COMPANY AFFAIRS

Wanganui Chronicle, 22 April 1950, Page 3

COMPANY AFFAIRS

HOWARD SMITH PROFIT The net profit of Howard Smith, Ltd., Melbourne shipowners, rose by £13.204 to £162,619 for the year ended December 31. The result, which is the highest since 1927, was reached after providing £23,750 more for taxa- , tion at £35,000. A bonus of 1 per cent, is added to the ordinary dividend of 5 per cent., the total distribution requiring £120,000. The preference dividend of 6 per cent absorbs £15,000 and £15.000 is placed to reserve, bringing it to £7OO. Carryforward is increased by £12,619 to £62,649. The consolidated net profit of the company and its subsibiaries was £10,268 higher at £116,399, after allowing £14,633 more for depreciation at £111,937, and £18,106 more for taxation at £54,855. The consolidated trading profit increased from £152,488 to £193,118, while income from investments improved by £1873 to £92,405. M.K. MANUFACTURERS It might be necessary for M.K. Manufacturers Ltd. to establish one or two small factories in other localities in order to relieve the problem of staff shortages, said Mr. J. C. Whitney, chairman of dirdrtofs, at the annual meeting of shareholders. Competition over the year was greatly intensified, particularly in millinery and men’s hats, he said. Reflecting current national trends, cost of production had a continued rising tendency and required careful supervision. Owing to delays in the discharge of cargoes’ at Auckland, the company hud. been forced to order materials much further ahead of requirement than in the past, and this reflected in a lower stock, turnover and increased bank overdraft and interest. The company had also been put to the expense of renting additional storage space for reserve bulk stocks. “There are many difficulties ahead that one can forsee,” said Mr. Whitney, “but given reasonable favourable economic conditions, we feel that progress can be maintained and we look forward to the future with qualified optimism.’’

INCREASES OF CAPITAL Recent increases of capital according to the “Mercantile Gazette,’’ include: — Gough (E. C.) Ltd. Capital increased from £20,000 to £30,000. (Chch.) Halleys Ltd. Capital increased from £4600 to £14,000. March 28. (Wgtn.) Hargrave (J. F.) Ltd. Capital increased from £25.000 to £30,000 bv creation of 5000 “C” preference shares of £1 each. March 22. (Wgtn.) Hutcheson, Bowman and Stewart Ltd Cap - tai increased from £6666/13/4 to £9OOO by creation of 4000 shares <_>* b/> each jLOlu shares of £1 each. March 30. (Wgtn.) Marriott (E) Ltd. Capital increased from £l2OO to £lO,OOO. March 31 (Wgtn.) Sun Transport Ltd. Capital increased from £B5O to £lO,OOO. March 31. (Wgtn.) Rees Furnishings Co. Ltd. Capital increased from £lO,OOO to £20,000. March 30. (Wgtn. • Butcher’s Transport Ltd. Capital increased from £1750 to £lO,OOO. March 31. (Wgtn.) Farm Products Co-op, (Wanganui) Ltd. Capital increased from £9052 to £18,252 by creation of 14,200 ordinary shares of £1 each and 4052 “B” shares of £1 each. April 1. (Wgtn.)