IMPERIAL AIRWAYS

New Zealand Herald, Volume LXXV, Issue 23178, 26 October 1938, Page 9

IMPERIAL AIRWAYS

REDUCTION IN PROFIT DIVIDEND HELD AT 7 PER CENT LONDON, Oct. 21 The accounts of Imperial Airways, Limited, disclose a net P r out of £97,267, after «providing £145.420 for obsolescence. A dividend of 7 per cent is recommended. The results are for the year ended March 31 and the earnings compare with £164,735 a year ago, when £193,918 was set aside for obsolescence. In the past year the company has been working under different conditions from tnose previously existing. Its scale of operations is much larger, while the agreement with tho British Government was revised some To months ago. The 1,000.000 ordinary shares issued in June. 1936. ranked for dividend as from April 1, 1937. Ihe dividend proposed compares with 9 pet cent in the previous year, when the company made the highest distribution in its history. The payment included a bonus of 2 per cent.

WELLINGTON PUBLISHING CO. AN INCREASED DIVIDEND The accounts of the Wellington Publishing Company, Limited, for the year ended September <"so, show a net profit of £70:17, against £6877 a year ago and £6744 in MM6. The report, after mentioning an improvement in the company's business, states that increased costs absorbed a substantial part of the additional revenue, but the working profit of £20.663 was an advance on last year's figure. The net result, added to the amount brought forward (£7.'Wl), made a total of £15.268 available. The directors recommend a dividend at the rate of 5 per cent per annum, which will absorb £7500. leaving a credit balance of £<76B. In the previous year, the distribution was 4\ per cent.

SEARCH FOR OIL NEW GUINEA FIELD INTERNATIONAL INTERESTS [from our own correspondent] SYDNEY, Oct. 21 Directors of the Australasian Petroleum Company. Proprietary, Limited. which was recently formed with a capital of JL1.000,000 to carry on a search for oil in New Guinea and Papua, include Mr. W. A. Freeman and Mr. E. F. Griffin, chairman and managing-director respectively of the Australian company, Oil Search, Limited.

"From a national point of view," said Mr. Griflin, "it is of prime importance that we discover either a supply in Australia, or a source near by, and controlled by Australia. From an economic point of view, it is equally valuable. as Australia now has to import most of her oil."

"This is the sort of tie-up Australia needs, especially in New Guinea," said Mr. Freeman. "The British Government holds the majority of shares in the Anglo-Iranian Company, and the new arrangement links American interests as well. With these two great organisations going into the country and spending a lot of money there, the people can rest asuured that the territories are going to got the chance of producing oil." Mr. Griflin said the immediate operations of the new company would include aerial surveys and map interpretation. Some of this had already been done, but not on the scale now envisaged.

PUKEKOHE PRODUCE NEW POTATOES CHEAPER CAULIFLOWER RATES ADVANCE [from (H it OWN corhkspondknt"! PUKEKOHE, Tuesday With quantities increasing and tho quality good the value of locally-grown new potatoes has fallen 2s per cwt. since the beginning of last week, today's quotation being £1 .'is 6d per cwt., f.0.r., Fukelcohe. The demand is fairly heavy and the market is firm at tho new figure. Cabbages remain at 10s 9d a Chanman bag and l-ls 9d a sack, but cauliflowers, which, following the dry weather, are in particularly short supply, aro worth about 15s a Chapman tag, as against 13s 3d to 14s 3d a week ago. Carrots have hardened in price from 5s to 5s 6d q ,sugar bag during tho week. Lettuce are still available at, Os a case, with supplies not over-plentiful. Onion plants are still available at 3s 6(1 per thousand, cauliflower plants at 13,s 6d and cabbage plants at 12s 6d. .Rain over the week-end has improved the outlook for produce.