Company News ATLANTIC OIL PROFIT UP

Press, Volume C, Issue 29499, 28 April 1961, Page 17

Company News ATLANTIC OIL PROFIT UP

Rise 0 <AfX Krejf* 4 now i ? WELLINGTON, April 27. “ //Atlantic Union Oil Com- " nany (NJZ.). Ltd., reports a ; aSprofit for 1980 of £133.885, * width represents “a satiafae- . tory increase” over the net , profit in the preceding year. * Gross profit of the company in the 1960 trading year totalled £1.594,508 and total revenue from sales was £7,139,107. Duty and sales taxes, the company reports, comprised 38 per cent, of the total sales jSvenue. W cost of products sold was £5,544,601. Transhipping, delivery, and marketing in New Zealand ! cost the company £1,190,821. j Depreciation has accounted for £88385, and income and other taxes for £181,635. j Capital expenditure during the year was £146,683. The return on shareholders’ funds in 1980 was 7.6 per cent. 1 Industrial Accept. Business Drops < (N.Z Press Assn.— Copyright) 1 MELBOURNE. April 27. Industrial Acceptance Corporation, Ltd., hire purchase ' group, expects the volume of • business to be handled during the current year will be ( less than in 1960. t The chairman (Mr F. E. r Bunny) told shareholders | this at the annual meeting } today. 1 He said the Government’s , economic measures had af- ‘ footed the availability of 1 funds. < The lower volume of busi- i ness expected would have * some effect on profits for the current year although every ) endeavour was being made i to ensure maximum profit by 1 the application of economies ; and the selection of profit- J able business. C S.W. Plans Bonus And Cash Issues (N.Z. Press Association) WELLINGTON, April 27. Coulls, Somerville, Wilkie, Ltd., printers and stationers, Dunedin, has announced plans for bonus and cash issues of ordinary £1 shares. The bonus issue of B shares will be in the ratio of two-for-five ordinary shares held. The cash issue will be in the ratio of one-for-five ordinary shares held before the bonus issue, and will be made at a premium of 10s. Both issues will be based on ordinary shareholdings at 5 p.m. on April 27, 1961. Reserve Ratios Raised (N.Z. Press Association) WELLINGTON, April 27. Statutory minimum deposits required by the trading I banks have been raised from 21 per cent, to 25 per cent, of demand deposits, plus 10 . per cent, of fixed deposits. The increase is notified in the Gazette tonight and will ■ become effective tomorrow. i The ratios were last ; changed on April 15, when ■ the demand deposit require- . ment was raised from 15 per . cent, to 21 per cent. Business Personal Mr R. H. Cranfleld, ' manager of the Christchurch branch of the New Zealand 1 Loan and Mercantile Agency , Company, Ltd., will leave ■ shortly for the United King- ; dom on a business visit, and ■ will return to New Zealand , in August. Mr F. J. A. Easther has . been appointed to the board i of Shell Oil New Zealand. Ltd. i Alloy Steel.— Final dividend ) is 7J per cent, plus a 2} per cent, twenty-fifth anniversary ; bonus, making 15 per cent, for the year against 12J per . eent. last year. Dividend is t payable on June 1, ex May . 24.—(PA.)