"EXCESSIVE IMPORTS."

Auckland Star, Volume LXVIII, Issue 283, 29 November 1937, Page 4

"EXCESSIVE IMPORTS."

AFFECT WOOLLEN TRADE. MANAWATU COMPANY. LOWER NET PROFIT. ♦— A final dividend, making 10 per cent for the year. is recommended Ly the directors 01 the Manawatu Knitting Mills. Ltd. The rate is the same as last year, when a bonus of 1 ]>er cent wan naid in addition. The output of the mills bus increased considerably, according to the directors' report on the year ended October 15. Orders on hand tor future delivery Hie satisfactory considering the present state of the trade owing to excessive imports from overseas countries. The trading result again shows a very satisfactory position, the actual returns being owing to the substantial capital profit returned by the investment made in the old Oamarii Company, though the total net profit at £3703 is less. The following table compares the results with those of last year: — Year ended Oct. 17. 1»3«. 1037. t £ Net profit 5.0711 8.703 Shim available 6,131' 6.834 llividend (p<r rent).... 11* in Dividend (amount) 2,750 2,500 LIABILITIES— Paid up capital 25,000 25.000 Reserve 1t!,535 Hi,535 Appropriation account balance an<l profit .... «,132 .1.835 Income tax reserves .... 2,1<>5 2,07<> Long 1.1.11 liability (hatiktf 8.530 K. 074 Sundry creditors 3.41S 3.584 Suspense account 300 800 ASSETS— I'lant, machinery 15.450 15,420 • jirs 43!f 744 Storks 24.000 28.582 Sundry debtors 0,430 0,025 Bills receivable 404 772 l'lie xpi red premiums .... 430 312 Investments 10.858 'J,500 fash 20 40 • Including bonus of 1 per cent. + Secured by series of two debentures of V. :f7."io each as a floating charge over the whole undertaking.