COMPANY AFFAIRS

Wanganui Chronicle, 14 December 1949, Page 10

COMPANY AFFAIRS

DIVIDEND PAYMENTS Bank of Australasia: Final, payable Jan. 27, ex Dec. 20. Woolworths Properties, Ltd.: Interim, preferred ordinary, payable Jan. 16. ex Dec. 20. Felt and Textiles of Australia, Ltd.: Interim, 3rd, preference, payable Feb. 2, ex Jan. 13. Denhard Bakeries Ltd.: Interim, preference, 4 p.c., less social security charge; payable Dec. 15. Auckland Gas Co., Ltd.: Perpetual debenture stock, ex interest Dec. 17. BALLINS BREWERIES Net profit, after taxation, of Ballins Breweries (N.Z.) Ltd. for the year ended September 30 was £28,868, against £32,953 the previous year. To this is added £1414 over-provided for taxation in 1948, making a total of £30,282. Unchanged dividend of 7 per cent, (final 4 per cent.) takes £24,212, leaving a carry-forward of £40,765, against £34,696 brought in. Gross profit from trading rents and interest was £127,338 against £143,562. The directors state that though sales of the company's products were higher, increased costs of labour and ingredients were responsible for a diminution in the gross profit, but this was partially absorbed by economies in overhead expenses. Increases of Capital. The directors of Ballins Breweries (N.Z.) Ltd. propose to increase the nominal capital of the company from £350,000 to £500,000 by the creation of 160,000 5 per cent, cumulative preference shares of £1 each. Half the new shares will be offered to shareholders and the other half will be held as reserve preference share capital. Finance is required to meet the cost of buildings and plant at the brewery and also at the vinery and distillery in Hawke’s Bay and to purchase interests in Ballin Bros. Ltd. owned by the''trustees in lhe estates of the late H. L, and O. L. Ballin. TATTERSFIELD FLAN The trend toward increased production costs, and consequently reduced profit margins, had been felt during the past year by Tattersfield Ltd., said the managing-director, Mr. James W. Tattersfield, at the annual meeting of shareholders. In many cases no increases had been granted to conform with overall increases given in wages last June. Devaluation of Lhe pound had increased the cost of all raw materials used by the company and this must be reflected in higher prices to customers sooner or later. A scheme or profit-sharing which would be adopted if taxation were reasonable, was outlined. 'l he basis of the scheme would be to consider the worker’s wages as his capital and the total yearly amount of these wages, plus incentive bonuses, would be eligible for a dividend. The company's capital had been kept small on purpose to share profits with its workers who helped it to make the profits. The company was highly geared and the smaller it could keep its capital the higher dividends it could pay. When the company needed additional capital employees should have an equal opportunity with existing shareholders to take up shares. The retiring directors, Messrs. J. N. Tattersfield and John W. Tattersfield, were reelected.