COMMERCIAL

Gisborne Herald, Volume LXVIII, Issue 20507, 18 March 1941, Page 12

COMMERCIAL

HUDDART-PARKER CO. SHARP FALL IN PROFIT Trading results of Huddart-Parker and its subsidiaries for 1940 show a profit of £153,507 (including outside shareholders’ interest of £19,970), against £189,004 in the previous year. The latest profit is struck after providing £38,303 for taxation, against £54,014 in 1939. Profit of the parent company is shown at £105,260, compared with £135,691 in 1939. Preference dividends of 6 per cent and ordinary dividend of 12 per cent (last year 14 per cent) require in all £120,000, leaving £43,290 to be carried forward, against £58,030 brought on. The directors report that war conditions continue adversely to affect the company’s business. Coastal shipping had been subjected to numerous delays, resulting in reduced efficiency and earnings. Costs also were continually rising. After allowing for preference dividends, ordinary dividends for the year show a return of approximately 4 per cent on shareholders' funds. SYDNEY EXCHANGE (Elec. Tel. Copyright—United Press Assn.) SYDNEY, March 16. A steady tone prevailed on the Sydney Stock Exchange on Saturday. Despite liberal offerings on behalf of London hblders. rights to Broken Hill Proprietary's new issue have been readily absorbed by the market. Sales included: Commercial Bank of Australia, 13s lOd; Commercial Banking, Sydney, £lB 17s; Bank of N.S.W., £26 7s; A.C.1., con., 27s ljd (N.Z. delivery); Bonds Industries, 27s 6d; Broken Hill Proprietary, 39s 6d; do., rights, 17s 6d (London delivery); Colonial Sugar, £47; Electrolytic Zinc, 51s 6d; Goldsbrough, Mort, 25s 6d; Wilcox Mofflin, 8s 7d; Woolworths (Sydney), 17s 9d; do., 17s 9d (N.Z. delivery); Emperor, 10s lOd, 10s 9d; New Occidental, 12s 3d; Kuala Kampar, 15s 3d; Rawang, 8s lid. AUSTRALIAN STEEL CO. ! A record profit of £384,416 is reported by Australian Iron and Steel for the year ended November 30. This compares with the previous highest earnings of £353,504 in 1939, and with £213,883 in 1938. Preference dividend at the statutory reduced rate of £5 16s 3d per cent for the 12 months to May 1, 1941, absorbs £58,124, and £493,979 is carried forward, compared with £169,687 brought in. The directors report that increased production was forthcoming as a result of large expenditure over the last few years. The entire ordinary capital of £4,700,007 is held by Broken Hill Proprietary, but no ordinary dividend is recommended.