COMPANY NEWS

Evening Star, Issue 23495, 8 February 1940, Page 12

COMPANY NEWS

N.Z. REFRIGERATING YEAR The New Zealand Refrigerating Company Ltd. lias advised the Stock Exchange Association that the annual accounts -which will be issued to shareholders about the middle of next week will show an amount of £88,435 available for appropriation, including £38,379 Is lOd brought forward from last year. The directors recommend a dividend of 5J per cent., add to rebuilding reserve £15,000, carry forward £38,437 19s. The annual meeting will bo held on February 28. The share transfer books will be closed for dividend purposes from February 12 to March 2, both days inclusive. The dividend is payable approximately on March 2. Profits in the previous year were the lowest since 1932. Recent results are:

NESTLE AND ANGLO-SWISS Nestle and Anglo-Swiss Condensed Milk Company (Australasia) Ltd. reports a net profit of £200(734 for the 'year ended June 24, compared with. £199,177 in the previous year. The dividend on the ordinary shares, which are still held by Nestle (Switzerland), is maintained at 12 per cent., and requires £120,000. The preference dividend absorbs £BO,OOO, and £9,679 is carried forward, against £8,945 brought into the accounts. A new item, general reserve, £500,000, appears on the liabilities side, and in regard to this the directors explain that they deemed it advisable to set up this reserve with the amount stated out of the provisions made in former years for reserve for general depreciation. This course was taken because the directors are of opinion that in regard to the separate provision made for obsolescence the balance of general depreciation reserve, £538,000, will constitute an adequate provision for depreciation. SILVERTON TRAMWAY CO. LTD. A dividend (the 148th) of one shilling (Is) per share has been declared, and is payable on Thursday, February 29. Transfer books will be closed at 4 p.m. on Thursday, February 8, and will reopen on Monday, February 12, 1940. BLACKWATER MINES JANUARY RETURN During the month 3,192 tons were crushed, and from this, with the cleanup of the old mill, 1,485 fine ounces of gold were yielded from all sources, the value of which, taking gold at £8 8s per fine ounce, was £12,471. Working expenses, not including ordinary or War Gold duty, came to £7,271. Development expenditure was £493, and capital expenditure £584. Review of development work carried out during the month; — No. 12 level: North drive was advanced 34ft on reef averaging Bdwt in value and 23in in width. No. 13 level: North drive was advanced 17ft on reef averaging 17dwt in value and 45in in width. No. 14 level; South drive was advanced 17ft on reef averagiug lOdwt in value and 29in in width. No. 12 level: Rise at 3,015 was advanced 19ft on reef averaging 6dwt in value and 29in in, width. No. 12 level: Winze at 155 was advanced 18ft on reef averaging 21dwt in value and 9in in width. No. 13 level : Rise at 3,165 was started and advanced 12ft on reef averaging lldwt in value and 38in in width. No. 14 level: Rise at 1,510 was started and advanced Oft on reef averaging 23dwt in value and 18in in width.

COLOMBO TEA SALE Mr L. M. Wright, has received the following cabled report on the Colombo tea auction of February 6: — Two million pounds were offered to buyers. Common teas wore firm to dearer, and medium kinds declined id. Fine grades also eased !d to id a lb. One millioh and three-cpia i ter pounds have boon catalogued for sale next week.

Brt. forward Net profit ... 1937. £ 34,255 67,927 1938. £ 37,185 48,191 1939. £ 38,379 50,056 £102,182 £85,376 £88,435 Rebuild, reserve Dir., 5£ p.c. Ca'rried fwd. £30,000 £34,997 £37,185 £12,000 £34,997 £38,579 £15,000 £34,997 £38,438 The compauy has au issued capital of £636,310 in 336,310 £1 shares, fully paid, and 600,000 £1 shares paid to 10a.