COMPANY AFFAIRS

Wanganui Chronicle, 19 September 1946, Page 10

COMPANY AFFAIRS

Net profit of Snowy River Gold Dredging Ltd., a Sydney company operating on the West Coast, was £13.861 for the year ended June 30. which is £10,484 less than last year. The decline was mainly due to a fall in grade from 2.06 gr. to l.GSgr. a yard. Two dividends, each of 6d a share (unchanged), required £14,000. (LOSING Ol BOOKS. Bartholomew Land and Timber Go.. Ltd : The books will be closed Trom September 16 to September 26. both days inclusive. N.Z. Express Co., Ltd.: The books will be closed from September 13 to September 26, both days inclusive. DIVIDENDS DECLARED. An interim dividend of 3 per cent, for Ihc half-year ended September 30 has been declared by the Equitable Building and Investment Company of Wellington Ltd., accordin'; to advice received by the Stock Exchange Association. The dividend is payable on September 30, and transfer books will be closed from September 25 to September 30, Inclusive An unchanged interim dividend of Bd. share has been declared by the directors <•; New Zealand Newspapers Ltd., for the ha year ended September 30. The dividend will be payable on October 1. NEW SHARE ISSUE OF NATIONAL TOBACCO. The directors of the National Tobacco Co., Ltd.. Napier have decided to offer the whoi..’ of the recently created Wo.ooo £1 ordinary shares, together with the balance of unissued shares in the originally authorised capital, representing 35,659 £1 ordinary .'.hares, present shareholders at a premium of 10/- a share. This price is’ equal to 30/- for every £1 share, payable on application. If the issue is over-subscribed the company reserves the right of allotting to any applicant the whole number applied for or any portion of that number. Should the Issue not be fully subscribed, the company reserves the right of offering the balance to the public. Applications, which must, be for a minimum of 50 shares, close on September 21. The company's shares are not officially listed by the stock exchange. The last reported sale was on August 11 at£l 19,6. Tne paid capital will be raised to £300.000 by the issue. The last issue, one of .30,000 ordinary £l. shares, was made in 1938 at a premium of 20/- a share. Dividend has been 74 per cent, since 1942 on a paid capital of £164,314. RISE IN PROFIT OF FOREST PRODUCTS. LTD. After providing £49.500 for taxation, the accounts of New Zealand Forest Products Lid. show a net profit of £28.268 for the year ended March .31. This compares with £25,953 in the previous year, when taxes absorbed £78.000. Comparable amounts vaiy from those published in 1945 because of reconstruct ion of the company’s profit and loss accounts, following a determination by the Income Tax Department of the basis on which it v.ill tax the company since it first began manufacturing on April 1. 1912. The decision is that the department will allow a deduction of forest n aintenance costs and land tax only on forest blocks which are being logged In any year. I'his decision necessitates the reconstruction ol the profit and loss and royally accounts for oa"h of the three years ended March 31. The principle adopted has been to charge the prof ! and loss account, with forest maintenance costs and land tax' on blocks being logged each year ns these costs are properly deductable for la\ purposes. The balance of the expenditure on forests is added to the capital costs of th'' i land and forests and will be recoverable in future years as forests are utilised I The profit on manufacturing was £89.516. la reduction of £16.470. Provision for taxation appears in the balance-sheet al £18.8,669. which i> Ihe lot.nl amount payable for the four years ended March 31. 1916. on the amended basis. The report suggests pressing for an amendment of the taxation law as it relates to forestry companies. The directors report an increasing demand for the company's products, but transport, coal and power shortages and higher wages were factors, which prevented full benefits being secured from the operation of mills.