COMPANY AFFAIRS

Wanganui Chronicle, 28 October 1948, Page 10

COMPANY AFFAIRS

INNES INDUSTRIES TO ISSUE 60,000 5 P.c. PREF. SHARES Innes Industries Ltd., which, under the plan of reconstruction will become the public holding company of C. L. Innes and Co., Ltd., propose to make an issue ot 60,000 5 per cent, cumulative preference shares of £1 each at par. Of the issue 40,000 shares are offered for public subscription and have beer, underwritten. Of the balance 10,000 shares are reserved for application by shareholders of C. L. Innes and Co., Ltd., which will be offered in the ratio of one for five held, and 10,000 shares are reserved to cover applications from members of the staff. B.H. SOUTH ORE Ore reserves of Broken Hill South Ltd. at June 30 were 1,855,000 tons, or 60,000 tons less than a year earlier. The estimate is made after the extraction of 236,950 tons during the year. Although the average lead price increased, mining, smelting, and railage costs were higher, and a lower tonnage was mined, the directors state. To the net profit of £916.246. the mining section contributed £775.678 and the investment section £140,568. JACQUARD TEXTILES Registered in Wellington in March, 1947, Jacquard Textiles, Ltd., acquired the business -of Jacquard Hosiery Mills, Ltd., and of Braids and Elastics, Ltd. The company reports that it is erecting a large new factory, in Palmerston North, to which the whole of its activities will be transferred during the next few months. New machines are arriving at frequent intervals, and materials from these will be on the market in the near lulure. After providing £5214 for taxation and writing off of £3977 for depreciation, the operating companies have contributed to the parent company dividends amounting to £5636 for the period ended October 1, 1948. Preliminary expenses amounting to £482 have beer, written off, leaving available for allocation the sum of £5154. The directors lecommen i payment of 5 per cent, dividend for the year, absorbing £3750 and tne carrying f.irwa.d of the balance. The annual meeting of th? company is to be held on November 2, 194?. AUSTRALIAN RESULTS Burlington Mills (Aus.), Ltd., earned a net prefit of £98.314 for the year ended June 30. dgai/s' £74,751. Dividend, unchanged at .8 per cent., requires £53.361. After placing £lO.000 to reserve and writing off £12,186 for intar.g : ble assets and new issue expenses, carry forward is increased from £16.185 to £39.836, including £BB4 from tax-free profits reserve. Excess tax provision of £27,000 is transferred to reserve. Washington H. Soul Pattinson and Co., Ltd., shows net profit of £91,019 for the year ended July 31, an increase of £4032. Unchanged dividend of 15 per cent, requires £67,804 and £lO,OOO is added to staff fund, leaving £13,215 of the profit to be added to reserve. MT. MORGAN ISSUE The new issue by Mount Morgan. Ltd.. Queensland, of 452,000 ordinary shares of 2/6 at a premium of 4/6 a share has been fully subscribed and the shares have been allotted, according to a statement by the directors. A first call of 3/- a share, comprising 9d. as tu capital and 2/3 in respect of share premium, has been made, making the shares paid to 1/3. HENRY BERRY AND CO. A proposal of Henry Berry and Co. (A’asia), Ltd., to convert its New Zealand subsidiary into a public company and place with the New Zealand public one half of the issued capital ,had been held up, said the acting-chairman, Mr. R. Olham, at the annual meeting in Melbourne. Profits of New Zealand companies were taxable wholly at the source, and when distributed to shareholders resident in New Zealand were free of tax in their hands. This was not the case, however, when dividends were paid to non-resident shareholders, and any dividends which Henry Berry received from its subsidiary would on distribution to shareholders be subject to further tax in Australia. Moreover, under the Commonwealth Income Tax Bill, Henry Berry would be classed as a private company, and the whole of the dividends received from the New Zealand subsidiary would be taxable in Australia, whether distributed or not. at. about 4'6 in the pound. BANK OF NEW SOUTH WALES DIVIDEND UP The Bank of New South Wales has raised the dividend of the final quarter of the year ended September 30 from 7/6 to 8/- a share of £2O, equal to a rate of 8 per cent, per annum. The first quarterly dividend was 7/ - a share, and the second and third were each 7/6 a share, so that the year's total is 30/-, or 7i per cent. Dividend for the previous year totalled 6 5-8 per cent., made up of 6/6 for each of three quarters and 7/- for the final quarter. The rate of 8 per cent, per annum was last paid for a full year 17 years ago, Until 6 1-8 per cent, was distributed in 1946 dividends during the intervening period have ranged between 5 and 6 per cent. Because of the return of the New Zealand, pound to parity with sterling, the New Zea land shareholder this year will get £6/14/7 in New Zealand currency, against, the £6/12/6 which he received last year. At the rate of 71 per cent, paid in Australian currency ovci the full year, the return to the New Zealand shareholder will bo £6'o/6 per cent. SHARLAND’S EARNINGS Accounts of Sharland and Co,. Ltd., for the year ended August 31, 1948, show (i net profit of £16.383. against £17,610 the previous year. Profit before taxation was £38,883 (£44.869 in 1947» and taxation takes £22,500 (£27.250). With £10,128 brought in, there is £26.511 available. Transfer to the general reserve is £5OOO, against £7OOO the previous year. Dividends of 5 per cent., plus bonus of 3 per cent, (unchanged) take £ll,OlB, leaving a carryforward of £10,493.