COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 182, 4 August 1939, Page 4

COMPANY AFFAIRS.

RADIO (1936), LIMITED. | DECLINE IN PROFIT. j I J DIVIDEND 1 PER SHARE. j The accounts of Ratlin (19301 Limited, foi the .vc.ir ended .lane 30, show a net Ipiotit oi £5272. winch compares Willi L' 9978 the previous year, and f 18.81!) in j i 1930-37. '1 he directors recommend a I d:\idend ot 1/ per share. In 1038 1 0 pel shine was paid, and the previous year the late was 3/. The report states inter alia:- - Trailing operations have been no less difficult than the previous year, probably more so. because we have still had to contend with free entry heavy impoitations nn the one hand, and increasing wages and production cosU on the other. Eventually, however, we must l.cnelit from tiie Government import restrictions and encouragement of New Zealand industry. Progress in the electrical equipment manufacturing department has been most satisfactory, and future prospects in this department are excellent. The maximum depreciation allowable has been written off. and the usual building redemption reserve of £500 has been provided. Among important factors considered was the necessity of carrying heavy stocks on account of Government restriction of imports, and for further capital expenditure on plant and machinery in order to take advantage of the opportunity nowavailable of manufacturing additional profitable lines. Balance-sheet Items. Chief items from the balance-sheet compared with those of a year ago are as follow:--LIABILITIES. Compared with June. 1939. previous yenr. Paul capital ... 50.Mia* Same -MortKiiites 5.131 Same Creditors 11.5 is — 5.290 Reserve for taxes 3.702 —2.003 Property reserve 1,701 -f 507 ASSKTS. I/a ml & buildings 2«,528 —320 Plant 3,000 +1,259 Furniture and > tittimrs 830 —S Debtors J3.001 —9.70:t Stock 33.751 —1.113 Sluin-s 1,000 Same »'ash 522 —2.802 Goodwill If).OOll Silllie Total assets ... 83,092 —12.8<>8 A contingent liability, "Bills Receivable Discounted," appears at £5161. WELLINGTON WOOLLEN. INCREASED EARNINGS. NET PROFIT £*3426 HIGHER. A net profit of £18,423 is shown in the accounts of the Wellington Woollen Manufacturing Company, Limited, for the year ended June 30. This compares with £14.997 in the previous year. The dividend on the 40,000 £5 ordinary shares and the 20,000 jipference shares is being maintained at 0 per cent with the proposed final payment of 3Vi per cent on ordinaries and 2Vfe per cent, plug a bonus of 1 per cent on 71 reference shares. This requires £18,000 and will leave £7316 to be carried forward against £6893 brought in.

The directors state that the greater part of the first half of the year was dull, but with the Government's 7>artial restriction on certain competitive imports the demand for the company's goods increased gradually. Unfortunately the producing plant could not be worked to capacity owing to a shortage of suitable operatives. That position was improving and recently the mill commenced working overtime with night shifts in some departments. Depreciation totalling £7000 was written off for the year and additions amounting to £4584 were made to the plant during the period. Results for the past three years compare as follows: — 1937. 1938. 1039. Brought forward . £9,312 £9,890 £0,893 Xet profit ...... 18.524 14,907 18.423 £27,890 £24,893 £25,310 Dividends — Pref. and ord., 6 p.c 18,000 18,000 18,000 Carried forward . £9,896 £6,893 £7,316 Capital and general reserve remain unaltered at £300,000 and £58,000 respectively. Bank overdraft is £12,250 less at £54,727, while creditors have risen £1881 to £25,310. Fixed assets at £229,773, compare with £232,188 a year ago. Stocks have fallen £23,007 to £170,335, and debtors are £8924 lower at £54,903.