RENOWN COLLIERIES

New Zealand Herald, Volume LXXII, Issue 22200, 29 August 1935, Page 7

RENOWN COLLIERIES

FIRST ORDINARY DIVIDEND PAYMENT OF 3D A SHARE BENEFITS FROM AGREEMENT The first ordinary dividend, of 3d a 12s share, since the company commenced operations eight years ago, is recommended in the report of Renown Collieries, Limited, for the year ended July 31. A net profit of £BOI4 was earned, after providing £3517 for depreciation, In the previous year there was a profit of £662, without making allowance for depreciation, while in 1932-33 a loss of £3350 was made. It is also proposed to pay the preference dividend at the rate of 7 per cent per annum and mako transfers of £3OOO to genoral reserve and £IBO3 to reserve for income tax. Ordinary dividend will absorb £ISOO and the preference dividend for the half-year, £IOSO, while the interim preference payment required £661. There is no carry-forward. The directors attribute the profit to the agreement reached between the Waikato collieries. During the year capital was reduced from £150.000 to £102,000 by writing down the 120.000 ordinary shares from £1 to 12s each, and this has caused several important changes in the bal-ance-sheet. The debit balance of £2783 and preliminary and brokerage expenses totalling £BOOS have been extinguished. Fixed assets are £40,280 lower at £88,671, but floating assets have increased by £10,947 to £44,020. Assets total £132,691, a decrease of £40.122. Mr. D. Holderness resigned from the directorate during the year. The retiring directors, Messrs. L. Wilson and J. A. Carr, are available for re-elec-tion. With the exception of Glen Afton Collieries. Limited, which is a subsidiary of the New Zealand Co-o|)ora-tive Dairy Company, Limited, the Renown company is the first to reflect in its accounts the improved trading conditions resulting from the agreement reached between aikato collieries early this year. Prior to the agreement, conditions in the Waikato coal trade were most unfavourable, and of the fiVe companies engaged last year three showed substantial losses, one a small profit, without providing for depreciation, and the. other passed into the hands of the debenture-holders. The improved position of the coal industry has been shown on the Stock Exchange, values having risen considerably since the beginning of the year, BROKEN HILL RESULTS

A LARGE EXPANSION GROSS PROFIT £1,496,000 The final accounts of the Broken Hill Proprietary- Company, Limited, Melbourne, which are now available 3 reveal large expansion in the trading figures. As stated in the preliminary accounts, published in the Hkrald on August 5, the net profit for the year ended May 31, of £670,442, compared with £427,587 earned in 1934 and £313,617 in 1933. The profit was struck after providing £541,949 for depreciation and £26,240 for debenture interest, against £407,978 and £29,691 respectively in the previous year. The year's dividend is unchanged at 10 per cent, absorbing £298,770.

.Aggregate tonnages of production again showed largo increases. The output of pig iron was 521,253 tons, compared with 346,752 tons in the previous year, and of steel ingots, 552,710 tons, against 414,212 tons. The report states that the expansion in the demand for the company's products was maintained throughout the year. The No. 10 open hearth furnace was completed and went into production early in January, and this unit, coupled with other additions and alterations to plant, permitted reasonable delivery of the greatly increased volume of orders. The chief balance-sheet figures compare as follows: ASSETS Bise+ or fnil £ • £ Cash. etc. .. 259,0(10 +90,000 Debtors .. 602.000 -107,000 Stocks . . . . 828,000 +250,000 Steel works, etc. 5.431,000 -279,000 Shares held .. 1.370,000 + 308,000 LIABILITIES £ £ Capital . . 2.988,000 Debentures . . 305,000 -115,000 Creditors . . 1,207,000 +17,000 Undivided profits, etc.* .. 3,930.000 +372,000 •Including share premiums, £1,503,000. The company's total sales increased by £1,385,000 to £5,489.000, and the working surplus was £519,000 higher at £1,496,000. NEW ZEALAND DRUG SAME INTERIM DIVIDEND [BY TELEGRAPH —PRESS ASSOCIATION] DUNEDIN, "Wednesday The directors of Kempthorne, Prosser and Company's New Zealand Drug Company, Limited, have declared an interim dividend of 3} per cent, tinchanged, for the half-vear ended Julv 31. The final dividend last year was 4J per cent, making S per cent for the year. PRICES OF METALS TIN AND COPPER EASIER (Reci'ived August 28, 7.45 p.m.) LONDON, A life. 27 Following are to-day's quotations on the London metal market, compared with those of August 2G:— Auk. 27 AUK. 20 Per ton Per ton £sd £ « d Copper, Alan., spot .. :t:i II) 3;( if, ,n Copper, stan., 3 mos. 34 0 7J 81 4 4} Copper, electrolytic . . 37 0 0 37 0 t> to to 37 15 0 37 15 0 Copper, elec., wire barß 37 15 0 87 15 0 Load, soft, spot ..1013 1000 Lead, soft, forward . . 10 1 3 10 0 0 Spelter, spot, .. .. 15 11 3 15 2 0 Spelter, forward . . 13 11 3 15 7 6 Tin, i>tan,, spot .. 220 12 6 221 5 0 Tin, stnn., 3 mos. .. 210 12 6 211 5 0 LONDON STOCK EXCHANGE BANK SHARES AND DEBENTURES LONDON, Aug. 27 On the London Stock Exchange quotations of bnnk shares and other corporation debentures and stock compare with the previous quotations as follows: Auk. 13 Atiff. 27 a£sd £ * d Australasia 9 0 0 9 0 0 New South Wales . . 20 0 0* 25 0 0 Union of Australia. .. * 7 0 7J 017 0 National of N.Z. . . 210 7J 210 10} N.Z. Shares . . . . 2 5 0 2 4 0 N.Z. Loan and Merc., 4 p.c. deb. .. 91 15 0 95 10 0 Ditto, old 20 10 0 20 10 0 F;., 8. and A. ..4 0 6 3 19 6 *Ex dividend.