R.S MAXWELL LTD

Auckland Star, Volume L, Issue 210, 4 September 1919, Page 10

R.S MAXWELL LTD

DIVIDEND OF 10 PER CENT. The annual meeting of shareholders in R. a Maxwell and Co., Ltd., was held yesterday in the Chamber of Commerce, when Mr. J. L. Young, managing director, presided. The 11th annual report of the directors was as follows: —"Including the balance of f 5072 10/3 brought forward from the previous year, and after making provision for all known bad debts, and" transferring £2500 from war contingency account, there remains at the credit of prolit and loss account an amount of £11,551 8/1. From this sum your directors propose to pay a dividend at the rate of 10 per cent per annum, which will absorb £5754 4/, leaving c balance of £57(17 4/1 to be carried forward. The epidemic of influenza, which occurred at Tahiti in November and December, 1918, affected business generally, and particularly Inter-island communication up to February, 1919, which reduced sales of merchandise and purchases of produce, and also caused an unexpected increase in bad debts. ''The Tuamotu reserve account has been transferred to insurance reserve account, which now stands at £11,461 10/9. In this latter account a provision exists to cover fluctuation in exchange caused by depreciation of the value of the franc as compared with sterling." The statement of profit and loss account and balance-sheet for the year ended 31st May, 1919, was as follows: — To salaries, wages, insurance premiums, rates and taxes, law costs, license fees, upkeep of vessels, directors' and auditors' fees and general expenses at head ollice and Tahiti, £11.02-2 3/4; income tax. £5424: bad debts written off, £2343 9/11; written off vessels, £700; balance, £11,551 8/1; total, £31.046 1/4. By balance from last account, £10.047 15/5; less dividend, £4975 5/2; transfer from war contingency account, £•2500: gross profits on sales of merchandise and on sales of copra, shells and other produce, £ 19.35S 19/1; commissions, exchange, interest, rents and svrndrv -sales, £3933 1/5; interest on war borate, £181 10/7; total £31,046 1/4.

Balance-sheet.—Liabilities: Subscribed and paid up—57,542 shares of £1 each, £57,542: reserve fund, £16,000; Papeete leasehold reserve account, £3000; insurance reserve account, £11,461 10/9; war contingency account, £4000; sundry creditors, £8713 13/1; bills payable, £953 [13/2; consignment accounts, £7129 0/3: deposits at call. £5650: Xational Bank of Xew Zealand. £3211 16/; profit and loss | account, £11,551 8/1. Total, f 132,543 I 1/4. Assets: Stock of goods and timber [at Papeete, £31,570 10/5; freehold and leasehold lands and buildings at Papeete, £9406 6/5; branch and inter-Island trading stores, stocks of copra, shells and other produce, plant, and boats, £55,459 17/5; sundry debtors, £16,070 3/; Flint Island plantation and plant, £5000; Caroline Island, Anuanuraro. and Makemo plantations, £3993 16/10; vessels (5), £7365 7/S; furniture, £125 15/1; bills receivable, £S7 13/10; unexpired insurance premia. £427 7/4; cash in hand, £0 3/4- Total, £132,543 1/4.

Tbe report and balance-sheet was [adopted on the motion of the chairman,

•who reviewed the business operations of 'the post year, and stated lie considered the outlook for the ensuing twelve months as satisfactory.

The retiring director, Mr. A. W. Gillies, was re-elected director, and Mr. G. C. W. Morris was appointed auditor in succession to the late A. J. Denniston.

A vote of thanks was accorded the directors and staff.