COMPANY NEWS

Evening Star, Issue 22454, 26 September 1936, Page 13

COMPANY NEWS

T. AND P. MILK SUPPLY ANNUAL SHAREHOLDERS' MEETING The fifty-second annual general meeting of shareholders of the Taieri and Peninsula Milk Supply Company Ltd. was held on Thursday, and was well attended by’ a representative number or shareholders. Mr Alfred J. Gall, chairman of directors, presided. . Before proceeding with the business of the meeting inference was made to the fatality at Allanton, when one of the company’s employees (Mr It. J. Knight) was killed in a railway "crossing accident. _ , Moving the adoption of tbo directors report, balance sheet, and accounts, the Chairman reported that the season just closed was a good one. The spring was dry,- but any shortage in manufacture in the early part of the year was more than made up by the increased supply in the autumn. The output for the 12 months was well above the previous year, the manufacture being well over I, tons. The average nigh grade of the manufacture reflected the continued improvement in the quality of the cream supplies, this being due to the effprts of suppliers in their care and attention to the cream. To meet the competition on the export markets, the quality of manufacture would have to be maintained. For the past season the Dunedin factory had an average grade of 94.55 and Oamaru 93.87. Markets .yielded a better return over the previous year, and suppliers received an average of approximately 2d per lb butterfat more than last season. The turnover in the milk-selling department showed a. very satisfactory increase, and prospects were for an increasing turnover. _ Expansion ■in this department necessitated increasing of delivery rounds. . Since last annual meeting the Dairy Board had been, reconstituted,. and now comprised five producer members, four elected by the producers and' one Government nominee. The primary products marketing department was also brought into: being to handle the export dairy produce, The Government were purchasing f.o.b. both butter and cheese for export at a guaranteed price. Farmers would be able to judge for 1 themselves at the end of the season any advantage -that had accrued through guaranteed prices. .In common with all industries, the dairy industry was faced with shorter hours and increased wages, which would mean a considerable increase in costs. ’ He fully explained the balance sheet figures, pointing out the very , sound finanmal position of the company, and mentioned that a further substantial payment was made to suppliers. The reports were adopted. The recommendation of the'payment of a dividend at the. rate of 4 per cent, per annum was agreed to. and will be paid before the middle or October. The retiring directors—Messrs Alexander P. Fleming (Otokia) and Alfred J. Gall (Anderson’s Bay)—were reelected, for a further term. Messrs William Brown and Company were re-elected auditors. At a subsequent meeting of directors Mr A. P. Fleming was elected chairman for the ensuing year, FARMER AND CD. HIGHER DIVIDEND Farmer and Co. Ltd., Sydney, has declared a yearly dividend on the ordinary shares of 7i per cent. This is an increase from 6i per cent, for the previous year.

