COMPANY AFFAIRS

Wanganui Chronicle, 7 September 1950, Page 10

COMPANY AFFAIRS

PETROLS TILE CO. The final call of 5'- on an contributing shares of the Petrous Tile Co., Ltd., is payable on or before December 1. WHAKATANE BOARD MILLS PROFIT HIGHER Net profit after taxation of Whakatane Board Mills, Ltd., lor the year ended June 30, was £75.653, against £57,741 the previous year. Unchanged ordinary dividend of 5 per cent, is payable on October 12 and the shares wiL be ex dividend on October 6. A preference dividend of 5 per cent., free of social security tax has already besn paid. N.Z. MOTOR BODIES A new issue of shares is proposed by New Zealand Motor Bodies, Ltd. A special meeting of shareholders is to be called to consider plans for increasing the capital from £lOO,OOO to £150,000 by the issue of 50,000 additional shares of £1 each at par. It is proposed that 25,000 be offered immediately to shareholders at one for four and the remaining 25.000 be held in reserve. This company paid a dividend of 8 per cent. last year. N.Z. GUARANTEE At an extraordinary general meeting of shareholders of the New Zealand Guarantee Coroporation, Ltd., in Wellington, on Friday the following resolution was adopted: That the capital of the company be reduced from £lOB,OOO in 720,000 ordinary shares of 3/- each to £72.000 in 720,000 ordinary shares of 2/each and that such reduction be effected by returning to the holders of the 707,892 ordinary shares that have been issued paid up, capital to the extent of 1/- a share and by reducing the nominal amount of each of the 720.000 ordinary shares from 3/- to 2/-. The sanction of the Supreme Court is awaited before the resolution can be put into effect. INVINCIBLE BUILDING A net profit of £1901—£1921 in 1949 and £1726 in 1948—is disclosed in the accounts of the Invincible Building Society of Christchurch (Permanent) for the year ended July 31. Including the sum of £77 brought forward, the amount available for distribution Is £1978. Dividend of 5 per cent, (already announced) absorbs £l5OO and £4OO is transferred to the security depreciation reserve, leaving a carryforward of £7B. Receipts for the year totalled £40,067. Expenses of management amounted to £563. Mortgage repayments during the year totalled £14,579. Loans granted on mortgage amounted to £11,238. A total of £30,146 remains on deposit with the company, RADIO (1936) LTD. Efforts were being concentrated on increasing plant and laboui’ efficiency and developing employer and employee co-operation wherever possible, said Mr. W. J. Truscott, chairman of Radio (1936) Ltd., at the annual meeting. These efforts were in the interests of shareholders, distributors, the staff and the consuming public. The company's policy over 25 years had been to place quality before quantity in manufacture, and this was the yardstick by which its progress and success would continue to be measured. Relationships with distributors throughout the Dominion had never been better than today, or co-operation within the factory closer. MOTUROA OIL Completion of the liquidation of Moturoa Oil Fields Ltd. is still dependent on the sale of an oil rig by the New Zealand Petroleum Co., Ltd., in which Moturoa Oil Fields, Ltd., has an indirect interest through the Taranaki (N.Z.) Oil Development Co., N.L., states a report from the liquidator. Mr. F. H. Bass. Sale of the rig is proving difficult, and it is not possible to estimate the amount likely to come to Moturoa Oh Fields Ltd., reports Mr. Bass. In any case, it would only mean a small dividend to the preference shareholders. The company’s statement of receipts and payments for the year ended April 30 shows a credit balance of £176, a reduction of £ll from the previous year. WRIGHT STEPHENSON Net profit of Wright Stephenson and Co., Ltd., for the year ended June 30 was £66,327 against £59,371 the previous year. Dividends take £52,849 (£41,579 last year). Transfer to general reserve is £7701 (£15,000) and carryforward is £51,962, against £46,185 brought in. Preference dividend is 5 per cent, and ordinary dividend is 10 per cent., plus bonus of 2J per cent., against 8 per cent., plus bonus of 2 per cent, last year. The chairman of directors, Mr. S. C. Sutherland, in a memorandum to shareholders, states that to effect the merger with Abraham and Williams, Ltd., prefeuence share issue has increased by 67,085 shares and ordinary share issue by 26,027 shares, total paidup capital now being £643,194, against £550,082 last year. From the liquidation yf Abraham and Williams a surplus of £60.000 has been added to general reserve wiffi a surplus of £7299 from the liquidation of British Filling Stations, Ltd. General reserve now stands at £525,000. Shareholders funds are £173,889 up at £1,270,156. A sum of £10,344 has been added to deferred maintenance account, which stands at £39,616. RECORD NET PROFIT FOR MILNE AND CHOICE The net profit of Milne and Chpycc Ltd. reached the record of £62.893 for the year ended July 31, against £52,7158 for the previous year, and a bonus of one per cent, has been added to the 10 per cent, dividend and to interest payment on perpetual debenture stock. Although overhead costs rose by £34,348, a substantial increase in turnover resulted in a full recovery in earnings from the previous year’s setback. The final distribution of five per cent., plus a bonus of one per cent., making 11 per cent, for the year, requires £15,000, and the year's payment is £27,500. The sum of £35,393 remains for carrying forward. The general reserve has been raised to £200,000 by transferring £92,040 from the profit and loss appropriation account and £7960 from the previous over provision for taxation. Gross trading profit rose to £381.006, against £322,746. and selling and administrative expenses to £250,443, against £216,095. Income from investments, etc., ruse to £16,<830 against £14,828. The balance-sheet shows:—Liabilities: Paid capital, £250,000; general reserve, £200.000; Diofit and loss, £85,895; creditors, £63.781; staff bonus account, £33,679; owing to subsidiaiy. £1946; tax provision, £84,500; final dividend provision, £15,000. Assets: Stock, £265,959; debtors, £81,823; owing by subsidiary, nil; cash, £2B.7b<S; land and buildings, £208,326; plant. £47.932; investments, £15,644; shares in subsidiary, £63,Out); shares in associated company, £13,399; Government slock. £9950. Stocks at £265,959 are £41.92-1 higher thah last year. Part of the increase is due to the introduction of new departments, hut the total is considered to be in line with present turnover.