COMPANY AFFAIRS

Wanganui Chronicle, 3 October 1949, Page 8

COMPANY AFFAIRS

PAPER MANUFACTURERS Australian Paper Manufacturers Ltd., whose ordinary capital is all held by Australasian Paper and Pulp Co. Ltd. shows a decline of £24.117 to £260,695 in the net profit for the year ended June 30. The directors attribute the reduced profit to heavy writing down of stocks in accord with a fall in overseas raw materials. The writing down would help to meet the growing keen competition from overseas finished products from countries also supplying pulps. The net result, is reached after charging £420.182 for depreciation and £195,200 for taxation. Ordinary dividend remains at 7.36 per cent., requiring‘£l77.ooo on the larger capital, and the 6 per cent, preference dividend absorbs £60,000. After adding £2500 to loss of profits, reserves carry-forward is £21.19.') higher at NEW O< CI DENTAL New Occidental Gold Mines N.L.. Cobar. earned a profit of £11.682 for the year ended June 5, compared with £11.124 for the previous 18 months. Profit is again reached without providing for depreciation or depletion, but is shown this year after writing off £44.272 spent on geological exploration from 1914 to 1949. A working loss of £-13.194 on the Chesney Mine has been charged to profit and loss. Improved grade of New Occidental ore ‘s (liicliv responsible for the slight increase in prpfiL the'directors slate. Working profit of this mine was £119.977. Preference dividend of 10 per cent, absorbed £5063. and carry-forward is increased from £46.765 to £53.386. . The Government had made no worthwhile offer to alleviate the crippling effect of the fixed price of gold, the directors state. Unless material relief is soon obtained, the gold-mining industry, excepting the richest mines, may pass out of existence, they add. The agreement with Zinc Corp. Ltd. to explore outside areas has ended. The Dapvillc results may warrant operations later by New Occidental.