COMPANY AFFAIRS

Wanganui Chronicle, 24 February 1947, Page 8

COMPANY AFFAIRS

RECOVERY IN PROFIT OF BRITISH TOBACCO. Net profit of British Tobacco Co. (Australia*. Ltd., and its subsidiaries was £967,711 for the year ended October 31, 1946. This compares with £956.468 in 1945 and £969,463 |in 1944. The amount is struck after allowing • £106,670 for depreciation, an increase of £2B,- • 938. ! Dividends received by the parent company I were £960,084. against £960,135, and its net | profit was £955,220, an increase of £lO4. Un- ■ cahnged ordinary and B. ordinary dividends I absorb £843.474 and preference dividend, of 61 I per cent., £lll.lBB, a total of £954.662, leaving | £558 to increase undivided profits to £54,771. i Results of the parent company for three years

Stocks in the consolidated accounts are £3.386.080 higher at H 1,622,355, because the subsidiaries took over leaf tobacco purchased |in America by the Government. As much of j this leaf has not been paid for creditors have 1 risen £2.782.107 to £4,633,694. The subsidiaries had again to finance their requirements of the United States 1946 crop, prices of which increased. This accounts for I the disappearance of the cash item £389,948 and the appearance of a bank overdraft of I £656,026. ! INAL MEETING OF KELBURNE TRAM CO. The final statutory meeting of shareholders in the Kelburne and Karori Tramway Co., Ltd., and Its subsidiary, the Kelburn-Karori Motor Bus Co.. Ltd., which were sold last year to the Wellington City Corporation for £49.835 (£45,0001 for the cable car undertaking and £4835 for the buses', was held yesterday, the chairman of directors. Mr. E. K. Klrkraldic, presiding. After the formal adoption of [ the report and balance-sheet a resolution was 1 passed that the company go into voluntary , liquidation, and the secretary, Mr. C. T. Cox, I was appointed liquidator. ! The next matter of interest, to shareholders will be the capital return they will receive as a result of the deal. The shareholding consists of IO.tXX) £1 preference and 20,000 ordinary shares, all fully paid up. The meeting yesterday approved a final dividend of 2} per cent, on both classes of shares, making 5 per cent, for the year. out. of a net profit of £1635. Passenger revenue in 19-16 totalled £14,532, the passengers carried being 1,873,150.

are.— Oct. 31 1944 1945 1946 £ £ £ Brought In .. . 52,233 53,759 54,213 Net profit . . 956,188 955.116 955,220 1,008,421 1.008,875 1,009.433 Dividends— Ord. k B ord. 9 p.c. 843,474 843.474 843.474 Pt. Gj P.c. 111,188 111.188 111,188 Car. forward 53,759 54,213 54,771