COMPANY AFFAIRS

Wanganui Chronicle, Volume 86, Issue 230, 30 September 1942, Page 1

COMPANY AFFAIRS

HUME) pipe: profits Hume Pipe (Aust.), Ltd., profits for year ended June 30 were £22,549, against £31,163 last year. Taxation provision increased from £17.500 to £29,000. Ordinary dividend reduced from 4 to 2J per cent. MILBURN LIME YEAR A net profit of £8599, compared with £15,405 last year and £11,061 in 1940, is ahown in the accounts of the Milburn Lime and Cement Co., Ltd., Dunedin, for the year ended July 31. A final dividend is recommended of 1 2-3 per cent, making 5 per cent, for the year, against 7 J per cent. iast year. The total dividend takes £9999, compared with £15,000 last year, leaving £562 to be carried forward, against £1963 brought in. CLAUDE NEON INDUSTRIES Because of rental contract adjustments consequent upon lighting restrictions, account* of Claude Neon Industries and its subsidiaries for the year to June 30 will disclose aggregate losses of £16,711. This announcement was made by Mr. W. A. Ince, chairman, who said that the losses had been made despite substantial aggregate profits from the subsidiary companies for the half-year to December 31. The customary interim dividend of 5 per cent, was not paid in March, and no dividend will now be paid. Profit of the company and its subsidiaries last year was £40,597 and dividend was 10 per cent. AUCKLAND FARMERS’ FREEZING CO. As a result of increased expenses of operation, the profit of £15,504 was £5667 less than in the previous year, stated Mr. W. E. Hale, chairman of directors, at the annual meeting of the Auckland Farmers’ Freezing Co., Ltd. The directors recommended a dividend of 5| per cent., to absorb £15,142, and leaving £4866 to be carried forward. The dividend was 6 per cent, in previous years. New items appearing on the balance-sheet were a liability reading “Government emergency buildings and plant loan account," £184,016, and an asset termed "emergency buildings and plant erected under arrangement with the Government,’’ £206,842. The loan account had since bepn Increased to agree with the latter figure. These items represented the position of accounts on completion of emergency buildings and plant. KAIAPOI WOOLLEN CO. "We again are able to place before you accounts which disclose a satisfactory surplus but the amount that it has been found necessary to reserve for taxation is enormous." stated Mr. J. H. Rhodes, acting-chairman, at the annual meeting in Christchurch of the Kaiapoi Wooden Manufacturing Company. "Gross profit has increased by £3OOO ; the company's casn position is not as fluid as it was last year,” he continued, "but when it is noted that taxation paid was £62,940 and stocks at July 19, 1942, were £45,453 higher, this is not surprising. On the question of stocks, the total figure involved under this heading is £240,686, against £195,233 the pre-

vious year. The greater proportion of the stock is represented in raw materials and not manufactured items, manufactured stocks not comprising much more than 25 per cent, of the total. These stocks are well bought and should «jrvc the company in good stead in the near future, and will be required whether the war continues or not.”