DEALINGS ON CHANGE

Dominion, Volume 34, Issue 45, 16 November 1940, Page 14

DEALINGS ON CHANGE

Sales In New Zealand YESTERDAY’S BUSINESS Dealings in stocks and shares recorded on New Zealand stock- exchanges yesterday were as follows, the number of shares being shown in the case of Wellington:—

D.I.C. YEAR Increased Profit And Expenses Dominion Special Service DUNEDIN, November 15. Increased net profit and higher dividends in spite of substantially greater taxation were the principal features disclosed at the annual meeting of shareholders of the Drapery and General Importing Company of New Zealand, Ltd., which was held today. The chairman of directors, Mr. P. L. Ilalsted. presided, and the meeting approved the recommendation of the directors that there should be a dividend at the rate of 5 per cent, per annum on the preference shares for the half-year ended August 20, 1940, amounting to £6250, and a dividend at the rate of 7 per cent, per annum on the ordinary shares for the year ended August 2(1, 1940, amounting io £17,020/9/4, and that the sum of £9969 19/9 should be added to the general reserve, which would then stand at £73,000 : that the allocation of £lOOO for contribution to Patriotic Funds at the discretion of directors be made; and that the balance or £47,304/1/2 be carried forward. The company had again made saisfaetory progress, the chairman said, in moving the adoption of the annual report and balance-sheet, and the net profit after the payment of all expenses, including municipal rates, and making full ami ample provision for depreciation, anl and income taxes, social security charge, and national security tax, amounted to £41,673/19/3, compared with £38,098 16/6 last year. Sales and gross profits once again constituted a record in the company’s history, but so ateo did expenses. The greater part of the increase in the latter was due to increased taxation. The increase in the net profit of £3575 would, he felt sure, be considered eminently satisfactory. The general manager, Mr. M. 8. Myers, said that while it. was difficult to knew what course to take from month to month, conditions had been phenomenal in the making of the result that had been placed before shareholders. It had been comparatively easy to sell goods on a sellers’ market, and this fact had rendered unnecessary reductions in prices of goods, thus helping to bring about the improvement in receipts. . It was decided to send a cablegram to the London staff, assuring members of the staff that the best wishes of the shareholders were with them in the difficult times they were experiencing. BRIGHTER PROSPECTS ■ Grey Valley Collieries Referring to the outlook for Grey Valley Collieries, Limited, at the annual meeting in Christchurch this week, the chairman of directors, Mr. C. C. Davis, said an improvement had been brought about by reorganizaton and increased output from the mine during the last three months of the year. The results, though not satisfactory for the whole year, were better than at first appeared. It was felt that this improvement would be maintained and prospects were brighter than for some time past. The retiring directors, Messrs. O. M. Malfroy and A. Smith, were re-elected. Mr. Davis was subsequently reappointed chairman. Appreciation was recorded of the services of Mr. H. Morpeth, who had retired from the board after 10 years' service because of residential inconvenience. LEYLAND O’BRIEN Dividend 1/- A Share A net profit of £74ti9 is shown in the accounts of the Leyland-O'Brien Timber Company, Limited, for the year ended September 30. This compares with £10,524 in 1939, but this year a tax provision of £10,500 was made before the profit was struck. With £22,897 brought in. there is £30,366 available. It is proposed to pay a dividend of 1/- a share, free of tax, equal to 6 2-3 per cent, unchanged. This will require £OOOO. Directors’ fees remain at £475, leaving a carry-forward of £23,891. Provision is made fo~ the usual bonus to employees. Sales, dividends, etc., rose from £40,024 in 1939 to £45.592. Expenses, including tax provision, were £38.123. against £29.500 a year ago. The balancing total at £165.6/1 is £7988 higher. Reserve fund is unchanged at £30.000. but tax reserve of £lO.500 is a new item. Among assets, debtors and properties, etc., are lower. Mortgages, cash and stock, however, are higher. North Canterbury Freezing Co. A net profit of £5530. against £0230 in the previous year, was earned by the North Canterbury Sheepfarmers Co-operative Freezing. Export and Agency, Limited. Kaiupoi, tor the year ended September 30. The years dividend on both preference jind ordinary shares is unchanged at 5} per cent. This absorbs £l3OO. leaving £10,029 to be carried forward, against £9-10., brought in. Westport Coal Dividend Dominion Special Service DUNEDIN. November 14. The lifty-nintli annual report of the directors of the Westport Coal Company. Ltd., to be presented at. the annual meeting of shareholders, states that profit for the year, after providing for bad and doubtful debts, depreciation and all charges, and making provision for £lOOO for the staff provident fund, amounts to £23.193/15/5, to which must be added the -sum of £13.791/3/11. brought forward from last year, milking a total of £3(1.984/19/4. An interim dividend of 6d. a share was paid for the half-year ended March .11. £11.250. leaving a balance to he dealt with of £25.734/19/4. Out. of this the directors now propose to pay n dividend of 6d. a share for the half-year ended September 3, £11.250, and to carry forward to next year's account £14.484/19/4. Mines and plant have been maintained in the usual sta_te of efficiency. Gold Mining Returns The Mossv Creek dredge returned 30 ounces for 138 hours £rom 13,984 yards.

WELLINGTON. No. of Sale price shares. £ s. d. £3 720 War Loan. 1, 10Z.-3 .... •79 12 e £450 Govt. Stock, 3 p.c., lu/i/ 39-41 ioo 2 i; £11,790 Ditto. 4 p.c., Lj/U/4952 (2> 103 15 0 £305 Ditto, 4 p.c.. 15/0/52-oa 105 10 0 £1,500 Wgtn. City. 31 p.c., 100 0 0 1/3/47 100 Hank of New Zealand 1 19 6 100 Woolworths Ltd 0 17 9 •Late sale Thursday. Auckland. laser. Stuck, 3+ p.c.. 1953-57 ■ ■ 101 2 G Bank of N.Z., ex div 1 19 G Ditto (odd lot) 1 19 6 1 19 S N.Z. Insurance (2) 3 ? ? Dominion Breweries N.Z. Refrig., 10/- paid lio Northern Koller Mills, ord Woolworths Ltd 0 17 11 Mt. Morgan 0 6 DIJNBD1N. War Loan. 1/10/53 79 10 0 Dunlop Perdriau 10 3 Woolwortiis (N.Z.), ord. (2) ... 0 10 0 Emperor -Mines 0 11 0 Mt. Morgan 0 10 5, Ditto 0 10 6 Waihj Investments 0 4 4