COMPANY AFFAIRS

Sun (Auckland), Volume IV, Issue 999, 16 June 1930, Page 11

COMPANY AFFAIRS

TEXAS CORPORATION

SUCCESSFUL OPERATIONS

The Texas Company (Australasia), Limited, is a subsidiary of the Texas Corporation and distributes its produces throughout Australia and New Zealqnd. Tne accounts of the parent concern aqd its subsidiaries for the calendar year, 1929, are now available, and reflect an increasing volume of business and a material increase in investment expenditures. This is perhaps not surprising, for the consumption of oil is expanding throughout the world, but what is surprising is tha. with the very keen rivalry tnat exists in the distribution of petroleum products the Texas Corporation should thus forge anead. This may be regarded as a tribute to the quality of the products, together with tne completeness of the distributing organisation.

The earnings of the corporation for the year 1929, available for dividends and surplus, after deductions for income taxes and all reserves, were **8,318,07 2 dollars (£9,941,992). The gross operating earnings were 213,262,170 dollars (£43,881,105) as compared with 196,234,235 dollars (£40,377,415) in 1928. At the close of the year the earned surplus was 150.710.975 dollars (£31,010,489), as against 131,247,826 dollars (£27,005,725) at the end of 1928. The production of crude oil for the year amounted to 1.764.373.975 gallons, and the acreage held at the end of 1929 totalled 0,631,424 acres. Petrol sales for the year reached 1,066,085,930 gallons. Bulk distributing facilities, the report states, were completed in the West Indies, Brazil, south Africa, Australia, New' Zealand ana the .Philippine Islands. M iie current assets or tne corporation inciuae casn 27,920,201 aoxiars, which is neariy 2,0u.,0uu dollars more than a. LUO t.obc Ui 1926. Mite marKeta Die scour .tues total 49 > 4 2<,094 uoiiars,

uu,lUl AtcuuiiLs uue, or sundry ue.btois, are suuwa at uo.xuxo, as against 02,4v>0,949 uoiiars. The inventories, or stocks of merchandise, cruue ana reimeu oils, are assessed at r 00,850,408 dollars (£27,952,758), as compared with 116,073,738 dollars. Materials account lor 7.165.934 dollars, and other curernt assets total 714,571 dollars, the aggregate of the current assets being 271,705,127 dollars (£ 00, 900,404;, as against 182,594,888 dollars (£37,570,964) in the previous year. The permanent investments, which include affiliated and non-aftili-ated companies, bond sinking fund, properties, plant, lands, leases, wells, oil pipe-lines, and tank farms, refineries ana terminals, tank cars, and other railroad equipment, ships and marine equipment, sales stations, etc., less reserves for depreciation, depletion and amortisation amounting to 215,342,035 dollars, total 311,820,098 dollars, against 266,381,138 dollars, and prepaid and deferred charges are shown at 12,186,300 dollars, against 6,323,439 dollars.

The current liabilities aggregate 39,571,186 dollars, against 62,266,696 dollars in the previous year, and include accounts payable, 21,164,715 dollars; accrued liabilities, 11,018,530 dollars; and dividends payable, 7,387,940 dollars. The funded and long-term debts stand at 123,416,763 dollars, against 26,112,745 dollars. The common capital stock (par value 2 5 dollars, £5) is 246,251,250 dollars, as compared with 211,083,850 dollars in the previous year. The total of tlie balance sheet is 609,853,084 dollars ( £125,484,170).