COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 246, 17 October 1929, Page 4

COMPANY AFFAIRS.

DRAPERY IMPORTING CO. INCREASED PROFITS. (By Telegraph—'>r.-n Correspondent.) DUNEDIN, Wednesday. Ttfe forty-fifth annual report of the directors of the Drapery and General Importing Company states that shareholders were paid the customary discount of 2% per cent on their purchases for the first six months of the year in May last, and will receive it for the second six months of the year on November 10. The net ' profits for the past veer, after making provision for land and income tax, are £45,027 2/6, which, with £40,020 5/8 \ brought forward from last year, makes a ; iotal of £85,047 8/2. The new Wellington '' premises were opened for business on ' b~l*-...~. , no iLI. ~x:f.~: u — — fni. - i

, February 28, with gratifying results. The . building is completed and the office por- . tion is being rapidly filled by tenants. The i company's holding of New Zealand i Government inscribed stock has been sold, . and the profit realised above book value has been added to the reserve fund. On May 1 an interim dividend was paid on preference shares at the rate of 6 per cent per annum for the half-year ended February 20, which absorbed £7500, and leaves £78,447 8/2 available for division. This sunt the directors propose to deal with as follows: Payment of dividend at the rate of 6 per cent per annum on preference shares for the halfyear ended August 20, £7500; payment of dividend at the rate of 10 per cent per annum on ordinary shares, .£17,877 11/10; addition to reserve fund (which will then stand at £80,000). £7420 10/ lO; to be carried forward, £45,64!) 0/6.