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finance - Commerce Stocks -Shares
COMPANY NEWS
Higher Insurance Result
The South British Insurance Com
pany's accounts for the year ended
August 31 show net premium revenue
at £1,051,842. and receipts from
interest and rents (after payment of
income tax), amounting to £134,346.
Compared with the figures for the
preceding twelve months, premium
income is higher by £13,795 and
other income by £S196.
The underwriting surplus is
£90,771 (against £SG,976 for the
1927-28 period), and with income
from interest and rents added the
total available was £225.117. Trans
fers of £75.000 and £4S3 have been
made to reserve fund ancl leasehold
sinking funds respectively. Interim
dividend was 1/3 a share, and the
directors now recommend a final
payment of 1/4, making the year's
distribution 2/7 a share, against 2/5
for 1927-28. The balanco to bo
» carried Is £209,691, compared with
£193,311 last year.
Balance-sheet figures for the two
voars are as follow; —
Liabilities— x928 iosp
Paid capital £1,931,640 £1,031,040
yiMcrve fund » « 625,000 700,000
Reserve for unexpired
risk 534,000 526,000
Reserve for losses out-
standing 174,54$ 195,747
Investment fluctuation
fund 101,058 108,251
Sinking fund of lease
holds 19,UT 8,517
RHU payable and sun-
drv open accounts.. 240,360 283,945
a>skts —
IVmiscs 494,055 518,202
Loans on mortgage . 6S.6C4 . 4S,S70
Mocks, share and de
benture $11,620 428,651
Municipal and Harbor
Ooanl debentures .. 395,847 402,799
Government securities. 1,279,883 1,217,140
Deposits, cash, short-
dated investments,
etc 162,605 197,262
Balances at branches
and agencies .. . . 224,799 208,392
Sundry debtor and
MIto receivable .. 46,100 tiii.uu
Dividend
The directors of Denton Hats Ltd.
recommend a final dividend of 6d. a
share for the year ended August 31.
payable November 7.
Flour Mills Pool
An interesting scheme for "ration
alisation in the English flour-
milling industry, which aims at a
» reduction in the number of mills in
operation, is being discussed.
J Since the war there has been a
i substantial reduction In the per
capita consumption of wheat, and
fewer flour mills are now wanted.
1 The Government states that the first
J object of a scheme adopted by the
, Millers' Mutual Association will be
> to form a pool for the purchase of
> those mills whose equipment is least
I tip to date, in order to close them
, down. Whether the capacity of the
.. surviving mills will so far exceed the
present demand for flour as to neces
sitate the immediate adoption of an
.output regulation scheme is not yet
known. It is believed tliat the
Millers' Mutual Association has had
-the quota question under considera
tion. but has not, so far, reached a
decision.
Of greater importance to the gen
eral public is the fact that the
scheme is expected to make possible
such improvements In technical or
ganisation that operating costs may
be lowered, in which case the con
sumer may hope to participate In
the resulting economies.
Profits Improve
The Drapery and General Import
ing Company of New Zealand Ltd.
shows a net profit for the year ended
August 20 of £45,027, after providing
for taxes, compared with £42,72S for
1927-28.
Dividends for the year, at 6 per
cent, on preference shares and 10
per cent, on ordinaries (the rate for
the latter is unchanged), absorb
£32.877, and £7421 is added to re-
servo fund, increasing it to £80,000.
The balance to be carried forward
is £45.649, against £40,920 brought
.In from the 1927-28 accounts.
The company's paid capital is
£428,875, and, at latest balance, out
side liabilities totalled £273,282, com
pared with £114,915 a year earlier.
The assets total, at £S53,184. shows
an expansion of £173,448 on the vear.
The principal increase is In the valu
ation of premises and plant, which
, has gone up to £539.461. A new
warehouse at Wellington was opened
for business in February last, with,
the directors state, most gratifying
results.
Diamond Hill Prospects
At a meeting of shareholders of
the Diamond Hill Mining Company,
the mine manager, Mr Mummery,
gave a detailed account of the opera
tions at the mine. He stated that
the spur, about 15ft. wide in No. 2
rise, has been driven on for about
a week, and the values have con
tinued to improve with each firing.
He is confident that it is the same
make of stone that the previous com
pany worked at the 200ft. 'evel and
carried good values. There is about
ISOft. of this material to work on. and
as soon as the water Is removed from
the bottom level crushing can be
again started. Mr Harris and Mr
G. Peel. Bendigo mine managers, also
addressed the meeting, and spoke
very optimistically of the prospects
in that area, which they consider
to be the "Golden Mile' of the
Christmas line.
Reduction of Capital
A proposal to reduce the capital of
A. and K, Ellis Ltd.. Umber mer
chants. of Sydney, by 7/6 a share, to ;
. £62,500, Is to be submitted to an j
extraordinary meeting of the share
holders .
-The company's net profits have
steadily declined during the past
three years. The amount for the
period ended August 31 was £1343.
.against £2024 for 1927-2S. There Is
-a-debit of £5134 at profit and loss.
New Companies
The following companies have
been registered in Victoria: —
Macquarle Building and Invest
ment Co. Pty. Ltd. Capital, £50,000
in £1 shares. Subscribers: Andrew
David Douglas and Elizabeth May
Douglas.
Sydney Brewery Ltd. Registered
office, 103 William Street, Melbourne.
Capital, £200,000 In £1 shares. Direc
tors: John Alexander Stammers
Jones, Walter Frederick Gale, Charles
Edward Willing, Charles Boh ringer,
John -Frank Cox, and Roy James
Dunn.
Hilton Press (1929) Pty. Ltd.,
general and photographic printers,
etc. Registered office, 358 Spencer
Street, Melbourne. Capital, £10,000 in
£1 shares. Directors: Marguerite
Louise Moffat, Beryl May Moffat and
Lily Aloysius Moffat.
Retreads Pty. Ltd., manufacturers
of and dealers in rubber tyres and
rubber goods, etc. Registered office,
268 Exhibition Street, Melbourne.
Capital, £2000 in £1 shares. Direc
tors: Charles Harold Engelhardt and
Francis William Henry Mann.
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