COMPANY AFFAIRS

Wanganui Chronicle, 12 June 1950, Page 8

COMPANY AFFAIRS

AUSTKALIAN COPPER An increase ot £lO a ton in the price ot Australian copper, applying to both consumers and producers, was granted by a conference of Price Ministers in Melbourne on Friday. Since March, 1949, the maximum to producers has been 1180 a ton, and to consumers £l7O a ton. BANK OF ADELAIDE Proposals by the Bank of Adelaide to convert the £5 shares into £1 stock units will be placed before shareholders at a meeting on July 26. It is not intended to make a general recall of present share certificates and replace them with stock certificates, but shareholders may lodge their share scrip with the bank and they will be issued with stock certificates. The proposals were first made at the end of 1945, but were delayed by staff shortages and other factors. AMPOL NEW ISSUE Ampol Petroleum, Ltd., proposes to convert 250,000 of the 750,000 unissuesd £1 ordinary shares into a similar number of £1 6 per cent, cumulative preference shares and issue them to preference shareholders at a premium ot' 47in the ratio of one for one held on June 19. It is also intended to issue 306,000, £1 ordinary shares at a premium of 7/- to shareholders registered on June 19. The new issues will increase the paid capital by £556,000 to £1,806,°°licscrvations of the ordinary shares to ordinary shareholders will be on a basis of one for five held, requiring 204,800 shares. Preference shareholders will have a reservation of one ordinary share for every five new preference shares taken up which will requiie 50,000 shares. The balance of 52,200 ordinalj shares will be issued to new reseller and industrial aCCOUntS. The preference shares, capital and premium, will be payable on application and will ( l ua r l ‘L for dividends from the allotment date. The ordinary shares will be payable 17/- on apnlication (10/- capital and 7/- premium), and 10/- on or before March 31, 1951or. the part-paid capital ot 10/- on these shares will apply from July 31, .1900. The directors state that the new capital is required for extension of business in Victoria. New South Wales, and South Australia including the construction of an ocean terminal at Birkenhead, South Australia. NATIONAL TIMBER A recovery of £4051 to £8857 in the trading profit before taxation of the National Timber Co Ltd., is shown in the accounts of the year ended March 31. Taxation provision absorbed £5035, compared with £2lBO provided out oi. the previous year’s result. Payment of a final dividend of Gd. a share from the year s profits and a special dividend of 6d a share from capital reserve account has been approved by shareholders and payment will be made on June 20, ex June 20 Total distribution for the year is brought to 1/6 a sluue, or 16 2-3 per cent., requiring £0250. In addition to the £5035 provided tor 1900 taxes, the profit and loss appropriation account shows a provision of £llB7 lor IJ4J taxation. After provision for the taxation and the dividend £2194 is carried forward against £5510 brought in. The directors stated that logging operations were continued during the period and aided by good weather, the results were satisfactory. Approval of completed plans for the Ngongotaha subdivision is awaited and it is expected that work will commence soon. Plans for dealing with the company's remaining bush areas are hoped to be completed soon. DOMINION FERTILISER “Although a profit of £17,325 may seem reasonable compared with profits during the war, when earnings were restricted by supply shortages, it is not enough to pay shareholdeis a fair and proper dividend on their investment in an industrial enterprise; nor is it sufficient lo leave, a reserve for development,’’ said Mr. L J. Stevens, chairman of the Dominion Fertiliser Co., Ltd., at the annual meeting in Dunedin. The price of fertiliser £7/11/6 a ton, was too low, Mr. Stevens said, and had been accepted by the manufacturers more or less under compulsion, in the hope that increased output would follow. The immediate result ol the acceptance of the price had been the reverse of this. He had serious doubts that the price could be maintained at its present low level Another mailer of irnpyriancc was the greatly improved condition of the company’s product. New plant had been installed and further improvements, coupled with the supplies of high-grade Nauru. Ocean and Makatea rock received, had enabled I lie fertiliser sent to farmers to be of the best quality.