MOTUROA OIL FIELDS

New Zealand Herald, Volume LXXIII, Issue 22580, 19 November 1936, Page 7

MOTUROA OIL FIELDS

HIGHER CREDIT BALANCE PREFERENCE DIVIDENDS DEVELOPMENT PROPOSALS [BY TKhKGUAPH —OWN CO ItIIKSI'ONI)KNT | W E Ll/1N a TON, Wednesday The directors of Moturoa Oil Fields, Limited, New Plymouth, in their sixth annual report, state that the sales of oil for the year ended August 31 amounted to £32.39, compared with £3228 for the previous year. Production expenses amounted to £1344, and general and overhead expenses, including depreciation of plant, £353, to £IOO2, leaving a credit balance of £llll, as compared with £795 for the previous year.

From this balance the directors recommend payment of a dividend at the rate of 6 per cent per annum on preference shares, absorbing £479, for the year ended August 31, 1935, and the remaining balance to be carried forward, subject to payment of income tax. As it is necessary that the cash resources of the company should bo husbanded to meet any contingencies that, may arise, the directors consider that tho payment of the preference dividend for 1936 should be deferred meantime, and regret that it is not possible to recommend a dividend on ordinary shares. The development account shows an increaso of £407, due to the capitalisation of a proportion of the. expenses.

There are certain interesting possibilities which may vitally affect tho company's future, but no definite pronouncement regarding these can be made at the present juncture. During tho year the directors have been closely watching tho position, and hope that before long some definite forward move can bo made.

The managing director's report showed that during the year the wells produced 171,070 imperial gallons of oil, bringing the total up to 1,000,000 gallons since production started. Results wen' definitely encouraging, and warranted the expenditure of further capital. Various schemes were under review for the future development of the field, and were at present being considered by the directors. A ready sale had been found for the oil. The* company's drilling plant and equipment had been maintained in good order. Tho retiring directors, Messrs. H. B. Mart and A. B. Williams, offer themselves for re-election. The credit balance in 1935 of £795 compared with £llBB in 1934. In 1935 preference dividends of 6 per cent were paid for the years ended August 31, 1933, and 1934, so that only this year's dividend is now in arrears. FARMERS' DISTRIBUTING RECORD YEAR'S TRADING NET PROFIT OF £22,040 [itv TELEGRAPH —OWN CORRESPONDENT] WELLINGTON, Wednesday Tho directors of tho New Zealand Farmers' Co-operative Distributing Company, Limited, in their 33rd report and balance-sheet for the year ended September 30, state that the year's trading constitutes a record for tho company. The net profit, after making provision for bad and doubtful debts and for depreciation on motor-cars, plant and furniture, amounts to £22,040, compared with £16,015 last year. With a balance of £4400 brought forward from last year, there is available in tho profit and loss appropriation account the sum of £26.140, which it is proposed to allocate as follows:—To pay a dividend at the rate of 5 per cent per annum, unchanged; to write off £1384 for depreciation of premises; to add £SOOO to general reserve; to provide sufficient for income tax; and to carry forward the balance, estimated at £5155. All departments bandied increased business, the total turnover being higher by over £400.000. During tho year business has been further extended. Prospects for the coming season are encouraging, and the directors report that the company has never been in a stronger position. TOOTH'S BREWERIES FINAL DIVIDEND UNCHANGED (Received November 18, 8 p.m.) SYDNEY, Nov. IB Tooth and Company, Limited, has declared a final dividend of 5 per rent, making 10 per cent for the year ended September 30. 1 here was some disappointment on the Sidney Stock Exchange to-day that the bonus paid last year was not repeated. The dividend is unchanged. Last year a special bonus of 2} per cent was paid in recognition of the company's centenary Also additional shares were issued for subscription by shareholders at par in the proportion of one new share for every 10 held.

AMERICAN COMPANIES FIFTY EXTRA DIVIDENDS NEW YORK, Nov. 17 Fifty large companies have declared extra vear-end dividends totalling between 60,000,000 and 80,000,000 dollars in addition to the regular quarterly payments, LONDON STOCK EXCHANGE BANK SHARES AND DEBENTURES LONDON, Nov. 17 On the London Stock Exchange quotations of bank shares and other corporation debentures and stock compaze with previous quotations as follows: Nov. 3 Nov. 17 £sd £ s d Australasia •. 9 13 0 O 18 O New South Wales 27 5 0 28 12 O Union of Australia 7 7 6 710 3 National of N.Z... 213 « 2 4 0 N.Z. Shares .. 118 l/a 118 0 N.Z. Loan and Merc., 4 p.c., deb. . . 02 10 0 02 10 0 N.Z. Loan and Merc., „rd . . 20 O 0 20 0 0 E. S. and A. .. 417 6 416 3 • Ex/ dividend. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Nov. 17 Fine gold is quoted to-day at £7 2s 4d an ounce, compared with £7 2s 3id yesterday. Silver is quoted at 21 ]d an ounce spot and forward, compared with 21 5-16 d, both positions, on November 14. The quotation for silver at per fine ounce is 22 15-lGd, compared with 22Jd yesterday.