COMPANY NEWS

Southland Times, Issue 24002, 18 December 1939, Page 3

COMPANY NEWS

TIMARU WOOLLEN PROFIT OF £4130 FOR YEAR A net profit of £4130/17/3 on the last year’s operations was reported at the annual meeting of shareholders of the Timaru Worsted and Woollen Company Ltd. Reviewing the balance-sheet, the chairman (Mr W. H. Walton) said that on the liabilities side, the share capital, £84,710, was the same as in 1938, and the reserve at £730/8/7 was unaltered. The liability to the bank was £25,278 8/7, more than £BOOO less than, in 1938. On the assets side, freehold land and house property appeared at cost price, £3250 and £4OO respectively. Buildings, after writing off £515, appeared at £24,727/1/3, and machinery after writing off £2085 appeared at £40,003/17/3. Sundry debtors at £11,337/9/7 were greater by £5283/7/2, which reflected the improvement in sales, and he would like to compliment the staff on the low percentage of bad debts incurred, the directors having found it unnecessary to increase the existing reserve of £250 for that purpose. The profit and loss account showed a net profit of £'4130/17/3, which was a great improvement in the position compared with last year. The directors recommended that the sum be applied in reduction of the appropriation account, which would then total £7653/6/11. Subject to any dislocation that might arise through war conditions, and subject also to an increased turnover during 1940, which at the present time promised to surpass last year’s figures ,the directors felt confident that the balance in the appropriation account might be extinguished during the current year. As the profit in the last year could be set off against the loss of the previous year for income tax purposes, no income tax was payable on the profit earned for the year, but social security tax was payable and £221/0/6 had been provided for that purpose. The report and balance-sheet were adopted. Messrs H. Elworthy, W. E. Winks and E. A. Frethey, retiring directors, were reappointed. Messrs Leggott and Allport were re-elected auditors. BROKEN HILL • An extraordinary general meeting of shareholders of the Broken Hill Proprietary Company, Ltd., is called for January 5 to sanction proposals to widen and make modern the memorandum and articles of association, and to increase the nominal capital from £15,000,000 to £25,000,000. The bonus issue of £4,459,790, already announced, on the basis of 64 new shares for every 100 shares now held, representing capitalization of share premiums paid on new issues, will also be proceeded with when these proposals are sanctioned. In determining the number of shares to which each shareholder is entitled, fractional parts of less than one share will-be disregarded. The increase in the nominal capital by the creation of 10,000,000 new shares of £1 each is made necessary because the new share issue of 64 for 100 will absorb the major portion of the company’s present unissued share capital. The Broken Hill Proprietary Company, Ltd., was formed primarily to engage in the business of mining. When it embarked on steel manufacturing 25 years ago, amendments were made to the memorandum, but it has been found that the objects and powers contained therein do not give sufficiently wide

scope, having regard to the great development in recent years. THE RIALTO William Todd and Co. Ltd. report as follows for week end dSaturday:—Pigs.—Small weaners £1 to £l/3/-, .weaners £l/4/- to £l/12/-, small stores £l/7/6 to £l/10/6, porkers £l/16/- to £2/6/6. Lambs.—6/6 to 8/9. Poultry.—Hens 1/5 to 2/-, heavy breeds 2/1 to 2/7; ducks 1/11 to 3/3; geese 4/- to 4/9. Produce.—New potatoes 3d to 4d lb; onions to arrive; chaff £4 to £4/5/-; straw £3/5/-; wheat 18/- to 21/-; oats 11/- to 14/-; barley 16/-; oatdust 5/-; huskless oats 20/- 2001 b sack; ryecom 7/6 bushel; barley pollard 11/6; pollard 9/6; bran 7/6; meat meal 11/-, Moose meal 20/-; Moose nuts 19/6; molasses 14/6; rock salt 8/6; boneflour 14/6; oyster shell grit 6/- cwt; linseed 32/- cwt; crushed linseed 34/-; salt licks 11/9. Miscellaneous.- —-Barbed wire 39/6; No. 8 Galvanized 34/-; tanks £2/12/6; pumice boilers £B/5/-; concrete washtubs £2/15/-; concrete sheep boxes 12/6; sashes 18/6; wheelbarrows 35/-; timber 16/- to 18/-; droppers 18/-; totara posts £10; stakes 40/- 100; totara gate posts 15/-; strainers 12/6; cerrient 6/8, meat safes 35/-; horse collars 45/-; covers 27/6; cow covers 9/6; hames 10/6; tents 6 x 8 22/6. Vegetables.—Cabbage 1/9 to 2/6; lettuce 1/- to 1/6; green peas 3d to 4d; rhubarb Id to 2d lb; gooseberries 2d. Grass Seeds.—White clover 9d to 1/3; cowgrass 1/2; Timothy 9d; Dogstail 9d; Lotus Major 2/-; ryegrass 4/6 to 7/bushel; F.D. Ryegrass 12/6; mixtures clover, ryegrass and cocksfoot 3Jd lb.