BROKEN HILL RESULTS

New Zealand Herald, Volume LXXV, Issue 23124, 24 August 1938, Page 9

BROKEN HILL RESULTS

RECORD PRODUCTION DETAILS OF THE ACCOUNTS £600,000 ADDED TO RESERVE A year nf record activity in production aiul construction work is revealed in tlio accounts of Broken Hill Proprietary, Limited, Melbourne, for tlio period ended May 31. Tlio preliminary statement published in the, Hiiialt) on August 1 showed a record net profit of jCI ,300,-161. The final accounts show a working profit of £2,337,456 and the not profit was struck after providing £709,054 for depreciation and £12,643 for debenture interest. The dividend at the unchanged rate of 12£ per cent requires £670,5(52 (including 2id a. share on the new capital). A sum of £600,000 is transferred to reserve, making the fund £3,700,000. Results for the past three years compare as follows: it):tc 1037 lim £ £ L Working profit . 1,824,252 2,140,.110 2,337,150 Depreciation 615,052 070,801 709,051 Deb. interest 23,305 is,io(i 12,043 Net profit 550.300 I,IS:', 170 1,3()0.101 'Dividend p.c. VIVt VJY t l-"/a Amount *4:5,5,777 +550,550 *070,502 To reser/ • 500,000 000,000 000,000 Mnrludes 2'/jd a share on new issuf>. tlndudes is 3d a share on now issue. Movements in the principal balancesheet items are:— LIABILITIES Variation £ £ Capital .. .. 5,807,333 +825,310 Debentures . .. 135.000 -75,500 Share premium .. 3,880,103 +413,023 Reserves .. .. 3,735.000 +OOO,OOO Creditors .. .. Deb. sinkintr fund . 50,000 Same Appropriation a/c. . 300,(M'J +20,808 ASSETS Cash, etc 810,480 —404,430 Debtors .. 3,107,007 -1,1 *7,030 Stocks .. .. 1,107,850 +500,073 Steel works, etc. .. 0,453,150 +007,120 Shares held . . 0,082,357 +2,307,800 A loan of £2,000,000 to Australian Jron and Steel Company, Limited, was, during the year, converted into a holding of 2,000,000 ordinary shares in that company. The output of pig iron and steel ingots was a record. Compared with the two previous years it was as follows :

Year ended May 31 1030 J! >37 11)38 Tons Tons Tons Pig iron .. G07.ll!) «(!!»,53'_> 071.520 Steel in so Is* 0(13,282 783, 13.S srvl;J(i!j •IncfuJing foundry open hearth furnaces.

The pre-depression peak in production was attained in 1929. when the output of pig iron was 330.800 lons, and of steel ingots 374,000 tons.

FOOD PRESERVATION GAS PROCESS SUCCESSFUL SOUTH AFRICAN DISCOVERY DURBAN, Auecust 22 A method of preserving food by gas, developed by Dr. H. A. Jay, has been successfully tested. It is claimed that it will revolutionise the food industry, will end refrigeration and keep eggs nine months and fruit 12 months at a cost of 10s per 30 tons. Sugar is believed to bo the basis of tho process, which has been patented. A company is to be floated to exploit the invention all over the world. A most important point is that the food-preserving method can be'used in aeroplanes, thus enlarging the scope of air transport. Ships at present fitted with refrigeration will not need alteration. ARTIFICIAL YARN JAPANESE ENTERPRISE TOKIO, August 22 The Rayon Company announces that it lias evolved a new artificial woollen yarn, called Ranavon. It is from the same base as staple-fibre, but is superior for insulating and dyeing.

CARO'S BARGAIN STORES

SUCCESSFUL FIRST YEAR [l HO.M oun OWN COHIt ICSI'ONDKNT] HAMILTON, Tuesday A satisfactory first yojir was experienced liv faro's Groat R'irgain Stores, Limited. according; to the report submitted to tlie annual mcetiiiy yesterday. The ehairnian of directors, Mr. C. H. Wake, staled that the allotted capital o!' the company stood at £.'11,171 and that the cash subscription was quite satisfactory. The directors' recommendation of a dividend of t>i per cent on preference shares and 7J per cent on ordinary shares was confirmed. Tito mannginu-dircelor, Mr. 11. I). Caro. outlined tlk? company's scheme j for expanding its business and the size j of the premises. I The following directors were elected: I Messrs. 0. B. Wake, W. 13. I'omeroy, I'. H. Ferguson and H. 1). Caro. MINING NEWS YIELDS OF COMPANIES Rimu (West Coast). —202.70z. from 58,1-14 yards in 115 hours. NEW COMPANIES REGISTRATIONS IN AUCKLAND Tlio following companies hnvo been registered in Auckland: — PUBLIC Miranda Shell Lime Products, Limited, manufacturers of shell lime. Capital, i'lo.ooo, in CI shares. Subscribers: 11. Tflfe, If. T. Jnffre t v, S. F Turner, W. (!. Offer, A. E. Watkins, hi. J. V. Dyson and J. Grierson, one share each PRIVATE Sharp and Page, Limited, cabinelinakers. Capilal, .CISOO, in .CI shares. Subscribers: A. K. Sharp and .7. H. Page, 750 shares each. 11. Dutton and Company, Limited, traders and merchants. Capital, juiooo, in f I shares. Subscribers: H. Dutton, 080 shares; M. C. Stajileton and -Mrs. A. R. Dnlton, 10 each. W. J. Wheeler and Sons. Limited, motor omnibus proprietors. Capital, 10000, in ci shares. Subscribers: W. J. Wlieeler, <ISOO slinres; Mrs. \V. L. Wheeler, 1000; W. L. Wheeler and O. E. Wheeler, 250 each. British and Eastern Wholesalers, Limited, warehousemen, storekeepers and shipping agents. Capital, £2IOO, in .CI sliares. Subscribers: N. Wong Doo, W. Wong Doo and T. Wong Doo, ,|tin., TOO shares each. f!eorge Forbes and Company, Limited, motor engineers and garage proprietors. Capital. C2OOO, in ,CI shares. Subscribers: G. Forbes, 1001) shares; Miss P. A. Mountfort, one. BREWERY MERGER The North Canterbury Bretver.v Company, Limited, Ranyiora, has acquired the 'assets and licence of the Southern Cross Brewery, Limited, St. Albans, Christchurch, 'together with the poodwill and trading. The North C.lnterhnry company has been operating for about 60 years, while the Southern Cross Company was established in 1888. FOUNDATION TRUST DIVIDEND The directors of the Australian Foundation Investment Trust, Limited, Melbourne, formerly Wero's investment Trust, Limited, are recommending an unchanged dividend of 6 per cent on old shares and pro rata on new shares, payable September 19.