COMMERCIAL

Evening Post, Volume CXL, Issue 56, 4 September 1945, Page 4

COMMERCIAL

SHARE MARKET

Wellington Stock Exchange.

Sales made after going to press yesterday: £300 2% per cent. " Stock, 15/6/47-49, £9S 12s Cd; .100 New Zealand Insurance (cum bonus), £4 18s (id; 100 P. and 0. deferred stock, £2 16s; 200 Macduffs, 16s 3d; 100 Reid Rubber, £ 1 17s 9d; 490 New Zealand Guaranteo Corporation, 4s 9d; 50 New Zealand Drug (cum div.), £5 Ss.

• Sales made today. 100 Commercial Bank of Australia, 18s 3d: 100 Bank of New Zealand, £2 10s 3d; 100, £2 10s 3d; DO, £2 10s 3d.

MILNE AND CHOYCE

Net profit of Milne and Clioyce, Ltd., for the year ended July 31 was £2U,213, an increase of £300:2. Dividends on all classes of shares are being held at 7 per cent, per annum (final ord., pref and deb. 4 per cent. ; H pref., 3% per cent.). This will absorb £17,500, the balance of profit of £5713 being used to increase the carry forward to £31,120. Cirosa profit rose by . £11,404 to £223,2(50 and expenses were £ 197,047. an increase of £11,402. Trading profit for the year was £100,034 against £95,424." Taxation provision required £08,800, against £60,300, and depreciation allowance was £5621, compared with £5913. Turnover for the year was a record.

KAIAPOI WOOLLEN CO., LTD

The accounts of the Kaiapoi Woollen Manufacturing Co., Ltd., show for the year ended July ID a net profit of £25,1>52, as compared with £24,597 in 1944 and £26,599 In 1943. Gross earnings amounted to £187,930 in 3 045 as against £17(5,571 in 1941. Dividend and bonus recommendations are unchanged, being 5 per cent, dividends and 1 per cent, bonus on both preference and ordinary shares. Total dividend requirements are £15,400. The directors recommend the transfer of the unchanged sum of £5000 to" general reserve, and a carry-forward of £14,314 (£12,141 brought in). The directors' report, to be presented to the annual meeting on September 12, states that production has contracted owing to fewer operatives being available. Civil production has Increased substantially in volume, and ordnance work has contracted. Stocks at £436,285 show a considerable increase over last year's figure of £305,00.">, but manufactured items represent only a small portion.

DIVIDENDS PROPOSED,

A dividend of 4Ms per cent, for the halfyear ending September 30, 1945, subject to a deduction of Social Security charge at the rate of Is in the £ and National Security tax at the rate or Is (id in the £ (2s Od in the £), has been declared on the paid up 9 per cent, preference share capital of Woolworths (N.Z.), Ltd., based on shareholdings as at September 30, and will be payable on October 15. A dividend for the half-year ended September 30, 1945, has been declared on the 7 per cent, preference .share capital of Woolworths (Victoria), Ltd., and will be payable on October 15, based on shareholdings as at September 30. I A dividend of 3^> per cent, on all classes of shares and perpetual debenture stock of Milne and Clioyce, Ltd., will be recommended to shareholders at the annual meeting on September 2G. The directors of Kempthorne I'rosser and Co.'s New Zealand Drug Co., Ltd., yesterday declared an interim dividend of 3Vi per cent, for the half-year ended July 31. They decided to call up the balance of £1 a share remaining unpaid on the contributing shares now paid to £1.

CUSTOMS RETURNS

Wellington.—Net customs returns at Wellington for August showed an increase, the total being £296,273 as compared with £282,635 for August last year. For the eight months of this year the amount received was £1,868,----604 (for the corresponding period last year £1,917,794). Sales tax for the month amounted to £117,580 (£105,828 last year) and for the eight" months £533,494 (£823,002); beer duty for the month £21,387 (£19,248), for the eight months £163,295 (£144,533); war tax, under its throe headings, for the. month £407,449 (£391,200), for the eight months, £2,903,734 (£3,051,800).

