COMPANY AFFAIRS

Wanganui Chronicle, 15 January 1949, Page 8

COMPANY AFFAIRS

DIVIDEND PAYMENTS. Smith and smith, Ltd.: The "A" preference dividend of 2A per cent., less social security taxes, for the six months ending January 31. 1949, will be paid on that date; also the "B" preference dividend for six months at the rate of 4 per cent. p.a. free of security tax (ex January 19). North Kalgurli. Ltd.: An interim dividend from mining profits for the year ending January 4. 1949, of 6d. sterling, less tax of 9s. in the £. is payable March 17 to shareholders registered at January 31 ex January 31). PLAC EK DEVELOPMENT. Placer Development, Ltd., which earned a slightly lower profit last year because of increased taxation, appears to have good prospects with its oil interests. The maximum daily rate of production from the three Texas wells of the Coronet Oil Company, which is wholly owned by Placer Development through American Placer Inc., is now 200 barrels a well. The managing director of Placer Development, Mr. C. A. Banks, said at the annual meeting in Vancouver last month that the oil was of particularly good quality and was being sold to one of the major oil companies. The net profit of 437,018 dollars Canadian (£A136,568) for the year ended April 30, 1948. compared with 442,265 dollars (£A138,207) for the previous year. The profit came solely from unchanged dividends of 460.000 dollars received from Pato Consolidated Gold Dredging, Ltd., but income taxes were 5247 dollars higher at 11,482 dollars. The dividends, each of 25 cents a share. unchanged, required .’’.94,772 dollars, and carry-forward is 1.525.134 dollars against 1,482,888 dollars brought forward. TRUTH (N.Z.) TEAR. A net profit of £5168. against £5717 in the previous year, is shown by Truth (N.Z.), Ltd., for the year ended September 30, 1948. The result is reached after providing £2736 for depreciation, against £1443. and £461 less for taxation at £7047. A preference dividend of 5.6 per cent, for the six months ended March 31, 1945. was paid during the year and absorbed £l4OO. The directors recommend the payment of a preference dividend at the same rate for the six months ended September 30, 1945. The annual meeting was held at the Sydney office of the company on December 15. Shareholders’ funds amount to £141,718, against £164.145, and current liabilities to £30.830. an increase of £6036. There is a contingent liability of arrears of dividends on 50,000 £1 cumulative preference Shares.