MORRIS HEDSTROM.

Auckland Star, Volume LXIX, Issue 126, 31 May 1938, Page 4

MORRIS HEDSTROM.

SUCCESSFUL OPERATIONS.

NET PROFITS £82,099,

HIGHER DIVIDEND PLUS BONUS

Substantially increased profits are | recorded in the annual accounts of Morns Hedstrom, Limited, for the period ended March 31, the amount of £82,099 comparinc -with £70,384 the year before. After placing £20,000 to reserve the directors recommend payment of 3 per cent dividend to ordinary shareholders, making 6 per cent for the year, and In additibn it is proposed to make a special bonus of 2V2 per cent in commemoration of the seventieth anniversary of the foundation of the firm. Results for the past three years are as follow:— / 1936. 1937. 1938. £ £ i Brought fortv'd 40.425 54,764 02.0t3 Net profit .• ■ • 53,512 70,384 82,099 £93,937 £125,148 £144,152 Dividends — Pref., 6 p.C. . 13.152 ,13.152 13.1«~»— Ord., p.c. ... 5 5J •Si Amount 26,021 29.923 44.234 Reserve — 20.000 20,000 Carried forw'd 54,764 62,073 61,785 ♦Includes 2| per cent bonus. In hie report to shareholders the chairman of directors, Sir Maynard Hedstrom, said:

"The increase in the profit earned during the period ended March 31, 1938, is due to generally favourable conditions. The production of sugar for the year ended December 31, 1937, was slightly less than that for the previous- year; also, there was a slight fall in the production of • copra; expenditure in the mining areas continues to stimulate general business — the extensions referred to in my last report have been completed and both the Emperor and Loloma mines are working practically to capacity and making shipments of gold, and a little silver, every four weeks—the export to the end of December, 1937, reaching 21,4070z. "Although prospects for the current year are reasonably good the directors do not anticipate that it will be possible to achieve as good results during this period us have been obtained during the period just ended. "The financial position is very sound— cash on hand and at bankers has increased by over £37.000, and whilst debts and liabilities show an apparent increase of about £3600 this does not represent any actual increase in outside liabilities." Chief items in the balance-sheet are: — Liabilities. —I'airt capital. £739.613: debtors, including tax provision. £54.706; reserves. £151,528; profit and less account, £121.983. Assets.—Property. £338.666: plant, etc.. £27.581; merchandise, £321.427; branch capital values. £70,788: debtors. £156.029; shares and debentures, £81.012; cash, £67,480; total assets, £1,067,831. BRITISH TOBACCO. QUARTERLY DIVIDEND. (By Telegraph.—-Press Association.) . WELLINGTON*, this day. Tiie Stock Exchange has received the following cable: —British Tobacco quar*'"'ly dividend, 2 per cent, payable June 30.