COMPANY AFFAIRS

Wanganui Chronicle, Volume 89, Issue 301, 21 December 1945, Page 8

COMPANY AFFAIRS

PLACER DEVELOPMENT, LTD. Placer Development Limited profit for the year waa 364,235 dollars. Pato Consolidated Gold Dredging Limited handled 12.346,000 yards of gravel in the year to April 30, 1945, for a recovery of 5,483,207 dollars. Profit before depreciation and depletion was 2.826.070 dollars. Estimated gravel reserves after withdrawal of 117 million yards of marginal value are 420 million yards, averaging approximately 17 cents per yard. Aenaxu Gold Dredging Limited handled in the same period 5,605.000 yards of gravel for a recovery of 1,277,290 dollars. Profit before depreciation and depletion was 469,696 dollars. Gravel reserves are estimated at 62 million yards, averaging 16.30 cents per yard. For three months up to November 1 Pato Consolidated Gold Dredging Limited dredged 2.868,000 cubic yards for a recovery of 18,331 ounces of fine gold, and recovered with its hydraulic units 1966 ounces of fine gold. The value of the total production was 710,395 dollars. During the same period Asnazu Gold Dredging Limited handled 1,577,409 cubic yards and recovered 6341 ounces of fine gold, equailing 221,935 dollars. CANTERBURY FROZEN MEAT CO. Net profit of tl:e Canterbury Frozen Meat and Dairy Produce Export Company, Ltd., was £30.081 for the year ended November 30, lt*4s, against £37,574 in the previous year. Profit in struck after providing for taxation and depreciation. With the amount brought forward, £53.589 is available, of which £15.000 bar been added to renewals and replacements fund (£13,000 a year ago), and the directors recommend that the balance lx; distributed by way of 6 per cent, dividend on preference shares (unchanged), requiring £6000; 7 per cent, dividend (unchanged) on ordinary Miares. requiring £7875: leaving £24,714 to be carried forward (£23,568 brought in). TURNBULL AND JONES ISSUE. The organising brokers. Finely Webster and Oswin, report that the nsue of new shares in Turnbull and Jones Limited was over-eub-scribed in five minutes. Shares offered to the pubiir were SO.'JOO £1 ordinary shares at a premium of 2s 6d and 15.0V0 5 per cent, noncumulative preference Glares at par. EFFECT OF TAX REDUCTION. Tn view of the reduction of 6d in £1 tz> be made next year in the National Security Tax, holders of National Savings Hondn are raising the question of whether the taxation authorieies wili grant a refund of national security tax overpaid. Social security charge and national security tax at the maximum rate of 2s 6d ir £1 over the full period of the currency of the bonds was included in the purchase price of the bonds. The matter was raised on the Auckland Stock Exchange, along with the anomaly which the proposed reduction hae created in the value of tax-free stock the Government is to offer as one of the option in the acquisition <f the privately-owned ehare»in the Bank of New Zealand. It was agreed that members of th#- committee of the exchange •’hould consider the implications of the change with a view to making representations to the Land and Income Tax Department through the Stock Exchange Association. LONDON TIN CORPORATION. The London Tin Corporation, Ltd-, in a aiaternent to the ehareholders of the corporation and all companies operating in Malaya under the management of Anglo-Oriental (Malaya). Ltd., states that the rej»ort of the inspection committee has now bet n received. The committee has indicated that it is ho|>e<l to jestart 13 dredge-* by August 1, 1946, '3 by June 1, 1947, and five by January 1. 194<. Three dredges are being completely dismantled ard have only scrap valuThe inspection committee- point out that the decision* are tentative. More information is Retried in regard to miering parts and the condition of equipment which could not 1* examined in detail. The major part of engineering tools and stores is mining and must be replaced. Work in Mnh.ya will progress f’owJjt for some time while the labour force, both skilled and unskilled, is again built up, and til! s<l•Jftional transport us provided and essential toos and supplies are delivered. The speeo of delivery of the.-e essentials will largely control the rote of progress towards rehabilitation and it will be influenced by the availability of facilities. Angle-Oriental (Malaya), Ltd. (the whollyowned subsidiary of the corporation), responsible for the management of the dredge?, will undertake theii rehabilitation as speediiy a circumstances permit. FELT AND TEXTILES (AUST.). The con*■ln!.-: - - 1 operaLons of Felt and Textile of \ .stra‘ia. Limited, and its shbtidlaiia, dixi'aw a net