COMPANY NEWS

Evening Star, Issue 23370, 13 September 1939, Page 6

COMPANY NEWS

TIMARU LIME DIVIDEND OF 5 4>ER CENT. Despite a most unfortunate accident in the quarry, which caused a complete disorganisation of the company’s operations in the early part of the busy Season, states the annual report of the Tiraaru Lime Company Ltd., to be presented at tho annual meeting on September 21, the year concluded satisfactorily. Tne company was this year required to provide for. social security tax as well as the increased rate of income tax. The company’s taxes this year, therefore, were more than double the amount which would have been required if the taxation had remained on the same basis as last year. The accounts showed an available balance of £1,060 6s 2d, which the directors recommended should be Allocated as follows-Payment of 6 per cent, dividend, £650; balance to be carried' forward, £4lO 5s 2d. AUSTRALIAN DRUG STEADY RESULTS SHOWN Steady results are disclosed by the Australian Drug (Investments) Ltd. for the year ended June 30. The net profit of £10,978 compares with £11,120 for 1937-38, and ordinary dividend is maintained at 44 pea* cent. The dividend requires £7,300. Preference dividend at the statutorily reduced rate of £5 16s 3d per cent, amounts to £3,649. The remaining £29. is placed to reserve. Rentals' increased from £14,599 to £14,747, and an unchanged dividend of 64 per cent, on the holding of 129,626 shares in Drug Houses of Australia Ltd. brought in £8,426. Total revenue was £23,173, against £23,024 in 1937-38. Expenses were £12,194, against £ll,904. the increase being due chiefly to higher wages. CARRERAS LTD. LARGE INCREASE IN PROFIT Accounts of Carreras Ltd. for the year ended June 30 disclose a profit of £108,544, compared with £81,452 in 1937-38 and £45,130. in 1936-37. The preference dividend of 10 per cent, takes £6,800, and the ordinary distribution of 33 1-3 per cent. £66,666. The ordinary dividend for' 1936-37 was 33 1-3 per cent, and for 1937-38 20.8 per cent, on the increased! capital. The ordinary capital is held by the English company of the same name. The subsidiary company, Carreras (Sydney) Ltd., earned a profit of £7,015 for the period before providing £SOO for bad debts. Balance sheet items at June 30 include investment in subsidiary, £20,000; debtors, £81,940; stocks, £285,942; and creditors, £62,807. WARBURTON, FRANK! ISSUE In view of the expansion of Warburton, Franki (Melbourne) Ltd, it has been decided to make a further issue of ordinary shares, and shareholders of the parent company would be able to subscribe to the new issue, said Mr F. J. Garrick, chairman of Warburton, Franki Ltd., at the annual meeting in Sydney. In reply to a shareholder, he said that no increase of capital was at present planned for the parent company. The issue in Melbourne would be made as soon as conditions were favourable. TIN QUOTA THIRD QUARTER RATIO OF 80 PER GENT. Press Association—By Telegraph—Copyright LONDON, September 12. (Received September 13, at noon.) The International Tin Committee fixed the quota for the third quarter of 1939 at 80 per cent, of standard tonnage. The quota for the fourth quarter is to be unchanged at 60 per cent.