BETTER TRADING YEAR.

Auckland Star, Volume LXXI, Issue 175, 25 July 1940, Page 4

BETTER TRADING YEAR.

NEWTON KING'S AFFAIRS. INCREASE IX PROFIT, £j3W. An increase in not profit of £.i3Cj is : shown in the annual accounts of Xentoo Kin;;. Limited. lor the year ended Apiil 30. which will be presented to shareholders at tlie annual meeting to be held in Xew Plymouth on July 31. The fiiz'.ne this you- was £2.5..">71. aoj that hist year t"Jo.2oii. This amount is struck aftei making provision for book debts, depreciation and maintenance. Of tlie net profit £16.010 has been transferred to taxation reserve, leaving £0001 to lie added to the amount brought forward from last year in the appropriation account. £28.268. The report states that aa in past yeai«. stocks and book debts have been conservatively valued and tixeu assets fully maintained, but the -mount allowed tor depreciation has been reduced to_ £f)7.)0. compared with £8736 last year. I lie report mentions the proposals for capital reorgnnisittinn, particulars of whi-h have already been cent out to shareholders. Ihe proposals provide foi the agreement b.v holders of £ 1 preference shares tc the cancellation of these shares and all arrears or dividends, and to receive in exchange a •>/ preference share conferring the right to a non-cumulative preference divide;id of .> per cent, increasing in certain circumstances up to 8 per cent, and 16/ perpetual debenture stock bearing interest at CVa per cent for five years and thereafter at s'i per cent. Under this scheme the annual return to each holder of 100 £1 preference shares is set out as £6 9/ for the first five years and thereafter £,i 13/, against £5 4/ due under the present piefcrential dividend. In the liabilities side of fhebilancesheet. which is balanced at £573,0.J0. creditors are shown at £100,028, compared with £93.883 last year, but this increase is in accord with the expanding business shown in the year. The overdraft lias been reduced from £260.212 to £1.52.2u0. Among the asset*!, debtors are less this year at £340.898 than last year, when they were £420,520. The value of stocks on ha- increased from £118.105 to i- 1-1,743, but the move is probablv wise of the uncertainty of the lutuic. I Irere are now 10 years arrears in preference shares, of which, under existing articles, there are 174,500 at £1. bearing cumulative interest at the rate of GVi per cent. 1 BRICKS AND MORTAR. A net profit of £4502 wm earned for the year ended June 30 by Bricks and Mortar. Ltd., at Sydney. After the sum needed tor the payment of dividends has been deducted there remains the sum of £ 1297, which, the report states, "is available for distribution or otherwise as may be determined. That balance remained after provision for mconie taxe* and land tax. Jhe directors will recommend to the annual meeting of shareholders on August ■>. a final dividend of 1% per cent, making 7/a per cent for the year. COMPANY DIVIDENDS. Taringamutu Totara Sawmills have aa vised the Stock Exchange Association or New Zealand that an interim dividend ot 4 per cent will be paid on July 30.— (Press Association, Wellington).