COMPANY AFFAIRS

Wanganui Chronicle, 11 October 1948, Page 8

COMPANY AFFAIRS

W. R. CARPENTER A further increase in lhe net profit of W. R. Carpenter and Co.. Ltd., Sydney, of £4612 to £75,655 is shown in the accounts for the year ended June .30. The dividend rate is raised from 7$ per cent, to 9 per cent requiring £69.750. Return to New Zealand shareholders will be £7/4/8 per cent. Carryforward is £134,658. against £128,783 brought in. No specific allocations are made to reserves, as the company is now wholly a holding concern and the subsidiaries make their own provisions. The earnings of subsidiaries in New Guinea, Fiji, and elsewhere wore favourable, state the directors in their report. The Solomon and Gilbert Islands subsidiaries, however, had still not resumed. There was no undertaking that war damage compensation would be SELFRIDGES (A’ASIA) Net prolit of Selfridges (A’asia) for the year ended July 31 was £53,228, after providing £40.000 for taxation and £112,115 for depreciation. The previous year the balance date of the company was changed from January 31 to July 31. and the et profit for the six months to July 31, 1947, was £18,608. Profit for the last full year was £31,198. Dividend of 10 per cent., already announced. requires £28,500, leaving £24,728 to increase the carry-forward to £61,928. The sum of £ll,OOO from excess tax provision is added to reserves. WILCOX MOFFLIN Net profit of Wilcox Mofflin, Ltd., Sydney, skin merchants, for the year ended June 30. shows an increase of £18,361 to £71.355. Dividend of 13.63 per cent. (1/6 a share. including a bonus of 6<1.», requires £42,812. General reserve is strengthened by £20,000 and £3500 is added to tax paid reserve, Raving £5043 to increase the carry-forward to £11.070. The new issue of 150,000 shares cf J - each will be made at a premium of 5,6. in the ratio of one for four held. lhe issue, which will be made after the closing of the Commonwealth loan, will be payable S 3 a share on application and 8/3 on allotment. DIVIDEND PAYMENTS Smith and Smith. Ltd. — An unchanged dividend of 7A per cent, is payable on October 10. upon the ordinary shares, (ex Oct. 10'. Advice to this effect has been received by the Stock Exchange Association of New Zealand. Hay’s. Ltd.: At the annual meeting on October 13. the directors will recommend the payment of an dncna.v;?il dividend of 12 per cent, on the paid up capital, payable on October 14. (ex. Oct. 11). David Jones, Ltd., final, half-year, ord., 5 per cent., plus 24 per cent (year 12A per cent.; last year 10 per cent.); Ist pref. 3 per cent.; 2nd pref., 3:] per cent., payable Oct. 20. Books close October 5. YARRA FALLS YEAR Yarra Falls. Ltd. and subsidiaries, profit for lhe year to June 30, £295,325 (increase £85,843) after tax provision £212,700 (decrease £100,100). Parent company’s piofil. £234,073 (increase £57,289). Dividend, 12.1 per cent, (unchanged!. plus 5 per cent, bonus from £78.750 excess war time (company! tax. total amount £175,000: to special reserve £100.000; to replacement reserve. £25.000. Export trade, from which a good deal of profit was derived, has declined, directors state. MYTTONS’ CAPITAL FLAN An unusual new capital arrangement is being made by Myttons. Ltd., sheet-metal workers. Melbourne, following rejection by Capital Issues Control of a proposed share issue at 30/-. Capital Issues Conical suggested the price of 41/6. Subject to Treasury consent, tile company will borrow £lOO.OOO on debentures at 4| per cent. This will be received in £25,000 instalments over .12 months, and redeemed at the company's option by £25,000 every two years witli 10 years’ maximum term. Shareholders will be asked to sponsor new issues ol 25,000 ordinary shares at par al Iwo-ycarly intervals to redeem the debentures. HAY’S PROFIT RISES A further rise in net profit from £1.6,762 to £17.935 is disclosed in the accounts lor Hay’s Ltd., Christchurch, for the year ended August 19. According to the report of the directors, the turnover for the year again created a record. Slocks valued at £147,97b were in good order and condition and showed an increase of 126,064. During Hi!’ year lhe balance of the uncalled capital was e ill.d uo .tad Die authorised capital increased Io 180.000. Shareholders had readily acquired the new shares and the resources of the company were greatly strengthened. After providing £29.214 Cor taxation, a profit of £177)35 remained, which, with the addition of a carry-forward of £II.‘IM from 1917. left the sum of £32,379 available for distribution. The directors recommended that the following distribution be made: — £ Dividend of 121 per cent, (unchanged) 9,975 Transfer to general reserve 10,000 Carry forward to next year .. . 12,404 £3’2,379 Gross profit is shown at £47.879 (£41.101), and provision for taxes has increased from £23 589 to £29,214.