COMPANY AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20482, 7 December 1934, Page 9

COMPANY AFFAIRS.

Dalgety and Co. Summary of Accounts. BALANCE-SHEET ITEMS. Further details of the accounts of Dalgety and Co., Ltd., for the year ended June 30, are to hand as follows: The net profit, £107,574, showed an increase of £22,130 over that for the previous year. Ordinary dividend is unaltered* at 5 per cent, requiring £75,000, and preference dividend requires £25,000. A sum of £IO,OOO is again transferred to staff provident fund, and £129,477 is carried forward, against £131,902 brought forward. The cost of exchange. £102,261, was met from current earnings, and not, as in the previous two years, by a transfer from contingency reserve. 1933 1931

sit 33,245 27,625 Mount Lyell Company. A summary of the results of the Mount Lyell Mining and Railway Co., Ltd., for the year ended September 30, has been published. Fallowing is a comparison of profits and their distribution over three years: 1932. 1933. 1934. . £ £ £ Net profit 43,980 49,214 6,374 Prospecting and development . 21.1 67 23.905 1 4,1 20 Depreciation .. 22.746 23,495 15,360 Taxation 3,778 1,389 1,489 Div., per share . 6d 6d Div., amount .. 38,750 38,750 The output of ore showed a decrease of 25.890 tons, the figures being 392.770 tons this year, compared with 418,660 tons for 1933. The principal feature in the year’s mining operations was the development of the West Lyell mine. The oi;e in this property was discovered 40 years ago. but the flotation process being then unknown, it was not possible to treat, the ore properly. The deposit could now be worked profitably at any but abnormally low copper prices. For the first time, the ore reserves for all mines have been calculated, and the figure is estimated at 5,347,000 tons, estimated to contain 2.41 per cent copper, .230 z per ton silver, and .021 oz per ton gold. The concentrating plant treated 378,908 tons of ore, a decrease of 24.252 tons. Production of concentrates was 36,476 tons, of an average grade of 22.9 per cent. The blister copper output was 7217 tons. The directors state that the dividends received frflni their investments in fertiliser companies were £54,835. Christchurch Press Co. The balance-sheet of the Christchurch Press Company. T.td.. as at October 31,

£170,791 8 8 The working profit for the year was £4509 9s Id, from which has been deducted full statutory allowance for depreciation of plant and buildings. Taringamutu Totara Timber. A nr*- profit of £IO2O for the eleven months ended September 30. against losses of £2085 avid £0096 in the previous two years, is reported by Taringamutn Totara Sawmills, Limited. Wellington. This has been transferred to the profit and loss appropriation account, reducing the debit balance to £8561. Oswald M. Smith and Co. Per Press Association. DUNEDIN, December 6. A special notice has been issued by Mr .T. M. Adam. Official Assignee, the official liquidator of Oswald M. Smith and Company, Ltd. (in liquidation) that a meeting will bo held in Dunedin on December 14 to determine whether applications should be made to the Supreme Court for the appointment of either one person other than the official Assignee as the official liquidator, or a committee of inspection. Onakaka Iron and Steel. The Onakaka Iron and Steel Company's accounts for the half-yearly periods ended April 14 and October 14, 1934, show a Loss of £437 and £457 respectively. “ In the early part of 1*933,” states a report, “ the blast furnace was put into commission and 3286 tons of pig-iron were manufactured. Tt will be readily understood that it is not possible to make iron at an economical price when operating in a spasmodic manner, but whilst negotiations are in progress for the sale of the undertaking with a view to a complete reorganisation of the industry, it is necessary to replenish our have to report that a new campaign has just been entered upon, and with the assistance of a subsidy from the Unemployment Board it is hoped to

keep the furnace going until the end of March, 1935.” Negotiations are in progress for the sale of the property, and during the year a visit of inspection was made by two highly qualified engineers sent out by Messrs Brassert and Co. A very searching investigation was made of the potentialities of the properties. ” We are pleased to state,” the report adds, “ that the field tests of the basic slag made by Mr Hewkett at Onakaka have proved most satisfactory. The results show that Mr Hewkett’s slag gives equal, and in many cases better, results than super and imported slag, and jusI tit'y the hope that another beneficial industry should shortly be established in this country.” National Mutual Life. The new business of the National Mutual Life Association of Australasia, Limited, for the year ended September | 30, 1934, amounted to £9.119,607, against £7,577,445 for the previous year, an increase of £1,542.162. These figures, which show a considerable degree of progress, are explained as representing ordinary department business only, as the association does not transact industrial business. Gordon and Gotch, Ltd. Net profit of £43,237 was recorded by Gordon and Gotch (Australasia), Ltd., for the half-year ended September 30 Last. Federal and State taxation absorbed £10,209, the balance being £33,027. With the amount brought into I the accounts from the preceding halfyear. viz., £25.536, there was a sum of £58,564 available. The directors recommend that this be apportioned as follows: Dividend at the rate of S per cent per annum on 100,000 preference shares. £4000; 10 per cent per annum on 500.000 ordinary shares, £25,000: transfer to reserve for contingencies, £4000; carry forward, £25,564. Principal liabilities are: Issued capital, £600.000; general reserve, £215,173: sundry creditors, £1 15,554. Principal assets: Freehold property. £214,051; plant, fixtures, etc., £33,207: stock, etc., £204.853; sundry debtors. £232\217; goodwill, £118,074; and investments, £155,430. The total of the balance-sheet is £1.051,179. Swan Brewery Co., Ltd. The report of Swan Brewery Co.. Ltd., reveals a net profit of £49,163 for the half-year ended September 30 last, after making allowances for depreciation of brewery buildings, plant, maintenance, etc. The amount compares with net profit of £74,174 for the preceding six months, and with £38.663 for the September half-year in 1933. The sum brought in is £34,643. The directors propose to pay dividend of 6 per cent on the cum pref. shares, absorbing £ISOO. and dividend of 2s a share on ordinary shares. which will require £34,036. After £10,353 has been reserved for income taxes, a balance of £37.917 is carried forward. There was also received during the half-year a sum of f 4636 from the West Australian Glass Manufacturers. Ltd.. and the amount has been placed to the credit of leasehold liability, guarantee and trade Traders Finance Corporation. (Special to the “Star.”) AUCKLAND. December 5. The directors of the Traders Finance Corporation, in their report for the year ended September 30, state that the net profit. after writing £2933 off various accounts, was £2463. Out of this balance the directors have paid preference dividend for the half-year to March 31 of £954. and directors’ honorarium of £250, leaving a balance of £1259, to which is added a balance of £4lO brought forward from last The directors now recommend payment of a preference dividend of £954 for the half-year to September 30. 1934. “ During the latter portion of the year.” says the report, “ the husness of the corporation showed a definite improvement, which has been maintained during the first two months of this year.” Last year the profits were £2046 and the year before £2057. Foster Brewing Co. The chairman of directors of the Foster Brewing Co.. Ltd., stated recently that the board, after consultation with its advisers, had determined that no part of the reserves would be capitalised this year. When the further shares now in course of distribution by Carlton and United Breweries Ltd., had been received, the hoard would and decide whether capitalisation of reserves was desirable.

