COMPANY AFFAIRS

Wanganui Chronicle, 20 March 1947, Page 10

COMPANY AFFAIRS

INCREASES OF CAPITAL Increases of capital include:— Northland Motors Ltd.: Capital increased to £lO,OOO by the addition of 7000 ordinary shares of £1 each. Cordery Garage Ltd.: Capital increased to £14,000 by the addition of £lO,OOO ordinary shares of £1 each. Phillips Motors Ltd.: Capital increased to £20,000 by the addition of 10,000 ordinary shares of £1 each. ZINC CORPORATION LTD. Referring to the activities of Zinc Corporation, Ltd., London, in the search for natural gas in Australia the chairman, Mr. J. R. Govett, in an interim statement, said that these operations had been enlarged. The company had joined forces with the D’Arcy Exploration Co., Ltd., a subsidiary of the Anglo-Iranian Oil Co., Ltd., and with the Vacuum Oil Co., Pty., Ltd., in the search for both natural gas and oil in Australia. As a result the chances of success were multiplied and the burden of finance was more widely distributed. The chairman hoped that in the next 12 or 18 months there would be an indication of the possibilities of certain areas now' being surveyed. TARINGAMLTL TOTARA PROFIT FOR LAST YEAR. Net profit of Taringamutu Totara Sawmills Ltd., Wellington, for the year ended Semptember 30 was £3106 higher at £4784 after providing £3655 more ror taxation at £6634. Steady dividend at 5 per cent, required £3OOO and a transfer of £450 to general reserve and £llOO to provide for contingencies was made. Carry-forward was £6993, against £6759 brought in after deducting £139 under-provision for taxes. Farm earnings were £1490, an increase of £BB4. The directors reported that the bush owned by the two companies would be cut in a very few years, and if no further suitable bush could be obtained the company would have to look to the farming side of the business to provide profits. !