Auckland.—Revenue under all headings collected by the Customs Department at Auckland during August, was £52,388 greater than the amount for the same month last year. Collections in August were as follows, with the figures for August, 1944, in parentheses: Customs, £235.051 (£244,441); excise on beer, £34,092 (£34,881); sales tax, £12(5,335 (£112,538); war tax, £309,899 (£.321,132). Christchurch.—Customs revenue collected at Christchurch during August showed an in*crease compared with the figures for August last year. The totals aro as follows, with last August's figures in parentheses: Customs duty, £73,749 i£U4.384); beer, £23,643 (£23,----602); sales tax, £51,410 (£45,004); war tax, £157,855 (£141,05G); total, £30G,G57 (£274,----046). For the five months of this financial year the total was £1,157,035, compared with £1.!!52,444 last year. '

Dunedin. —Customs returns in Dunedin, for August wera as follows, with the figures for August, 1944, in parentheses: Customs, £47.855 (£4I.SOU); beer duty, £28,618 (£88,978); sales tax, £33,733 (£33,003); win- tax, £]_0,(J55 (£122,102).

PLACER DEVELOPMENT, LIMITED

Tor tho three months to August 1, Pato Consolidated Gold Dredging, Limited, dredged 2,050,000 cubic yards and recovered 33,413 ounces of fine gold; and recovered with its hydraulic units 2447 ounces of lino gold. The value of tho total production was 1,255,000 U.S. dollars. During the same period Asnazu liolrt Dredging, Limited, handled 1,313,000 cubic yards and recovered 7402 ounces of line gold, equalling 201,170 dollars.

MT. MORGAN OPERATIONS,

Mt. Morgan, reports an estimated net profit for the lour \jeeks ended August 20 from mining operations (Including overhead expenses, Init excluding any provision for depreciation) of £10,570.

WELLINGTON WOOLLEN CO

"Industry lias been geared for war purposes, and the tusk now facing it is a conversion at :i minimum cost, and in'as short a space of time as possible to the manufacture of goods suitable for our people, to the pursuit of their peacetime occupations," said the chairman of the Wellington Woollen Manufacturing Co., Ltd .(Mr. A. ii. Allison) at the annual meeting today. The figures presented to you for the. past year are again those of an industry working under the abnormal conditions of war production—large turnover brought about by long hours, and long runs on a reduced number of lines. Conditions have not been easy, mainly because of the huge labour turnover, and the gradual reduction In tlio total number of our employees both in our woollen mill and in our clothing factory. Costs have also shown increases which have not all been recovered in selling prices. A comparison of figures in last year's profit and loss account with those of the previous year reveal these conditions, the gross profit showing a decline of £10,451. Advantage to tho extent of £12,000 lias been taken of the tax-free allowance by tho Income Tax Department to make provision for deferred maintenance to cover work which could have been carried out had tho necessary labour and material been available. The- total amount now on deposit with the Tax Department for deferred maintenance is £15,000, which will be refunded ns tho work is carried out. "The bank overdraft is higher than last year, but there is no cause for concern here as Hie liquid position of the company's assets is such that the account is rarely in debit. The same remarks apply to the amount showing under sundry creditors. The net result of the year's working shows a slight improvement in the amount carried forward in profit and loss account.

"During the war period the following quantities of woollen goods wero manufactured by this company:—Tunic cloth. 041,000 yards; overcoating, 1311,000 yards; serge, 230,000 yards; flannel, 738,000 yards; blankets, 100,000 pairs; vests and shorts, 230,000 garments; jerseys, (i:J,000 garments; sox, 30-1,000 pairs; battl'edress, 54,000 suits; great coats, tiOOO gnrnients. The woollen mills of New Zealand can bo justly proud of their record during the war, and many references have been made to the high quality of our cloths in use by our forces as compared to those of other countries. "Due consideration has been given to Ilie company's responsibilities for development," added the chairman, '.'and plans are under way for expansions In such a way as will prove satisfactory from the point of efficiency and turnover."