COMPANY NEWS

Evening Star, Issue 23527, 16 March 1940, Page 8

COMPANY NEWS

PROVIDENT LIFE ASSURANCE YEAR'S OPERATIONS REVIEWED The annual general meeting of the Provident; Life Assurance Company Ltd. . was held at, the. Jj e »d. office of the company on Wednesday, Mr Andrew Todd being, iii the chair, , The report showed that a total of £1,149,981. new business, had been written during the, year under policies in the-three .branches, and that the net income for the. year had increased by £6,751* 4s 9d, and now amounted to £369,399 6s 4d. Tim sum of £167,041 17s 9d had been paid in claims during the year, whi}e £72,231 Cs Ipd had been added to the funds, making the total at the effi} of the year £1,724,727 8s 4d. The Chairman, in reviewing the results for the year, stressed the fact that war created, special problem* for life assurance ■ companies' far graver, than those arising in Other, branches of. business j they could - anticipate , a considerable _ increase to the norma} claim experience, and were already finding that the war was affecting new business! Interest rates will probably fall still further j while taxation hail already been increased. However, the company hajd successfully surmounted .similar difficulties in the first Great War and wai how in a stronger positions On the outbreak of war, in common with other institutions, the _ company had cancelled active service ■' endorsements on all existing policies except those on the lives of members of ‘ the peniahent. forces, • New policies on male lives aged between 18 .and 45 issued since the middle of September bear the “ active service V: clause, arid. an. extra premium will bo payable •in the event of the life • assured proceeding overseas on active service. ) The Chairman, in thanking the staff for their efforts during the : year,. . pointed out that, although the war had affected the new business for the last four months of-1939, life assurance whs never so necessary as at the present, time; new investments would chiefly bo made in the war loans as they were issued, and this enabled the holders of the smallest policies to participate. iii the national effort. ' The report, balance sheets, find accounts were adopted, and after. the election of director and auditors, the meeting closed with a- vote of thanks to the directors and staff.

GOODYEAR TYRE SHARP FALL IN PROFIT The Qoddyear Tyre and Rubber Company (Australia) Ltd. reports a net profit of £146,303 for 1939,,;* .fall of £96,949 cbmpaTed Witli' the profit for 1938. ; Profit is; struck after : providing . £87,141 - for -depreciation * and £77,600 for income, tax- Ip the previous year £77,873 Was provided fpr;de-

predation, income tax, etc., before striking the profit.' The preference dividend requires £24,000 and the ordinary dividend of 16 per, certt. (26 per cent; in 1938, and 16 per cent, in 1937) absorbs £120,000. The amount carried forward is £383,045, against £380,742 _ brought into the accounts after making additional provision of £31,000 for,taxation on 1938 profits.

WOOLWORTHS (SYDNEY) PROFITS AND DIVIDENDS The report of the directors of Woolworths Ltd., Sydney, for the year ended January 31, 1940, shows that the profit for the year after deducting all Working expenses and,making adequate provision for depreciation is £316,922. Deduct transfer to tax-frpe reserve of. dividends received, from Woolworths (New Zealand) Ltd. durihg the year and included in the aboye profits, £49,899; £267,023. After setting aside as provision for taxation £44,000, the net profit for the year from Australian sources amounts to £923,023. . . . , . Interim dividends have been' distributed as followslo - per c6iit. preference shares* £7,50Q; 7 per cent, preference' shares, £14,000; ordinary shared, October 13, 1939, at 6 per cent,, £66,•' 840, in all £38,340, a total of £134,683.- to which is to be added the amount brought forward from tax-free reserve, being dividends received’ from Woolworths (New ■ Zealand) Ltd. received during year ended January 31, 1040,, £49,899, leaving balance available for appropriation of £184,582. The directors recommend that the above balance be dealt with as follows Declaration of a dividend in respect of the year on the paid-up ordinary share capital of the company of 71 per Cent., payable out of profit from Australian. sources,. £83,550; declaration of a dividend of 4 per cent, on the paid-up ordinary share Capital of the cottpahy payable wholly aUd excluaively.-! out -of the tax-free reserve as above, £44,s6o;,appropriation fbr New South Wales charities,; £3,000; and transfer to general reserve, £51,472. After; making-the above transfer to ’general reserve, the company’s reserves (ckoludittg depreciation reserves) will Aggregate £45,881, which are used en-: tirely’. Within the business. It is-noted that it is recommended that a dividend of 4 per cent, on the ordinary share capita] b© declared payable wholly and exclusively out; of the tax-free reserve of dividends received from' the company’s investment in Woolworths (New Zealand) Ltd.

