COMPANY AFFAIRS

Auckland Star, Volume LXXII, Issue 86, 12 April 1941, Page 4

COMPANY AFFAIRS

NEW AUCKLAND LAUNDRY. REDUCTION IN EARNINGS. t Xet pro Ii t lor tile year ended -htnuarv •!l ol C2I9S. compared with .l'-lI.'K in the {)! 4'V iolis ycai 1 . Hi I ;")<■» Hfi'OtMliS of the -New Auckland Laundry. Limited, to be presented 1.. .-iiai cln >ldci s at the annual meeting on Apiil Ihe directors state that alter pavinu* the dividend for 1940 [.1 per cent i. "and making piovision oi '_'.»().*> tor additional income tax. the balance, with the gear's profit, makes L'available for dsstribution. I hey recommend paving a dividend of 3 T>ft- cent., absoibing c-.'Oln. and carrying forward £810.

On the liabilities side of the balancesheet capital stands unchanged at L'T.j.OOO. of which £C/.()0l) is issued. Bniik overdraft _shoW3 an increase- from £22.807 to £43,957, but this is offset by the payment of a first mortgage to the savings bank of £22.000. Sundry creditors have been increased by L 47s | (( 4-OTI and reserve for income tax stands at C tS.'Jo aunjust £6094. On the assets side land, buildmus and plant. less depreciation, are set al £ 103,702, compared with £99.Vm9. Delivery vans are valued at £41.">9. against .l'4."i,V>. Among floating assets sundry debtors arc up £2809 to £791,"). and stock is increased by .t'B34 to £32;V>. 'Che accounts balance at £124.288. compared with C127.(i3"i in the previous year.

In the trading account expenses, etc.. are shown as L' 11.7au'ainst .C Kl.iiTli. and sales totalled i'SI.UTG. against £74.99i>. Wages have advanced from 40.40!) to £43,019. Messrs. IT. .Tsherwood and M. TT. 'Montgomery retire from the board and unavailable for re-election.