WILSON'S CEMENT.

Auckland Star, Volume LXVIII, Issue 130, 3 June 1937, Page 4

WILSON'S CEMENT.

RISE IN PROFITS. \ DIVIDEND 15 PER CENT. STRONG IN FINANCE. Further improvement in general buei-. ness conditions is provided in the annual account*! of Wilsons (N.Z.) Portland Cement Company lor tlie year ended March 31. At £59.859 net profits are the highest since 1932, and after payment of a 13 per cent dividend a substantial surplus is available to swell reserves. These were substantially reduced last year, when a jubilee bonus of 5/ a share was distributed to shareholders. , ; , The report of the directors states that net profit after making full provision for depreciation and taxes amounts to £59,889. The balance brought forward from last year was £12,352, giving a total of £72.241. An interim dividend paid in November absorbed £22,500. leaving a balance of £49.741. From this the directors recommend payment of a dividend or 9d per share, absorbing £22.500, leaving to be carried forward £27.241. To fill vacancies caused by the resignation of Sir Geo. Elliot and the death of Mr. T. Simson, Messrs. J. B. Elliot and F. A. Hellaby were appointed directors. The retiring directors. Messrs. ,T. B. Henry and F. A. Hellaby are nominated for re-election at the annual meeting to be held on June 23. Past Years Compared. The following table, covering results of the past decade, will be of interest: — Marine Net Divi. Reserves. Insurance, profit, deud. Mar. 31. £ £ £ l><". 1!)28 .. 135,<>06 30.367 88,245 10 1929 .. 101,252 32,830 85.580 10 1930 .. 17G.U08 34,057 89,955 12?. a 1 .. 175,389 3fS.3<>9 74.1 S'J 1932 .. 178.345 37.039 ti2,951> in 193.'J .. 158.345 37.0C7 3'.i.999 10 1934 . . 174.08S 38.292 45.743 10 !035 .. ISn.OIMI 35.044 47.243 132 19:?r. .. 127,351 3fj,042 r»3.-_'J!» 15f 1037 .. 77.'-'4 l 15.000 59.SSD 15 tAlso bonus of 5/ a share. No details are supplied in the profit and loss account, which is simply a statement of balances and appropriations. Balance-Sheet Changes. The following table gives the chief items from the last two balance-sheets: — LIABILITIES. 1930. 1937. £ a: raid capital 300,000 300,000 Creditors and income tax 70,(>83 03.733 Marine insurance 30,04'J 15.000 Reserve 115,000 50,000 ASSETS. 193 G. 1937. £ £ Land, plant, deposits, works, vessels, workers' dwellings, etc. . . 149,303 152,059 Stocks 23,130 30,910 Sundry debtors 30,597 48,403 Investments 222,129 221,218 Mortgages 11!,94<"> 12,797 Cash 182.4 US 13,028 Total assets 620,534 475.474 Principal changes in the balance-sheet are consequent upon the payment of a jubilee bonus last year. This required £150,000. However, at balancing time, namely, March 31, 1936, the company held over £180,000 in cash, and was well able to make its dividend and bonus distribution to shareholders without interfering with its fixed investments. These are so substantial that the company still retains its position as one of the strongest industrial concerns in the Dominion. Against a capital of £300,000 and sundry creditors under £64,000, it has assets totalling £478.474. Its investments, totalling £221,218, include £137.715 in New Zealand Government securities, shares in Wilson's Collieries. Ltd £50.000, and shares in other companies £33.502. A certificate by the directors is to the effect that the accounts of the subsidiary company (Wilson's Collieries. Ltd.) showed a profit for the year elided March 31. of which 110 account was taken in the balance-sheet of the holding company, adding: "The shares in the subsidiary company are fully worth the figure appearing in the balance-sheet."