COMPANY AFFAIRS

Hokitika Guardian, 20 June 1930, Page 7

COMPANY AFFAIRS

Texas corporation;

SUCCESSFUL OPERATIONS

The Texas Company (Australasia) Limited As a subsidiary of the Texas Corporation, and distributes its products throughout Australia and New Zealand. The accounts of tho parent concern and its subsidiaries for the calendar, j-ear 1929 are now available, and reflect an increasing volume of business and a v material increase in investment expenditures. This is perhaps not. surprising, for the consumption .of oil is expanding throughout the tforld, -but what is surprising is ' that withthe very keen rivalry that I exists in the distribution of petroleum products the Texas Corporation should forge ahead. This may be regarded a s a tribute to the quality of-'the products together with the . completeness of the distributing organisation.

The earnings of the corporation for the year;-1929, available for dividends and surplus, atter deductions for income taxes and all reserves, were 48,318,072/dollars (£9,941,992). The gross operating earnings wore 213,262,170 dollars (£43,881,106), a 8 com-pared-with 196,234,236 dollars (£40,377,416) '■ in 1928. • At the close of th? year surplus was 160,710,975 dollars - as' against 131, dollars (£27,005,725) at thu i ends'.of .'1928. , The. .production of crude -ojilfor »the .year amounted to 1,764,073.075. galjons, and the acreage, heltP at; the/end of 1929 totalled 5,031 f 424 : acres. sales for >he year,'., reached 1,066,085,930 gallons. Bulk ' distributing 'facilities, the re ~ port;' states, were ■ ooi|rpleted .in tin ,

West Indies, Brazil, South Africa, Australia, New Zealand and the Philippine Islands.

The current assets of the corporation include cash 27,926,201 dollars, which is nearly 2,600,000 dollars more than at the close of 1928. The marketable securities total 49,727,694 dollars, against nil in the previous year Notes or bills receivable at 2,200,517 dollars show a small increase of about. 360,000 dollars. Accounts due, or sundry debtors, are shown at 48,029,800 dollars, as against 32,465,949 dollars. The inventories, or stocks oi merchandise, crude and refined oils, are assessed at 135,850,408 dollars £27,952,758), a s compared with 116,073,738 dollars. Materials account for 7,165,934 dollars, and other current assets total 714,571 dollars, the aggregate of the current assets being $<71,705,127 dollars l £55,906,404), as against 182,594,888 dollars (£37,570,934) in the previous year. The permanent investments which include affiliated and non-affiliated companies, bond sinking fund, properties, plant, lands, leases, wells, oil pipe-lines, and tank refineries and terminals, tank cars, and other railroad equipment, ships and marine equipment, sales stations, etc., less reserves for depreciation, depletion,- and amortization amounting to 215,324,035 dollars, total 311,820,08 dollars, against 266,381,138 dollars, and prepaid and deferred charges are shown at 12,186,“ 300 dollars, against 6,323,439 dollars, j

The current liabilities aggregate J9,571j186 dollars, against 62,286,696 dollars in the previous year, and include accounts payable 01,164,71-5 dollars; accrued liabilities 11,018,539 dollars, and dividends payable 7,387,940 dollars. The funded and long-term debts stand ■at 123,416,763 dollars, igainst 26,112,745 dollars. . The common capital stock (par value 25' dollars, £5) is 246,251,250 dollars, as compared with 211,083,850 . dollars in the . previous year. The total of the balance-sheet •is 609,853,084 dollars £125,484,170).