COMPANY NEWS

Press, Volume XC, Issue 27396, 8 July 1954, Page 15

COMPANY NEWS

DOMINION BREWERIES CAPITAL PLANS

CONSENT OF COMMITTEE SO FAR WITHHELD (New Zealand Press Association) AUCKLAND, July 7. A proposed issue of 100,000 shares of £1 each by. Dominion Breweries, Ltd., has so far not received the consent of the capital issues committee, said the chairman of directors, Mr L. J. Stevens, at the annual meeting of shareholders today. Mr Stevens said that because of commitments in relation to the expenditure on hotels' and .to maintain a reasonable balance between capital and turnover, the directors recently applied to the capital issues committee for consent to Issue 100,000 shares of £1 each. “Shareholders will know that the application would not have been made unless the directors felt it was in the company’s interest. I regret to say that so far the committee has declined to give its consent.” Mr Stevens said. “I Say that on performance and service, this company should be the one to receive priority in any of its capital requirements. In this I say it would have the approval of the public and the licensing authorities. I ca'n only think that approval should be forthcoming in the not distant future.

N.Z. FARMERS’ FERTILISERS PROFIT (New Zealand Press Association) AUCKLAND, July 7. With a rise of £15,965, net profit of the New Zealand Farmers’ Fertiliser Co., Ltd., reached a peak of £92,315 for the year to May 31. This result is reached after providing £23,885 more for taxation at £127,740 and £4201 more for normal and special depreciation at £77,553. Dividend, at 8 per cent, on the higher capital, requires £33.531. The 5J per cent, preference share dividend absorbs £8250. Ordinary dividend last year, at 7J per cent., with a bonus of 1 per cent., took £22,270. A sum of £47,877 has been transferred to revenue reserve. Last year £50,683 was transferred to the general and plant reserves, which have been combined as the revenue reserve. An amount of £2123 has also been shifted from the taxation reserve to the revenue reserve. Undivided profits are up by £2657 to £54,426. Gross profit has been raised by £16,740 to £628,155, and income from rents and other sources by £673 to £1466. Operating expenses are down by £26,638 to £330,813.

N.Z. Insurance Pays 20 Per Cent.—A final dividend of 2s 6d a share, which will bring the total payment for the year to May 31 to 4s a share, or 20 per cent., is being recommended by the directors of the New Zealand Insurance Company, Ltd. The- dividend is payable on August 17. Although the company paid 25 per cent., including a peace bonus of 12J per cent., in the 1945-46 year, the proposed dividend is the highest annual rate to be paid by the company. It compares with 17J per cent, paid in 1951-52 and 195253, and 15 per cent, paid in the three preceding years. The 20 per cent., rate will absorb £300,000 on the capital of £1,500,000. In the 1952-53 financial year to May 31, the company earned a net profit of £531,373, of which £253,506 was the underwriting surplus and £277,867 was derived from interest and rents.— (P.A.)