COMPANY AFFAIRS

Wanganui Chronicle, 29 June 1948, Page 8

COMPANY AFFAIRS

A.C.I. CAPITAL PLANS The directors of Australion Consolidated Industries Ltd., have decided to make immediate application to the Capital Issues Board for permission to make an issue of ordinary shares. Details of the issue will be announced when Approval has been obtained. ACETONE WELDING The preference shares of the Acetone Illuminating and Welding Co., Ltd., Napier, have been officially listed by the New Zealand stock exchanges. Following re-registra-tion last year as a public company, capital was increased to £500.000, divided into 300,000 preference shares of £1 and 200.000 ordinary £1 shares. Only half the preference shares are publicly subscribed. OVERSEAS CORP. (AUST.) Overseas Corporation (Aust.), Ltd., has arranged the sale of all assets of John Bentley and Sons Pty., Ltd. one of its subsidiaries, to Victorian Woollen Mills Co. Pty.. Ltd., of Yarraville. John Bentley and Sons Pty. has a weaving factory at Spotswood. Capital of Victorian Woollen Mills was increased on Friday from £75.000 to £250,000 by the creation of 175,000 ordinary £1 shares. ENTRICAN, SIMS CO. STRENGTHENS RESERVE Net profit of A. J. Entrican, Sims and Co., Ltd., provision merchants, for the year ended March 31 was £4751, against £3754 in 1947 and £2832 in 1946. Preference and ordinary dividends, unchanged at 5 per cent., absorb £2166. leaving a balance of profit of ’£2585 which, with £736 over-estimated taxation in 1946. increases the carry-forward to £6463. Gross profit was £74.563, against £64,571. Expenses at £62,999 compared with £55,769. Taxes absorbed £6812, against £5048 last time. N.Z. CO-OP. PIG MARKETING ASSN. The New Zealand Co-operative Pig Marketing Association Ltd. reports another successful year’s trading. Turnover, including that of its manufacturing subsidiaries is a record for the company at over £2,000.000. In pigs. bobby calves, boner and fat cattle. 503,000 head were collected and cooperatively disposed of by the company on behalf of its shareholders and suppliers. Final payments on pigs, including the bonus on qualified supply to shareholders, are now in course of preparation as are also final payments due on the last cattle pool for the year. These cash payments will in total amount to £51,000. The annual meeting and conference of the association will he held in Auckland on August 3 and 4. when the association’s activities for the past year will be under review. PROVEN PAINT PRODUCTS The appointment of Mr. William Goodfellow as chairman of directors of Proven Paint Products. Ltd., Auckland, was made at the annual meeting. It was decided to pay an ordinary dividend of 6 per cent. The capital -of the company at present is £39.000 in 13,000 cumulative 5 per cent. preference shares and 26,000 ordinary shares each of £l. The directors report that a decision has been reached on a programme ot development involving additional plant and buildings. which will require an early issue ot 6000 ordinary shares ot £1 each. Plans aie also in train tor the conversion of the company into a public company with further increase of capital. The company has made a provisional agreement with Hatfield (Merton), Ltd., paint manufacturers. England whichi it s hoped will lead to a permanent link-up. The present board ot Proven Pmnt Pro duets. Ltd.. oomPrlses-.-Mts'. . W. Good (<• OW (chairman). H. L. naging). A. Kinnell and A. R. Hislop <wei lington). - MORRIS lIEDSTROM EARMNGS SHOW IMPROVEMENT The net profit ot M o^ r « e | s l tr °Ss “'as 5t / 93 ' 2W aar The directors recommend the pajmint ot an unchanged ordinary a l SsoSng Ce “£32.04 a 0! ’ffieSe ’"'’‘dend ol 6 plr cent, requires £13.152 leaving ££.<»s to An C |ncr e eale e inX X profit of about £35.000 was countered by an rise in operating expenses, slid tne rt.a.r man o" directors. Sir Maynard Ostrom Increased expenses were caused mainly by hlghc™ wages and contributions to the penSl Sir f Miynard said that slocks and sha-es excluding shares In subsidiary companies had had been reduced during the year Irom about £6OO 000 to £254.000. The capital profit made on realising the Investments amoumc.. to about £41.000. Against this r due ion merchandise on hand and in trirsu had l_ 1crcased from £260,000 to £640.000. and linil Ild iiu.ldtogs Horn £176,000 to £217.000.