COMPANY AFFAIRS

Dunstan Times, Issue 3474, 23 June 1930, Page 5

COMPANY AFFAIRS

TEXAS CORPORATION The Texas Company ( Australasia) Ltd is a subsidiary of the Texas Corporation and distributes its products throughout Australia and New Zealand The accounts of the parent concern and its subsidiaries for the calendar year 1929 are now available, and reflect an increasing volume of business arid a material increase in investment expenditures. This is perhaps not surprising, for the consumption of oil is expanding throughout the world, but what is surprising is that with the very keen rivalry that exists in the distribution of petroleum products the Texas Corporation .should thus lorge ahead. This may be regarded as a tribute to the quality of the products together with the completeness of the distributing organisation. The earnings of the corporation for the year 1929, available for dividends and surplus, after deductions for income taxes and all reserves, were 48.318,072 dollars (£9,941,992). The gross operating earnings were 213,202,170 dollars (£43,881,105), as compared with 196, 234,235 dollars (£40,377,415) . in 1928. At the close of the year the earned surplus was 150,710,975 dollars (£3l, 010,489), as against 131,247,826 dollars (£27,005,725) at the end of 1928. The production of crude oil for the year amounted to 1,764,373,975 gallons and the acreage held at the end of 1929 totalled 5,631,424 acres, Petrol sales for the year reached 1,006,085,930 gallons. Bulk distributing facilities, the report states, were completed in the West Indies, Brazil, South Africa, Australia New Zealand and the Philippine Islands. The current assets of the corporation include cash 27,926,201 dollars which is nearly 2,600,000 dollars more than at the close of 1928. The marketable securities total 49,727 694 dollars, against nil in the previous year. Notes or bills receivable at 2,290,517 dollars show a small increase of about 360,000 dollars. Accounts due or sundry debtors are shown at 48,029,800 dollars as against 32,465,949 dollars. The inventories or stocks or merchandise, crude and refined oils are assessed at 135 850,408 dollars (£27,952,758). as compared with 116,073,738 dollars. Materials account for 7,165,934 dollars and other current assets total 714,571 dollars the aggregate of the current assets being 271,705,127 dollars (Z>ss, 906,404) as against 182,594,888 dollars in the previous year. The permanent investments which include affiliated and uon-affiliated companies, bond sinking fund, properties, plant, lands, leases, wells, oil pipe-lines, and tank farms, refineries and terminals, tank cars, and other railroad equipment, ships and marine equipment, sales stations etc, less reserves for depreciation, depletion, and amortization amounting to 215,342 035 dollars, total 311 820,098 dollars against 266.381,138 dollars and prepaid and deferred charges are shown at 12,186 300 dollars against 6,323,439 dollars.

The current liabilities aggregate 39, 571,186 dollars, against 62,266,696 dollars in the previous year, and include accounts payable 21,164,715 dollars; accrued liabilities 11,018,530 dollars, and dividends payable 7,387,940 dollars. The funded and long-term debts stand at 123.416,763 dollars against 26,112 745 dollars The common capital stock (par value 25 dollars, Zjs) is 246,251,250 dollars, as compared with 211,083,850 dollars in the previous year. The total of the balance-sheet is 609,853,084 dollars (£125,484,170),