COMPANY NEWS DOMINION RUBBER

Press, Volume XCV, Issue 28260, 24 April 1957, Page 19

COMPANY NEWS DOMINION RUBBER

Sharp Drop In Profit

Net profit of the Dominion Rubber Company, Ltd., Dunedin, declined by £14,996 to £10,172 in the year ended December 31. The net profit rose by £18 t 437 in the previous year. The dividend has been halved to 12| per cent., requiring £9375, against £18,750 last year. Taxation provision was £17,022 lower at £6846, while depreciation provision of £2916 was £470 higher than that for 1955. The sum of £8245 of surplus tax provision has been transferred to the general reserve, bringing it to £76,775. The directors state in their annual report that the production was 990,0001 b of rubber, which is 78,0001 b below the record figure attained in 1955. A strike on the company’s estate in Malaya last August affected both tl|e quantity and the cost of production. The average selling price was only 2s Id against 2s 6d£d the previous year. Associated Pulp.—Associated Pulp and Paper Mills, Ltd., will close books on May 16 for the one-for-five new issue. Shares will be payable 5s on application and 15s on June 30, 1958. They will rank for a quarter of the final dividend to be paid later this year, and then rank equally. Marcus Clark.—Marcus Clark and Co., Ltd., the Sydney retail firm, has reduced its ordinary dividend rate from 10 to 8 per cent. The interim dividend of 4 per cent., covering the six months ended January 31, compares with last year’s interim of 5 per cent. This was followed by a similar final, making 10 per cent, for the third successive year. Cyclone Note Issue.—Cyclone Co. of Australia, Ltd., will make an issue of unsecured notes in June. The size of the issue will depend on the suc- ; cess or otherwise of present negotiations to buy K.M. Steel Products, ’ Ltd., ordinary shares, directors state.