COMPANY AFFAIRS

Wanganui Chronicle, 15 December 1949, Page 10

COMPANY AFFAIRS

BANK OK AUSTRALASIA The Bank o£ Australasia reports a net profit of £278,290 sterling for the year ended October 31, an. increase of £7257 over the previous year’s results. The profit has recovered steadily since 1945, and has now reached its highest level since 1939, when it was £292,024. The pre-war peak was in 193 S at £310.049. Unchanged dividend at the rate of 9 per cent, less U.K. income tax, requires £222,750. Carry-forward is increased by £55,540 to £384,221. The results arc given in a preliminary statement, which is two months earlier than usual. Comparisons for two years arc:—

jAccounts were made up to October 15 in .1918. AMPOL PETROLEUM Coptracts for two petrol cargoes from France, Jor which the Australian Government had given import licences, had been made available to Ampul Petroleum, Ltd., but their sale in Australia had been, restricted by the re-intruduCtion. of petrol rationing, said the chairman, Mr. L. J. Thompson, in his address to shareholders in Sydney on Friday. The increased price was a further obstacle to the importation of large quantities of non-dollar petrol, but this could have been overcome if the Government granted assistance from the additional revenue to be derived by it from the petrol tax. The Government should do its utmost to assist the importation of petroleum products to meet the demands of growing transport and expanding production, said Mr. Thompson. Motor vehicles in Australia had increased by more than one-third in the last 10 years i and there had been a rapid growth in the use of petroleum products in primary and secon- , dary industries. This trend, with the planned immigration policy, meant a steadily expanding consumption of petroluem products. In spite of the high rate of earnings on capital during the last two years, the directors decided to build up the reserve rather than pay a higher dividend than 8 per cent., he said. HENRY JONES PLANS Henry Jones Co-operative, Ltd., has again been refused Capital Issues consent to make a new issue. The directors will make another approach in the New Year. The annual report states that the company and its subsidiaries made a record net profit of £361.374 for the year c f ed October 31—an increase of £32,506 on last year’s profit. Dividend at 10 per cent, requires £150,000. The directors express doubts as to whether the industry, which is heavily dependent on exports to the United Kingdom, can be continued'*on a profitable basis.

October 31f 1948 1949 Brought in £280,398 £328,681 Net profit 271,033 278,290 £551,431 £606,971 Div., 9 p.c 222,750 222,750 Car. fwd £328,681 £384.221