MILNE AND CHOYCE, LTD.

Auckland Star, Volume LII, Issue 213, 7 September 1921, Page 6

MILNE AND CHOYCE, LTD.

AXXUAL REPORT AXD BALANCE-SHEET. The twentieth annual report and balance-sheet of Milne and Choyce, Ltd., to ;be presented to the shareholders at the annual meeting on September 21 states that the profit for the year ended July 31 amounted to £7703 2/1. From this £3500 wa-s to be deducted .for bonuses to employees, whjlc the payment of a dividend of 8 per cent, which the directors recommended, would absorb £4100, leaving £103 2/1 to be added to the credit balance of £27,304 18/10 from the previous year, and making a balance of £27.40S 0/11 to be carried forward. The directors reported that the stocks showed an increase in value, but had been carefully assessed, and they believed were on a price - plane that would command a ready sale. Construction of the new premises was -being? pushed on, and good progress had already been made on the Mills Lane frontage. The dismantling of one-half of the front premises would be commenced within the next two months. Though the year's results did not show the same margin of profit as formerly, the directors were aware that nothing had been lacking in the energy and loyalty of the employees, and it had been decided to again vote a sum of £3500 as a bonus to the staff. The company had taken up its full share of! the Soldiers' Loan, though it was not j now worth what it cost, and the directors also remarked that owing to the policy deliberately adopted the company had declined to accept deposits on interest, and therefore had no necessity to shelter under the Moratorium Act. The balance-sheet shows under liabilities: Share capital £51,250, debenture stock £144.!>70, B debentures £22,000. mortgage £25.000. bills payabl£2(s72 8/2, creditors, including appropriation for income tax, £35.710 17/7. Assets: Stocks on hand and in transit £150.045 2/!), landed property and buildings less depreciation £09,141 5/s fixtures, etc., £4423 14/, war loan .£7OOO bills receivable £04 7/2. cash in hand and in 'banks £31,219 12/11, sundry debtors £19,142 4/2; total £311063 6/8, leaving £29,45S 0/11 to be carried to profit and account. Profit and loss account shows £82,911 6/2 to salaries, business expenses, interest on debenture stock, income tax, depreciations, etc., and a gross profit of £87.114 8/3. The credit balance of £•><) 45c. 0/11 becomes £27,408 0/11 owing to the payment in April list of an interim dividend, absorbing £2050.