COMPANY AFFAIRS

Wanganui Chronicle, 21 December 1950, Page 10

COMPANY AFFAIRS

DIVIDEND PAYMENTS « Rawang Tin Fields, Ltd., Malaya: Interim 9d sterling a share, less 20 per cent. Malayan tax; payable February 14, ex January 23. (For the financial year ended March 31 last the company paid 6d a share, the first distribution since 1941). Gear Meat Co. Ltd.: Ex December 14. HENRY JONES PROFIT Henry Jones Co-operative, Ltd., fruit preservers, Melbourne, and the subsidiaries earned a record net profit of £447,564 for the year ended October 31. The result was £86,190 higher than the previous year’s profit, which was then a record. Dividend, unchanged at 10 per cent.,- requires £172,500, against £150,000 last year on a lower capital. ’ The directors state that total jam production in Australia has declined by five million lb. compared with last year, and 70 million lb. compared with 1938. BRITISH TOBACCO A net profit of £810,259, after taxation, was earned by the British Tobacco Co. (Australia), Ltd., for the year ended October 31, according to a preliminary statement published in The Times, London. Dividend is reduced from 9 per cent, to 6J per cent, as previously announced. The profit compares with last year’s earnings of £997,419, which were the highest since 1930. NATIONAL ELECTRIC Net profit of the National Elpctrical and Engineering Co., Ltd., for the year ended October 31 was £62,406, against £70,435 the previous year, i Profit is struck after providing £86,500 for taxation against £97,000. Dividend of 15 p.c. (last year 10 p.c. plus bonus of 5 p.c.) takes £17,740. Dividend equalisation reserves is again increased by £lO,OOO to £50,000. Renewals and extensions reserve, established last year, is increased from £BO,OOO to £105,000. General reserve is increased by £15,000, £93,000. Carry-forward is £17,685, against £23,018 brought in. FELT AND TEXTILES SELL SHARES IN KORMA Korma Textiles (N.Z.) Ltd., has been notified that Felt and Textiles of Australia, Ltd., has disposed of its holding of ordinary shares in Karma on “mutually satisfactory terms* to Messrs. S. and H. Korman and their associates, who previously constituted the next largest shareholding group. Felt and Textiles of Australia, Ltd., held more than half ol the ordinary capital of the Korma company and the transaction would involve about 380,000 £1 shares. The current market price of the shares is about 15/-. In announcing the transaction, the chairman of Korma Textiles (N.Z.), Ltd., Mr. J. A. Gentles, stated that his company would continue to be controlled by the same board or directors and under the same general management as at present. Relations with Felt and Textiles of Australia, Ltd., would remain on a co-operative basis, and the two directors at present representing Felt and Textiles wouid continue on the directorate. Messrs. Stanley Korman and Hilel Korman established the manufacturing business ol knitted- woollen goods in Auckland in IJ4U, which in the following year was formed into Korma Mills, Ltd., a private limited company Korma Textiles (N.Z.), Ltd., was registered in May, 1946, to purchase all the ordinary shares of Korma Mills, Ltd., for a total consideration of 75,000 fully-paid £1 ordinary shares. Messrs. S. and H. Korman subscribed in cash for 50,000 additional ordinary shares in the new company on it's formation. In February, 1947, all the issued ordinary capital of £125.000 was purchased from the holders by Felt and Textiles of Australia, Ltd , and in December of the same year an issue of 150,000 ordinary shares was made for cash, of which 100,000 were taken up by Felt and Textiles. After this issue, the ordinary share capital consisted of 275,000 fully-paid £1 shares, of which 225,000 were held by Felt and Textiles. In October, 1948, Felt and Textiles took up a further 155,000 ordinary shares, when the balance of ordinarycapital of 475,000 shares was issued by Korma, bringing the paid capital to its present level of £1.000,000 in 750,000 ordinary £1 shares and 250,000 5 per cent, cumulative preference shares of £1 each. During the last financial year ended March 31, two representatives of Felt and Textiles of Australia, Ltd., Messrs. C. Rhodes-Smith and H. W. Rowden, were ’appointed to the board of Korma Textiles (N.Z.), Ltd., Messrs. S. and H. Korman are the managing directors of the local company. No dividends have yet been paid on the ordinary shares of Korma Textiles ’N.Z. • Ltd For the year ended March 31, 1950, the company'and its subsidiaries earned a consolidated trading profit of £62,842 after providing £60,823 for ordinary depreciation. Out of the profit. £62.360 was written off in special depreciation and floating reserves were called on to meet the requirements of the 5 per cent, preference dividend of £12 ( 500.