NORTHERN ROLLER MILLS.

Auckland Star, Volume LXIX, Issue 74, 29 March 1938, Page 4

NORTHERN ROLLER MILLS.

INCREASE IN PROFITS. OED. DIY. 3V6 PER CENT. A partial recovery in profits and a reduction in tlie amount, recommended as dividend tor ordinaiy shareholders are features of the latest accounts and report issued by tiic Northern Koller Milimt ( onipany. J* or 111 o year ended February 2® net profits. after making provision for depreciation. rates, taxes (except income tax) and other contingencies, is £ 10.5.10. Appropriation for income tax is loavm:; I £11.,fi.1. I'refeience dividend ahead;. I paid absorbs i'.'iOilO. leaving £7S<>3. A dividend on ordinary shares of S'-j per | i cut is recommended. This payment \*:il l.ike £757.V slightly more lli.m tiie profit shown, leaving the balance of undivided profits at £44.170. In their report the directors state: — j " 1 h:s < ompletes the second \e.ir of j ( loveinrnent control. While the ir.i;'; | cannot by any means be called satisfactory . it is much better than for the p:e\i- | ons 12 months. The better result has j been brought about mainly by the Coveniment ffivin;.' all mills an increased allowance for irristins. Ihe final result shows barelv 3 1 :: per cent on our ordinary share capital. \Ve are hoping. however, now that we can show the (!o\e: nment that the present allowance for pristine: does not allow of more than .T-l> per cent to be made, we may be able (o induce them to sive fuitlier help. so that a fair rate of interest mav be earned for the future." The retiring directors. Messrs. .T. A. lVacock and J. R. Donald. nio nomin*ll tor at tlio annual mooting to )>o hr]r| on April 12. Past Years Compared. The following shows results over the past six years: I N>t Dividends. ' I'petits. Or»i. Pref. Rpcorrec. j r re. £ I 1 0.12 1 . ... 20,r.7n .7 ".I." '50.417 jl0.1."-4 .... L't 47<> 7 .*i 1"i • e 1.0.12 10").-. .... r,r, t 7 sir. *rjr..tr?r> io.i.vc, .... .12..v,7 r<j r. ir. •in.vji i i o.if, 7 .... n .7:'." 4 r. l r. • n 4. Nt ifi.l7 « .... io.s.vi .ij r. ir> •n4. ni s •Includes undivided profits. Balance-sheet Items. Chief items in the last three balancesheets compare as follows: — MA mi.TTIES. 10.ir,. in.l 7. io.is. Paid capital . . flrmono 300.000 son,oon Deposits .... 17.."H0 — Morrsraircs ... jr., not) — Reserves .... 71..10 4 70.'Jin 70.400 Creditors ... 4.•>!»(» 42.2 M B.IKJ ASSETS. 10.II;. 30.17. 10.1 K. Properties ... ic.n.or.o 14(1.ni7 142 00R Mncliinery. etc. 7".R12 77.G0t? 74.41'.'! Stock 1 lU.lis,i ]0t.t1«7 17tV.To Siui'iry dehtors lis.7m IVoiCf Js.lio Investments .. .1.000 .I.ooii .l.nno Wheat com tee 27..", 4K 2'o !»| 4 17 1" 4 ""'lk 4.1.110 Fitt.li-,4 i.-..L'r,r, I'tpositsat roll .— 00.105 — Insurance and ,axos 75S 1 ..ic,(> l Total assets £400.4 s -."; £4nS,(i7fi £4411.712 piofits at £03.2.">4 compare with C.P.1.il the pievious year and with i'l'sS.S7o in 103."i-30. 1 rincipal chances in the balance-sheet ■ on the liabilities side is a shaip reduction in the amount due to 1 red.tors by over £.•>4.000. On the assets side an item deposits at call £()0.000 odd has disap- ■ feared, but as a rfet-off sto,-k« are li- dier by i,v cr £7'2.000. Sundrv debtors '.11 e haver by neatly ±.'IO.OOO 'and iho bank < redit has been reduced by nearly iT"J I.<X> 1