NORTH BROKEN HILL DETAILS OF NEW PLANT Details of the plans for erecting a new treatment plant by North Broken Hill Ltd., New South Wales, show that the new mill will be on the site of the old de Bavay’s • plant. ; The mill will have a capacity of 50,000 tons of ore a month, compared with an average of the present plant of between 35,000 and 40,000 tons a month. The erection of the plant ip expected to be completed by the end of 1937. It is understood that there will be' some difference in the metallurgical treatment of the ore incorporated in the design of the new structure. NEW REGISTRATIONS The ‘ Mercantile Gazette ’ notifies the registration of the following companies:— Nathan _ (Joseph), and Co. (N.Z.) Ltd. Registered as a private company September 18. Office: Nathan’s Buildings, Featherston street, Capital: £70,000 into 70,000 shares of £1 each. Subscribers:, London—Joseph Nathan and Co. Ltd., 69,400. Palmerston North—P. J. Nathan, 100. Wellington—C. M. (otherwise Joseph) Nathan 100, P. J. Nathan 100, E. A. Little 100, T. M. Pacey 100, H. E. Pacey 100. Objects: Dealers in, and producers, manufacturers, importers and exporters of milk, butter, cheese, and its allied products, condensed milk, and incidental. Taylor (T. R.) Ltd. Registered as a private company September 16. Office: Dee street, Invercargill. Capital: £26,000 into 26,000 £1 shares. Subscribers: Invercargill—T. R. Taylor 21,893, O. W. Melhop 500, C. M. Melhop 805, E. M. Hilton 2,802. Objects: Motor importers and garage proprietors. TDOHEY’S LTD. INCREASED PROFIT AND DIVIDEND Toohey’s Ltd., a brewing company, records a profit of £108,819 for the year ended July - 31, an amount of £16,068 in advance of the profit of the previous year. Dividend is 8 per cent, (four interim and four final), against 7J per cent, for 1934-35, and requires £96,000. There is a balance of £12,819, and after transferring £36,500 to the reserve fund from £52,931 brought forward, there is carried forward £29,250. Reserve after the transfer from the profit and loss account will amount to £625,000. Toohey’s Standard Securities Ltd., whose funds are .advanced to Toohey’s Ltd., received interest last year (ended July 31),. of £45,989, as against £29,291 the previous year. After providing £9,806 for taxation, and paying £1,378 in administration expenses, there is a net profit of £34,804, compared with £21,421 the previous year. Dividend on the preference shares and preference A shares at 5f per cent, absorbs the whole profit of £34,804. MYER EMPORIUM LTD. NEt PROFIT OF £349,664 The Myer Emporium Ltd., a Melbourne general store company, earned a net profit for the year ended July 31 of £349,664, compared with £320,246 the previous year. With £192,847 brought forward there is available; £542,511. The preference dividend absorbs £58,990, and the. staff partnership dividend £5,967, -Ordinary dividend of 6 per cent, and a bonus of 6d a share on the ordinary capital absorbs a total of £146,625, a sum of £60,000 is provided for income tax,, and after transfers of £50,000 to general reserve and £3,000 to staff superannuation reserve.; £207,929 remains to be carried forward. The net profits include £31,122 dividends from associated and subsidiary companies. The directors state that sales volume during the year was a record, the percentage of operating expense was reduced, and the rate of stock turnover was accelerated. During the year £84,000 was written off as depreciation on buildings and plant. GRIFFIN AND SONS’ PROFIT HIGHER The directors of Griffin and Sons Ltd., Nelson, in their forty-first annual report, announce a further improvement for the year ended June 30. 1936. After writing off depreciation amounting to £1,297, and bringing forward a small balance of £5 2s 7d from the previous year, the profit to be dealt with is £2,361 (compared with £1,278 last year). The directors recommended payment of a dividend of 5 per cent (against 3J per cent, last year), amounting to £1,697, and that the balance of £664 be carried forward. HENRY BERRY AND GO. Henry Berry and Co. (Australasia) Ltd., with branches in New Zealand, earned a net profit of £35,449 for the 13 months ended September 15, compared with £6,182 for the year ended August 15, 1935. With £7,447 brought forward, there is available £42,896. Dividends on the 7 per cent, preference shares absorbed £36,808, leaving £6,087. Special property tax of 5 per cent, was deducted from the preference dividends paid on March 1 and September 1, but these deductions will be refunded, as the tax has been abolished. CLAUDE NEON YEAR Mr W. A. Ince, chairman of Claude Neon Ltd., Sydney, said that, notwithstanding new competitors, new business written during the year exceeded the total of any previous year. Gross rentals were 28.6 per cent, excess of the rental earnings for the year ended June 30, 1935. “ The company’s principal asset,” he continued, “is ‘ rental contracts receivable,’ which, at June 30, amounted to £456,138, or £3 14s 6d per paid share. As a result of accounting ‘ rental contracts receivable ’ had not been taken into the accounts except as to the portion of the cost of signs, which is capitalised at £117,391, representing 19s 2d per paid share. This amount will be amortised over the period of the various rental agreements, which range up to five years. Therefore the sum or £456,138 will, during the next five years, become due and payable to the company. To that sum must be added the rental accruing from new contracts for signs which are being gold| from day to day, and

from the renewal of existing contracts ns they expire.” New wprk in hand as at September 1, and hew signs produced during July and August of this year, represented 38 per cent, of the total of last year’s production. WODLWORTHS (N.Z.) LTD An interim dividend of £2 14s per cent, on the paid-up preference share capital of Woolworths (N.Z.) Ltd. has been declared, and will be payable on October 15. The preference share transfer books will be closed from October 8 to 15

X-RAY FOR WOOL The German firm which is to supply X-ray equipment to the Royal Prince Alfred Hospital, Sydney, will purchase Australian- wool with most’ of the money it receives. A small portion of the purchase price wifigo to America in payment for cer-i tain parts of the X-ray equipment, but the balance will remain in Australia. It is also reported that arrangements have been made for the deposit of the purchase price in a Sydney bank, the/ account to be operated on for the purchase of wool for use in. Germany? The amount to be paid for the X-ray equip* ment is yet to be discussed^