RESERVE BANK.

Weekly Statement. Per Press Association. WELLINGTON. December 6. The ” Gazette " issued to-night contains a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on December 3. Liabilities. I£s a £ Capital .... 500.000 0 0 General Res. 1,000,000 0 0 Bank notes 9.645.958 10 0 737,510 Demand liabilities—(a) Ftate 6.496,604 9 7 f 106,039 (b) Banks 10.597,388 6 7 -140.104 (c) Other 3.611 14 2 7122 Other liabilities 37.275 13 3 *223 £28,253.86S 13 7 Assets. Reserve—(a) Gold 3,001,731 0 0 (b) Sterling 23,552,170 S 8 *55,587 Sub. coin.. .. 84.249 5 0 *2.684 Investments 1.616,713 1 1 757,398 Other assets 29.004 18 10 74,219 £25.283,868 13 7 Proportion of reserve to notes and other demand liabilities. 99.27 per cent.

LOWER BUTTER PRICES.

Effect of Competition in Dunedin. (Special lo the ' Star.”) DUNEDIN, This Day. Butter prices have been reduced to 10*d a lb. The cause of the reduction on this occasion has been the general pricecutting competition—which has not been absent from the Dominion market for some time past—together with the easing that has been recorded on the overseas market. Local factories have yet another factor with which to contend in price fixation—that is the attempt to keep the Canterbury factories off the market with their surplus of butter after serving their own demands. The position is made more difficult on account ot the northern factories offering their stock to Dunedin merchants on a slightly lower basis than that of the local manufacture! s.

PRICE OF GOLD.

(Received December 7, 10.45 a.m ) LONDON, December 6. Gold is quoted at 140/7 a fine ounce. Other gold quotations this year have Per oz.

Net profit Div.. ord., p.c. . . Div., ord., amt. . £ 85.438 75,000 ‘S . — ■ 1 10,000 Gross profits 694,520 837,049 LIABILITIES— Capital: Ordinary .... 1,500,000 500,000 1,500,000 500,000 (premium on 500,000 500,000 Reserve fund Staff provident 1,000.000 1,000.000 irredeemable deRedeemable deb. 500,000 500,000 bentures .... Sundry creditors Produce realised not transferred 941.237 2,209,943 1.376.647 2,207,665 June 20 . 9,567 17,415 AbbElb 1,292,728 *-S8S:St5 77,31 4 Rills receivable Sundry debtors . Merchandise 110 ' . ! .' 932.765 6.1 1 8,640 397,372 9 81.328 5,286.410 489.1 21 359,685 Promises, etc. Reserve fund In346,920 vestments .... Balance in tran1,000,000 1,000,000

1934. reads as follows: X. t es £ Nominal Capital— 20,000 sharps of £5 fully paid 100,000 Less unissued shares . 3.900 96,100 Reserve tuna 40,000 Reserve for plant and buildings 20.000 Suspense for bad debts 3,000 Suspense for discounts . 3.000 Suspense for returns . . . 512 Dividend equalisation fund 2,000 Suspense taxation 52 Sundry creditors 4.045 Balance 1,880 °o 0 ’8 0 i d. °0 8 8 0 0 0 8 •£170,791 8 s £ p d. Freehold property at cost 14,518 15 11 Buildings at cost less depreciation 50,240 19 5 Plant at cost less depreciation 25,36 7 14 11 Furniture and fittings at. cost less depreciation 1,674 1 4 8 Motor vehicles at cost less depreciation 494 Stock on hand and in 17 5 transit .•..•9 4 17 It ........ ‘^oS ! N.Z. Govt. Inscribed Stock and other investments 4S.4S9 19 0 Stamps 23 Union Bank 3,804 14 6 0 11

li'8 X iisj October 11 (record) .. 143 3 .September 1 Ws 1