BRADFORD COTTON MILLS.

Auckland Star, Volume LXXI, Issue 228, 25 September 1940, Page 4

BRADFORD COTTON MILLS.

INCREASED PROFIT EARNED. Bradford Cotton Mills, Limited, Sydney, report a large expansion during the year ended June 30. Issued capital increased lrom £222,742 to £633,039 by the issue of ordinary and second preference shares, though the whole of the Increase had not been fully paid at June 30. Net profit at £48,499 compares with £29,001 for 1938-39. The ordinary dividend is reduced from 12',2 per. cent to 10 per cent, but the amount required increased from £20,343 to £25,056. The 6 per cent preference dividend absorbs £8255. A transfer of £15,000 (£6OOO last year) to reserve has been made, leaving £5503 to be carried forward, against £5404 brought forward. Gross profit at £06,311 includes £15,040 received as dividend from a subsidiary. The plant of the Austral Silk and Cotton Mills, Limited, which was acquired during the year, is in full production, and extensions are well under way, the directors report. The company's activities have been further extended to Victoria. A new spinning mill and weaving plant are being erected at Footscray. The two Sydney subsidiaries, C. and D Mills Proprietary, Limited, and Sanforizing Services of Australia Proprietary, Limited, which were formed last year, are now« operating.