COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Greymouth Evening Star, 26 September 1947, Page 5

COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

N.Z. Farmers’ Co-op. —A net profit of £42,695 —an increase on last year’s of £8385— is shown in the accounts of the New Zealand Farmers’ Cooperative Association of Canterbury, Ltd., for the year ended July 31, 1947. The directors propose that the net profit should be applied as follows: —dividends (involving an increase of 1 per cent, in each case) of 5 per cent, on first preference shares (£8250); 5 per cent, on A preference shares (£10,000); and 5 per cent, on “B” preference shares (£4300); 5 per cent. (4 per cent, last, year and 2 per cent, previous year) on paid-up capital of ordinary shares (£5734); carry forward of balance (£14,411). Hume Pipe.—An increase of 1 per cent, in the ordinary dividend and a rise in the net profit for the year, brought down, from £59,673 to £74,202, are recorded in the accounts of Hume Pipe Company (Australia), Ltd., for the year ended June 30, 19.47. After provision for taxation at £34,000 and the interim dividend paid on preference shares on March 31, 1947, absorbing £4219 , the amount available for appropriation is £55,477. The directors recommend that this be dealt with by paying a dividend on preference shares of 7| per cent, per annum for the six months ended June 30, 1947, absorbing £4219, and a dividend on ordinary shares of 5 per cent (4 per cent, the previous year) for the 12 months ended June 30, 1947, involving £25,000, leaving a balance of £55,447 to be carried forward. Milburn Company.—A net profit of £12,141, against £15,286 last year, is reported in the annual accounts of the Milburn Lime and Cement Company, Ltd. Provision for taxation was £24,119 (£25,368 in 1946) arid gross revenue, including investment income but less expenses and depreciation, is

stated at £36,860, which compares with the previous year’s £41,254.'A dividend of 5 per cent, for the year takes £lO,OOO, and the floating balance is increased from £478 to £2419. ’ (N.Z.), Ltd.—The 10,000 new shares of £1 each in Berlei (N.Z.), Ltd., are being issued at a premium of £l. They will be offered to existing shareholders in the proportion of one for five. The new issue will raise the company’s capital to £60,000. Further Fall In Sterling.—The Reserve Bank return for the we«k ended September 17, discloses a further fall in sterling funds, Ira. £86.014,242 to £82,901,602— a drop, of more than £3,000,000. At this time last .year sterling funds stood at £86,371,183—(P.A.)

Broken Hiill Accounts.—A cable message received by the Stock Exchange Association says the audit of accounts of North Broken Hill, Ltd.; for the year ended June 30, 1947, has been completed. The report and statement of accounts will be printed and issued to shareholders next month. After providing £749,000 for taxation and royalty and £75,000 for depreciation, the net profit was £1,137,436. No provision has been made for wartime tax. A dividend of £210,000 was paid out of this profit in June, 1947, and the net amount of the appropriation for the new plant was £122,463. For the year ended June 30, 1946, the net profit, after' providing £392,000 for taxation and royalty and £75,000 for depreciation, was. £461,670.—