COMMERCIAL

Evening Star, Issue 21007, 22 January 1932, Page 7

COMMERCIAL

FUSION OF DISTILLERY INTERESTS. Mr Harry C. Rosenbloom, director of the well-known Scotch whisky house, S. Campbell and Son Ltd., Campbell House, Glasgow, is at present in New Zealand on business in connection with the company’s activities. Mr Rosenbloom spent considerable time in Canada in connection with the formation of Campbell’s Distillery (Canada) Ltd., which has just been incorporated with an authorised capital of half a million dollars in shares of one dollar each fully subscribed to take over the Federal Distillery Limited, Montreal. Existing shareholders of the Federal Distillery Limited will receive one share in the new company for two held in the old company. Extensive structural alterations at the distillery have been carried out by the new organisation, which anticipates commencing operations immediately. This new enterprise infuses Scottish interests. The president ’and managing director will be Samuel Rosenbloom, J.P., of Glasgow, Scotland, who is also managing director of the well-known Scotch whisky house, S. Campbell and Son Ltd,, Campbell House, Glasgow, Scotland. The estimated output will he # 10,000 gallons weekly. ORIENT STEAM NAVIGATION. Orient Steam Navigation Company Ltd., after charging depreciation with £219,810, showed a loss from fleet work of £14,312. A profit of £100,596 is shown from sale of investments, a sum of £IOO,OOO is transferred from contingencies account, and with £101,340 brought forward there is available £287,625. Out of this sum dividends for the year on 6 per cent, preference shares and 6£ preference shares have to be paid, £14,602 and £67,657 respectively, and a dividend of 5 per cent, free of tax on ordinary shares—£s2,os4 —was recommended, leaving £153,321 to bo carried forward to next year’s accounts. Capital is £2,325,140, of which £l,040,880 is qrdinary, £1,040,880 is 6J per cent, preference, and £243,380 is 6 per cent, preference. Reserves are underwriting account £429,663, repair and renewal account £400,000, pensions reserve accdunt £IOO,OOO, and general reserve account £1,025,000. External liabilities, including income tax reserves are £1,093,261. Fleet, premises, and plant are valued at £3,443,306. and stores are worth £58,824. Trade debtors and payments in advance amount to £274,377. Investments in Government 'and other securities at cost, less investment reserve account, are stated at £1,759.167, and there are cash items of £78,564, and adding loans of £5,370 to employees, assets are valued at £5,619,610. * BOUNTY MAY BE REDUCED. The price fixed by the Commonwealth Bank for gold, including jewellery, but not sovereigns, lodged at the Melbourne Mint, for the week ended January 8 was at the rate of approximately £6 17sj Id per standard ounce (22 carat), equal to a premium of 76 per cent. Payment is made according to the assay value of the gold. The price is 2s 6id per oz lower than that ruling during the previous week. The suspension of the bounty of 10s per ounce now paid on gold production is expected. Some Ministers, it is understood, take the view that the bounty can no longer be justified, in view of an increase of nearly 001 per cent, in the world price for gold. When Parliament assented to the payment or the bounty the price of gold was £4 5s a fine ounce, whereas it has now risen to £6 5s a fine ounce. The bounty was originally £1 per ounce. On the 1930-31 production figures the annual cost of the bounty to the Commonwealth would be about £BOO,OOO. It is contended by some that, as conditions in the industry have improved to such an extent, the payment of tins sum is unnecessary, and that the money should be used for other and more urgent requirements.