COMPANY AFFAIRS

Wanganui Chronicle, Volume 80, Issue 58, 10 March 1937, Page 11

COMPANY AFFAIRS

COLONIAL MUTUAL FIRE. LARGE INCREASE IN PROFITS Profits nearly three times larger than those of the previous year were earned by the Colonial Mutual Fire Insurance Co., Ltd., for the year ended December 31. The net prom, at £57,000, is equivalent to approximately 19 per cent, on capital, compared with £20,000, 6.7 per cent, on capital in 1935. Of the £132,400 available a divident of 15 per cent, for the year requires £45,000; £20,000 is placed to reserve; and £67,400 is carried rorward. The larger profit is due to an increase of £43,200 in premiums received and a decrease in losses from £155,200 to £100,500. BROKEN HILL PPTY., CO. VICTORIAN ALLUVIALS OPTION The Broken Hill Pty., Co., Ltd., is likely to complete shortly negotiations for an option of purchase over the property of New Pyrenees Alluvlals, N.L., at Avoca, Victoria. It was learnt in Sydney last week that when the option agreement is signed, the Broken Hill Pty. Company will bore the property at its own expense to check the values obtained by drilling by New Pyrenees and the other companies which have held options over the area. Should the option agreement be exercised a company with a nominal capital of £150,000, dividend into 1,500,000 shares of 2s each, is likely to be formed to equip the property with a large capacity bucket dredge. The consideration to be received bv the New Pyrenees Company is £15,000 ca h to be applied in taking up 150,000 contributing shares in the operating company. In addition, shareholders will have the right to apply for 10 per cent, of the total nominal caprtal of the company.