COMPANY AFFAIRS

Wanganui Chronicle, 3 November 1949, Page 10

COMPANY AFFAIRS

TARANAKI OIL FIELDS Al: the funds of Taranaki (N.Z.) Oil Fields. N.L., available, are likely to be absorbed in payments Io preferential creditors and in the expenses of winding up, state the directors in their report for the year ended April 30. Taranaki (N.Z.) Oil Development Co.. N.L., intends to wind up as soon as New Zealand Petroleum Co., Ltd., completes its expected , liquidation. The oil prospecting company, New Zealand Petroleum Co., Ltd., spent more than 11.G0J.000 searching for oil in New Zealand. The company had substantial tlnancial backing from Vacuum Oil Co. Pty.. Ltd., and California Texas Investments Ltd. GISBORNE FARMERS After providing for depreciation and taxation, a net. profit of £11.905 was earned by the Gisborne Sheepfarmers’ Frozen Meat and Mercantile Company for the year ended August 31. Net profit in 1948 was £12.574. The directors recommend unchanged dividends of 5 per cent, on the ordinary mercantile and on the ordinary freezing shares. With (he mercantile preference and the freezing preference they take £8024. Transfer to the mercantile reserve account takes £5OOO. leaving £14,647. as against £15.766 last, year, to be carried forward in the accounts of both departments. The annual report records that 55.769 fewer freight carcases were handled by the Kaiti freezing works, only sheep and bobby calves showing a slight increase. Gross trading profit lose from £63,110 12 months ago, to £71.954. Earning expenses less profit rose in (he freezing department from £14,966 to £17.014. and in ih” mercantile department from £55,094 to £7l 1)54.