COMPANY AFFAIRS

Wanganui Chronicle, Volume 83, Issue 92, 20 April 1939, Page 11

COMPANY AFFAIRS

AUSTRALIAN GLASS SHARES The position of shareholders in Australian Consolidated Industries, Limited, was explained by Mr. G. R. Buttle, formerly chairman of the Auckland Stock Exchange, at the morning call on Monday. In connection with the recent bonus issue of 11 ordinary shares for every four shares held, it appears that scrip has now been distributed for the new issue, but not for the old issue. Former shareholders in Australian Glass Manufacturers Company, Limited, are entitled to shares in Australian Consolidated Industries of an equivalent number, and until the scrip of these has been received, shareholders in Australian Glass, said Mr. Buttle, should certainly retain the old scrip. G. J. COLES NEW ISSUE The directors of G. J. Coles and Co., Ltd., a chain-store organisation, have decided to issue 215,250 ordinary shares (£1), at par, to provide further capital for the company’s expansion. The shares will be offered to ordinary shareholders, as at May 13, in the proportion of one new share for every five held. It is the directors’ intention to accept applications for shares in fives or multiples of fives only. Any shareholder whose quota is below five or if above quota works to a figure which is not a multiple of five, will receive a special notice regarding the disposal of odd shares or the purchase of additional rights to make up his quota. This new share issue will bring the ordinary capital to £1,291,515. Preference capital is £150,000 in £1 (8 per cent.) shares. Profit for the year ended June 30 last, after providing for taxation, was a new record at £242,377, compared with £223,400 in the preceding year. The dividend was 17$ per cent, on the ordinary capital. MACKY, LOGAN, CALDWELL, LTD. The profit of Macky, Logan Caldwell, Limited, for the year ended February 19, was £11,765, a reduction of £5830 in comparison with the previous year. The directors propose a final dividend of 3£ per cent., making 6 per ( cent, for the year, compared with a similar rate in the previous year, and a bonus of one per cent. The report of the directors states { that the company has maintained its c satisfactory position, notwithstanding 4 erratic trading conditions, which have a resulted in a lower profit on the \ year’s business. j The year’s dividend requires £5lOO, I and £sBso—or £750 more than the r dividend distribution—is transferred to tax reserves, including £6OO for the f social security contribution. s i I N.Z. INVESTMENT COMPANY’S c YEAR r s t The directors of the New Zealand I Investment, Mortgage and Deposit t Company, Ltd., state in their thirty- t third report and balance-sheet for the 1 year ended March 31, 1939, that after c making provision for increased taxa- t tion, the net profit on the year’s ( business was £2890 19s 6d, to which c is added £2386 Is 9d brought forward from last year, making a total of * £5277 Is 3d. An interim dividend at the rate of 2 per cent., amounting to 1 £7lO, was declared and paid for the - half-year ended September 30, 1938, J leaving £4567 Is 3d to be dealt with. J The directors recommend payment of ! a further dividend at the rate of 3 , per cent., making 5 per cent, for the < year ended March 31, 1939, which ' will absorb £1065; that £lOOO be carried to reserve, which will then stand at £17,000; and that the balance of £2502 Is 3d be carried forward. Mr. C. D. Morpeth, director, retires i in accordance with the articles of association, and, being eligible, offers himself for re-election. Messrs. Henry Kember and Son also offer themselves for re-election as auditors. The dividend last year was 5 per cent. Reserve fund is £16,000; deposits and accrued interest £98,197; paid capital £35,500; investors £lO7l. Assets include mortgages and accrued interest, £146,432; freehold property, £5330; debentures, £300; bank deposits, fixed and free, £2032.