The directors are advised that this dividend payment is free from New South Wales State (excluding special income-tax) and Federal income tax in the hands of shareholders in New South Wales The directors repbrt that, the affairs of the company have progressed favourably, including nevr stores opened during the year, and that all 'branches and subsidiaries are operating successfully. Dividends received from the company’s investments in subsidiary companies have bCeh included in the accounts undCr review.

WOOLWORTHS (W.A.) LTD. Thai directors of ■•Wool-worths (W.A.) Ltd. report for the year ended January 31,1940, that.the profit-'for the year, after' deducting all' working expenses and making adequate provision fof depreciation,, is £44,069. After setting aside as provision for taxation £11,500,' the net profit for the year amounts to £32,569. ’ Interim , dividends in respect thereto • have been distributed as follows shares, £1,600; ordinary shares, £7,117; leaving a balance available for anpropriation of £23,852. The directors recommend that this balance be dealt with as follows: .—Declaration of a final dividend for the year on the paid-up ordinary share capital of the company of 12} per cent., -and a-bonus of 2} per cent., making a total of ,22} per cent, for the year, £14.233; leaving a balance to be transferred to general -reserve of £9,619, After making the above transfer to general reserve, , the ..company’s reserves. excluding, depreciation reserve, will aggregate £67,781. - The directors report that the affairs of the company have progressed favourably,., An extraordinary general meeting is to he held immediately after the close of the annual general meeting, whereby it is proposed to alter the articles of asSooiatiort of the company In compliance with requirements of the Stock Exchange for the purpose of listing the company’s shares throughout Australia.

SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY, March-14. The wheat market is quiet, but inquiries have been received from the Mediterranean for export flour.' Silo grain- is quoted at 3s 9}d a bushel and bagged at 4s lid. Flour, £l2 10s a ton. Bran and pollard,_£s 10s a ton. Potatoes: Tasmanian, £ll a ton. Onions: Victorian, £7 a ton. Maize: Yellow,’ 5s a bushel; white, 4s 9d a bushel. ADDISON'S FLAT DIVIDEND [Per United Press Association.] WELLINGTON, March 15. The Stock Exchange Association has received advice that the Addison’s Flat Gold Mining Company has declared a, 10 per cent dividend, payable on March 31.

BANK OF ENGLAND RETURN Presi Association—By Telegraph—Copyright LONDON, March 14. , The following is the Bank of England retufn —lssue Department.— Note issue in £534,900,000 Bank deportments _ ... 45,300,000 Government securities ... ... 565,000,000 Other securities ... 3,500,000 Silver coin ... .500,000 —Banking Department.— Rest ...... .’. ... ... 3,600,000 Public deposits ... 34,900,000 Bankers’ deposits ... ... ... 114,000,000 Other amounts ... ... ... ... 42,600,000 Government securities 136,300,000 Discounts and advances ... ... 3,200,000 Othdr securities ... 23,700,000. Notes and coin ... ... • 46,400,000 Ratio of reserves to liabilities is 24,23 per cent. The Bank of England discount rale is 2 pet cent.

CONSOLS AND STOCK

Presi Association—Bj Telegraph—Copyright

STOCK INDICES Press Association—By Telegraph—Copyright

FOREIGN EXCHANGES

TIN QUOTATIONS Pres* Association—By Telegraph—Copyright LONDON, March 14. Tin; Spot, £252 10s to £265; forward, £251 15s to £252. CLUTHA AND MOLYNEUX SHARES ■Preu Association—By Telegraph—Copyright LONDON, March 13. London share quptations: Clutha—buyers Bd, sellers 9d; Molyneux—buyers lid, sellers did. NEW GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, March 14. New Guinea Gold shares are quoted at Is Bid. SILVER QUOTATIONS i . Press Association—By Telegraph—Copyright LONDON, March 14. Silver.—Fine, 20 11-16 d per ounce; standard, 22 5-16 d.

