BRUCE WOOLLEN CO.

Auckland Star, Volume LXIII, Issue 240, 10 October 1932, Page 4

BRUCE WOOLLEN CO.

INCREASED PROFIT LAST YEAR USUAL DIVIDEND FOR PREFS. NONE FOR ORDINARY. In their thirty-fiftli annual report to shareholders for the year ending September 19, the directors of the Bruce Woollen Manufacturing Co. state: — "Despite the continued lack of purchasing power, and severe competition on reduced prices, we arc yjeased to be able to report an increase in sales and an improved result in the year's working. After making a conservative valuation of stocks (the increase in which is more than accounted for by our increased holding of raw wool) and after making provision for income tax and all bad and doubtful debts, the net profit for the year amounts to £7587. From this sum depreciation to the extent of £4000 on plant and buildings has been made, and your directors recommend that out of the balance standing at the credit of profit and loss appropriation account, £4012, the dividend on preference capital, amounting to £3500, be paid, and"that the balance of £542 be carried forward. "During the year the increase in our worsted trade has justified the purchase of additional worsted plant to the value of approximately _ £5000. This'has arrived and has been paid for, but as it is now only in the course of erection, no benefit has so far been received from it." Past Years Compared.

It will be noted that this will be the sixth year in succession in which ordinary shareholders have been asked to lorego their dividend. Prior to 1927 they had received dividends regularly for twenty years. In 1927 tile company increased its capital by the issue of £50,000 preference £1 shares, these to Jbe cumulative and to carry seven per cent interest. Ordinary shares represent £100,000. In the latest balance-sheet, outside liabilities total £87,409, including £70,363 secured by debentures to the National liank ot New Zealand. Assets include: pmoo(. al i premises, £136,876; stock, debtors, £21,208; sundries, £2345. lotal assets, £260,257.

Sept. General Gross Net Pref. Orel. 19. Reserves. I'rofit. Profit. Div. Div. £ £ & ij.c. p.e. 1025 ... 18, 549 31,817 12,288 — 8 192(5 . . . 18,(505 2(5,798 9,050 — 7 1927 ... 17,039 1(5,354 fl,5(57 — — 192S . .. 17*259 2(5,095 7,279 7 — 1929 . . . 17,303 25,853 5,077 7 — 1930 ... 17,437 28,017 (5,405 7 — 1931 ... 17,4;).i 24,3(50 (5,518 7 — 1932 IS,805 23,092 7,587 7 — fl.OBS.