COMPANY AFFAIRS.

Wanganui Chronicle, Volume 87, Issue 274, 19 November 1943, Page 1

COMPANY AFFAIRS.

BROKEN HILL SOUTH. Broken Hill South (Melbourne). !n theii* accounts for the year ended June 30 ehotr a net profit of <£231.795, compared with £247,392 in the previous year, and £341,061 in 1941. Profit from mining increased by £4141, but that from investments fell by £19,738. ' Mine production was lower on the year. Metal recoveries for lead and silver were the highest yet attained Ore reserve® at June 30 are estimated at 1,950,000 tonau compared with 2,100,000 tons a year earlier. Final dividend, already announced, is 6d & share, making Is 6d for the year (unchanged). Dividends absorb £240,000, and the carry forward is £225.649, against £243,356 brought in.

ZINC CORPORATION, LTD.

A fall in trading profit of Zinc Corporation, Ltd., to £318,429 for 1942 from £367,71T for 1941, was due to debiting in full items disallowed for taxation which were only partly covered the previous year. After providing £211,605 for taxation, against £283,141 for 1941, £30,523 for depreciation, against £32,094. and £20,000 for shaft sinking, against £25.000, net profit was £104,590, compared with £102,085 for 1941. Dividends, less tax, absorbed £104,061. Though a further temporary reduction in output appeared probable, the general outlook for the mine was excellent, said the chairman, Mr. J. R. Govett, in a statement in the annual report.

DIVIDENDS DECLARED.

The Manawatu Knitting Mills, Ltd., has declared a final dividend of 7J per cent., making io per cent, for the year ended October 19, an unchanged rate, payable in December. Transfer books close December 2-16 inclusive.

Taringamutu-Totara Timber Company has declared a final dividend of 3} per cent., free of security charges for the year ended September 30, making 7 per cent, for the year, an unchanged rate, payable on December 16, Transfer books close December 1-16 inclusive.

MOSGIEL WOOLLEN 00.

Dunedin. Nov. 16. Provision for taxation amounting to £52,0D0 was made by the Mosgicl Woollen Factory Co. in the balance-sheet presented at, its seventieth annual meeting at Dunedin on Tuesday. As a result of this and after payment of the usual dividend there is left from the year’s working only £4311 with which to consolidate the company’s position for the inevitable expensive change-over to normal trading when ’peace is restored. A gross pror fit of £91,398 was made last year, against £99,927 in 1942 and £93,511 in 1941. Net profits in the same years were £13,849, £13,311 and £19,947 respectively. The lower net profit for the last two years is entirely due to taxation.

The meeting decided to pay a dividend of 3 per cent, from trading and 3 per cent, from revenue from investments, making a total payment for the year of 10 per cent. The. chairman, Mr. J. S. Hislop, said that during the greater part of the year trade customers had again had to accept very restricted supplies, but now that Government contracts h’ad ceased considerably the company had been able to fill more civilian orders.

ABRAHAM AND WILLIAMS LTD.

The 42nd annual general meeting of the shareholders of Abraham and Williams Ltd., was held on Tuesday, Mr. J. T. Martin presiding. The profit and loss account showed a credit balance of £5208 13s lOd to which has to be added a total available for distribution of £32,338 2s. Out of this sum an. interim dividend for six months was paid on April 30 last amounting to £2206 16s, leaving a Balance to be dealt with of £30.131 6s. A dividend of 2J per cent, was declared, making 5 per cent, for the year and leaving a balance of £27,924 10s to be carried forwaidt to next year’s accounts.

Messrs. S. C. Sutherland and S. R. Thom-, son, the retiring directors, were re-elected. Mr. R. A. Brace was appointed auditor for the ensuing year.