COMPANY AFFAIRS

Wanganui Chronicle, Volume 73, Issue 314, 11 July 1930, Page 9

COMPANY AFFAIRS

TEXAS CORPORATIONS SUCCESSFUL OPERATIONS The Texas Company (Australasia) Limited is a subsidiary of the Texas Corporation and distributes its products throughout Australia aud New Zealand. The accounts of the parent concern and its subsidiaries for the calendar year 1929 are now available, and reflect an increasing volume of business and a material increase in investment expenditures. This is perhaps not surprising, for the consumption of oil is expanding throughout the world, but what is surprising is that with the very keen rivalry that exists in the distribution of petroleum products the Texas Corporation should thus forge ahead- This may be regarded as a tribute to the quality of the products together with the completeness of the distributing organisation.

The earnings of the corporation for the year 1929, available for dividends and surplus, after deduction* for income taxes and all reserves, were 48,318,072 dollars (£9,941,992). The gross operating earnings were 213,262,170 dollars (£43,881,105), as compared with 196,234,235 dollars (£40,377,415) in 1928. At the close of the year the earned surplus was 150,710,975 dollars (£31,010,489), as against 131,217,826 dollars (£27,005,725) at the end of 1928. The production of crude oil for the year amounted to 1,764,373,975 gallons, and the acreage held at the end of 1929 totalled 5,631,424 acres. Petrol sales for the year reached 1,066,085,930 gallons. Bulk distributing facilities, the report states, were completed in the West Indies, Brazil, South Africa, Australia, New Zealand and the Philippine Islands. The current assets of the corporation include cash 27,926,201 dollars, which is nearly 2,600,000 dollars more than at the close of 1928. The marketable securities total 49,727,694 dollars, against nil in the previous year. Notes or bills receivable at 2,290,517 dollars show a small increase of about 360,000 dollars. Accounts due, or sundry debtors, are shown at 48,029,800 dollars, as against 32,465,949 dollars. The inventories, or stocks of merchandise, crude and refined oils, arc assessed at 135,850,408 dollars (£27,952,750), as compared with 116,073,738 dollars. Materials account for 7,165,934 dolfars, and other current assets total 714,571 dollars, the aggregate of the current assets being 271,705,127 dollars (£55,906,404), as against 182,594,888 dollars (£37,570,964) in the previous year. The permanent investments, which include affiliated and non-affiliated companies, bond sinking fund, properties, plant, lands, leases, wells, oil pipe-lines, and tank farms, refineries and terminals, tank cars, and other railroad equipment, ships and marine equipment, sales stations, etc., less reserves for depreciation, depletion, and amortisation amounting to 215,342,035 dollars, total 311,820,098 dollars, against 266,381,138 dollars, and prepaid and deferred charges are shown at 12,186,300 dollars, against 6,323,439 dollars.

The current liabilities aggregate 39,571,186 dollars, against 62,266,C.-*6 dollars in the previous year, and include accounts payable, 21,164,715 dollars; accrued liabilities 11,018,530 dollars, and dividends payable 7,387,940 dollars. The funded and long-term debts stand at 123,416,763 dollars, against 26,112,745 dollars. The common capital stock (par value 25 dollaxs, £5) is 246,251,250 dollars, as compared with 211,083.850 dollars in the previous year. The total of the balance-sheet is 609,853,084 dollars (£125,484,170).