MILNE AND CHOYCE.

Auckland Star, Volume LXIX, Issue 207, 2 September 1938, Page 4

MILNE AND CHOYCE.

BEST SINCE 1930. INCREASE IN TURNOVER. DIVIDENDS UNCHANGED. All round improvement is indicated in the annual accounts released L>y tho directum of .Milne and Choyce, Limited. Both gross and net profits for the year ended July 31 are at the highest level since 1930 and the directors recommend dividends at unchanged rates. Tho accounts show trading profit at £33.878, from which has been deducted 11.08(3 for income tax and £6244 depreciation on buildings, plant, etc., leaving £ Hi.548. To thin is added the amount brought forward, £25, WHS. and there is deducted the interim dividend paid in April, £(5425. leaving a balance of £35.11!). The directors now recommend a further dividend for the year of 3 per cent on pi eli'i c nee shares, making a total of (i ney cent; 3Vi per cent on B preference, makiv ,i tola! of 7 per cent: 2V& per cent < . ordinary shares and perpetual debenture stock, making a total of 5 per cent. This will absoib £643"), leaving a balance to be carried forward of £28.(584. In their report the directors state: — "J.ho total turnover for the 12 months lias again shown a gratifying increase. Stocks on hand and in transit amount to approximately the same as 1937, and are in first-class condition and well assorted. During tlie year the opportunity occurred ot joining the David Jones. Limited, overseas buying organisation, which embraces a number of ti - most important stores in Australasia. I'nder the new arrangement and with tlie co-operation of one of the directors. Mr. K. S. Milne, the initial selections ot the new season's goods have opened satisfactorily. The loss sustained bv the recent flood damage has been taken into account in the year's trading. The retiring directors, Messrs H. V. ( hoyco and I!. S. Milne, again offer their services."

Past Year's Compared , , (ir.tss Not r>iv. "51 V * prntits. Expenses. profits. rate. I .. 1 iir;.7ji;o igo.oj t 24 330 ''s ' 1»3<l .. 1 7,-•!> 134.13.". 22.024 8 I .. 112.43:1 i2«:.74 7 ir,.i;s:s o | i.. ios,is-j nn.iir.i; 3 2"0 ;t I 1'1.'!.". .. If>o.2!>!l *.17.173 !1.12."i :i i 1!>34 .. liu.li;:) 111.1.L'7S lii>.-.i ;{j .. 11 <>.<::{<> iiiis.kki ii».2r.o ;u 1 ;>.*{<; .. khi.TiSl 1 0n.23s riit 4 i!i.'s7 .. 13.">.530 ' iL"j,r.ii7 i."j.:{i!:i 1938 .. 14N.362 132,(»M 10,548 5 The Financial Position. 1 bp following t.'ililo shows the principal movi'ments in the balance-sheet;— LIABILITIES. Compared with last year. C C • 'npital (paifl) 2."iii.T»oo Sumo Xlnrlsajrp Moiis t print 111.240 —1.11(1 ("rrilirors and deposits 24.370 —1.n!»4 Rank of Now Zealand 1 -J-**4 Tux provision Il!l1."i J-2 270 Insurance rpservp ... ."1.23-"! Saine S , T k \ , r.0,4K0 Same «»d debts l.oini SamProfits and loss nrct. 35,11'J +2,038 ASSETS. Land and buildincrs .. 180.007 0 433 Plant and fittings ... ."iiil-'V ; s ."' rk 12D.R23 —2.<i!i7 I't'ntors ; j ,:t.(i2tl -f-> fur, Investment 14.(112 4 F.'-'SO !,."V h , 2.(13!! J_ 70 lofal assets 427,034 —448 JJesides the reserves shown separately 'I', 0 !'; ' s a'so a special fixture reserve of