COMPANY NEWS

Evening Star, Issue 23374, 18 September 1939, Page 14

COMPANY NEWS

SMITH AND SMITH LTD. DIVIDEND OF 74 PER CENT. The directors of Smith and Smith Ltd. state that trading for the year ended June 30 resulted in a gross profit of £118,323. After meeting workinrr expenses and providing for depreciation. £22.376 remains. This, with £3,620 brought forward from the preceding year, loaves £25,996 to be dealt "it is proposed that £IO,BIB be held against, land, income, _and social security taxesj also that £i ,087 10s be paid as a 74 per cent, dividend on ordinary shares. This dividend will approximate 3.88 per cent, on the paidup ordinary capital, plus the amount carried forward and reserves (other than for taxes or dividends). A dividend of O per cent, on preference shares, amounting to £2,250, has been paid during the year. It is recommended that a similar sum be placed aside to cover payment due in the ensuing year a sum of £5.810 will be carried forward. . . The company’s paid-up capital remains at £139.500. Reserves (excluding those for taxes and dividends), plus amount carried forward, total £88.091. Stocks have been valued conservatively. A.C. INDUSTRIES RIGHTS The Stock Kxchange Association of New Zealand has been advised by Australian Consolidated Industries Limited that applications and forms of renunciation of rights in connection with the new issue will be accepted by the company .if received by. September 30 or' bearing a New Zealand post mark of that date. JAMES STEDMAN PROFITS A recovery in net profit is shown by James Stedman Henderson’s Sweets Limited. Sydney, for the year ended June 30. The profit of £34.423 ia an increase of £9.819 compared with the previous year, for which the profit had fallen heavily. The ordinary dividend, which has been increased from 4 per cent, to 4} per cent., requires £23.881. It is proposed to pay 34 per cent, of the dividend out of Australian profits, and 1 per cent, out of New Zealand profits. Preference dividend of 10 per cent., less statutory deduction, amounts to £7,750. leaving £8.495 to be carried forward, against £5,703 brought forward. COMMENT BY BROKERS SANE ATTITUDE ADOPTED. A Melbourne broking house addressed the following comments to its clients when the market reopened : “ In view of the fact that Australia has been plunged into war, the behaviour of the market to-day is veryencouraging. It is evident that Australian investors are facing the outlook calmly, and are not going to sacrifice their holdings. “This is. of course, a sane and realistic attitude to adopt, as, looking at the problem from i a material point of view, it is probable that one of the first economic results of the war will be a rise in commodity prices, purchasing power will be augmented, more money will he in circulation, and many Australian industrial companies should be able to maintain, if not actually increase. their normal profits and dividends.” MINES AND METALS REPORTS AHD RETURNS Big River. The manager of the Big River Gold Mines reports as follows on operations conducted during the week ended September 14: — No. 5 Level. —North stope: This stope is gradually shortening. North level was advanced 7ft to a total of 64ft. The leader is still in the face, but is not improving. No, G Level. —The rise was driven up 6ft. Now placing the opening sets in position to carry the logging. Winze: Reef consolidating going south. Stone is 3ft wide and showing gold. Fifty tons of stone were sent to the battery. Gillespie’s Beach. A recovery of 30oz 1 Idwt for 110 hours is reported by the Gillespie’s Beach Gold Dreding Company for the week ended September 15. Yardage treated amounted to 14,413. Alexander Mines. Operations at the Alexander Mines Ltd. during the week ended September 14 were as follows: No. 6 Level. —A rise is about to be. put up above the north end of this level in an endeavour to intersect the lode, which appears to be lying flat above. The sinking of a winze on the block of ore below this level lias been held over until the rise has been put up or more labour available. Sloping the block of ore above this level is still in operation. Sloping above the intermediate level is in progress, and a considerable amount of filling is being done by driving into the hard walls of the slopes. During Ihe week 70 tons of ore were sent to the battery. White’s Electric. The return of gold won by White’s Electric Dredge during the week ended September 14 was 260 z from s,oooyds treated in 79 hours. New River. The New River Gold Dredge reports a return for the week ended September 14 of 90oz from 9.500yds treated in 124 hours’ working time. TREASURY BILLS RUGBY, September 16. The feature of yesterday’s tender, when £55.000,000 of Treasury bills were offered, was a sharp rise to £89.160,000 m the amount applied for, as compared with £60.160,000 a week ago. The total offered was fully allotted in bills at three months, the average rate per cent, being £3 11s 1,12 d, compared with £3 12s 0.98 d last week.