traders Finance Corp. Dividend AUCKLAND, November 24. The Traders Finance Corporation,. Limited, reports a net profit of £2426 for the year ended September ot) against £3823 last year and £8713 in 1939. Ihe directors propose an unchanged dividend of 3 per cent, requiring £1723. This will leave £7606 to be carried forward against £6903 brought in. Gold Mining Returns The Gillespies Beach dredge returned 3Soz. 2dwt. for 251 hours from 2i,io- - for a two weeks’ washup. Associated Dredges report that. the Red Jacks dredge returned 50 ounces for 121 hours from 22,000 yards. (By Telegraph—Press Association.) DUNEDIN. November 24. The Okarito return totalled 7oz. lldwt. for 119 hours.