NEW PUBLISHING COMPANY

Southland Times, Issue 22938, 10 July 1936, Page 7

NEW PUBLISHING COMPANY

The Australasian And

The Argus

(Rec. 10.10 p.m.) Melbourne, July 9. It was announced to-day by J. B. Were and Son, stock and sharebrokers, that The Argus and the The Australasian have been formed into a public company to be known as The Argus and Australasian, Limited, with a nominal capital of £1,000,000, which is taking over the assets of Wilson and MacKinnon.

The issued capital of the company will be £655,000, of which £300,000 will be offered to the public as 150,000 six per cent, cumulative preference shares and 150,000 preferred ordinary shares. The public issue has been underwritten by Were and Son. The assets to be acquired are the freehold of the Argus buildings, valued at £260,625, and the plant and machinery, valued at £177,621. According to the prospectus the net earnings before taxation in 1925 amounted to £203,796, but during the depression there was considerable recession. Since 1932, however, the profits increased, and for the nine months ended March 31, 1936, the net earnings before taxation were £19,260. The circulation of The Argus is approximately 95,000. Tire introduction of £300,000 of public capital will eliminate the bank overdraft and mortgage debt and will leave the company with a surplus of £29,682 for contingencies and working capital.

The chairman of the new company is Mr Staniforth Ricketson, who is a partner in the firm of Were and Son. Mr Allan Spowers represents the former partnership of Wilson and MacKinnon. The other directors include Sir George Fairbairn and Mr G. D. Kelly, president of the Australian Woolgrowers’ Council.