, LONDON, March 14 ‘Consols, 2$ - ... ... £73 0 0 Funding Loan, 4, 1960-90 ... ... 112 0 0 War Loan, 3$, 1952 ... Conversion Loan, 6£, 1916 99 0 0 98 0 0 Victory Bonds. 4.,.. ... ... ... 109 15 0 Commonwealth, 5, 1945-48 ... ... 106 7 6 Commonwealth! 4, 1943-48 102 12 6 Commonwealth, 54, 1948-53 100 7 6 Commonwealth! 3J, 1956-61 93 17 6 Commonwealth, 3, 1955-58 91 2 6 Ne* South Wales, 34, 1935-60 ... 98 0 0 Victoria 3, 192949 ... ... ... 95 12 6 Victoria, 4i, 1940-60 101 0. 0 Victoria,' Si 1945-75 ... ... ... 106 5 0 Queensland, 3, 194247 ... ... 96 2 6 5, 1940-60 ... ... 100 2 6 South Australia, 3, 1916 (opt.) 77 7 6 South Australia, 5, 1945-75 ... 106 2 6 West Australia,' 4, 1942-62 99 15 0 Tasmania, 4, 1940-50 ... 100 15 0 New Zealand, 44, 1948-58 ... ... 102 15 0 New Zealand, 3, 1948 ... ... 96 2 6 *Ex interest.

LONDON, March 14. ■ . Stock Indices Compiled by the ‘ Financial .Times.' . October 15 , 1926 - 100 Govt. SecuriHome Indus- ■ Gold ties. rails. trials, mines. Feb. 7 . ... 108.8 ■ 52.9 96.5 . - 190.9 Feb. 14 , ... 109.2 58.2 96.7 186.4 Feb. 21 , ... 109.5 56.9 98.6 186.9 Feb. 28 , ... -109.8 56.0 101.6 191.2 Feb. 29 , ... 110.0 55.3 101.5! 196.3 March 1 109.9 54.1 101.6 195.9 March 4 109.8 64.1 101.1 ' 195.1 March 5 no.o. 54.0 100.6 •19S;4 March 6 110.1 54.9 100.6 195.3 March 7 109.7 56.1 , 100.2 195.3 March 8 109.7 56.5 100.1 194.8 Match 11 109.6 56.4 99.6 194.1 Mardh 12 109.7 ’ 56.899.6 194.9 March 13 109.3 , 56.1 99.1 194.4 March 14 109.0 55.8 98.8 194.5

Press Association—By Telegraph— -Copyright LONDON. March 14. New York, dollar to £1 4.03 Paris, franc,'to; £1 ... if, '. ; 176J sAmsterdam, , florins to £1 ... 75.55 • Montreal, dollar to £1 ... ..." 4.45 1 Switzerland, franc to £1 ... ..." : 17.90. Stockholm, kroner' to "£1 ... ... 16.90 Athens, drachmae to £1 ... ... ; 540 Lisbon, escudo to £1... ....... 16.80 Kobe, pence to yen ... ... ... : . 14 63-64 Hongkong, pence to dollar ... 14 55-64 Shanghai, pence to dollar ; 4 5-32 Brussels, belgas to £1 .... 23.725 Rome, lire to £1 ... ... ... ... 24.175; Tokio, pence to yen ... ... ... 24,37 Copenhagen, kroner to £1 ... Milan, lire to £1 ... ... ... ... 19.37 ‘ 73.75 Oslo, kroner to £1 ... ... ... 17.70 Argentine, pesos to £1 .... ... 17.075

DOW JONES AVERAGES NEW YORK, March 14; 1926 = 100. Sales, 20 Indus1,000 roads. trials. shares. Feb. 7 .. 30.83 146.65 ' 490, Feb. 14 .. 31.00 148.33 : 650 Feb. 21 .. 30.81 148.34 780 Feb. 24 .. 30.63 146.72 780 Feb. 28 30.63 140.44 440 Feb. 27 .. 30.63 146.17 510 Feb. 28 .. 30.53 146.56 ' ' 570 Feb. 29 .. 30.48 146.54 680 March 1 30.41 146.23 600 March 5 30.68 146.89 570 March 6 31.01 147.97 860 March 7 30.94 148.32. 690 March 9 30.84. 148.04 330 March 11 30.80 148.15 . 590 March 12 30.75 148.75 880 March 13 30.67 148.32 630