BROKEN HILL PTY.

Evening Post, Volume CXXX, Issue 53, 30 August 1940, Page 10

BROKEN HILL PTY.

PROFITS FOR THE YEAR

Broken Hill Proprietary reports for the year ended May 31 net profits of £979,138, compared with £1,431,513 in 1939. The profit was struck after providing £903,354 for depreciation and £650,000 for taxation, compared with £850,669 and £550,000 respectively in the year before. It is equal to 6 per cent, on total shareholders' funds of £16,293,618. Two dividends amounting to £861.827 were paid during the year. Reference is made to the coal strike in March, which lasted for 10 weeks, causing serious dislocation of the company's operations. During the stop page the drives of the blooming1 mill and rail mill were converted from steam-driven to electric power and the advantages have fully justified the expenditure involved. Good progress has been made with various items of construction, and the additions to the plate mill, extension Ito shipping wharf, and electrification lof the 18in bar mill'have been completed. Installation of a plant for manufacture of a wide range of ferro alloys has begun. Diamond drilling at Broken Hill from the 1000 ft level failed to disclose further ore bodies at depth. At Hannans North Mine production had continued throughout the period. Operations at Iron Knob and Whyalla con- | tinued throughout the year. At Whyalla a new blast furnace is in course of erection. The construction of a shipbuilding yard was authorised and three new slipways are nearing completion. A small chemical plant is being established at Newcastle in conjunction with Imperial Chemical Industries of Australia and New Zealand, Ltd. This plant will manufacture chemicals required principally by the subsidiary industries.