COMPANY AFFAIRS.

Auckland Star, Volume LXXII, Issue 93, 21 April 1941, Page 4

COMPANY AFFAIRS.

SELFRIDGES (N.Z.), LTD.

FURTHER IMPROVEMENT SHOWN

A net profit for the year ended January 31 ot £564'2, compared with £ ISBU the previous year, is shown in the accounts of 4?oltrid{ics (N.Z.L Ltd. 'Die profit *~.is struck art.-r providing for estimated •taxation, provision which was not neccssaiy during the ipreecdinir tenn, so (hat the improvement in trading results in regarded as highly satisfactory. The report states that, despite tlie difficulty of obtaining merchandise, the eom.pany inei eased its turnover and the rate of jr'oss profit was more than maintained. Ovvi to tlie continuance of the import restrictions tlie purchase of stock ! was still a very real problem, but every I effort had been made to obtain coverage where possible, with the result that stocks I amounted to £32.101. apainst £24,527 a year earlier. Ca«h in hand and at bank | amounted to £17.01."i, so that the company was in a position to take advantage of any opportunity lor local expansion. The net profit was offset against the debit balance in ihe appropriation account brought forward, £8776, leaving a debit of £3134 yet to be recouped out or future profits. In accordance with the procedure adopted during j the past two years. Selfridges (A'osia). Ltd.. had charged the company a commission of only 1 per cent on overseas purchases, although under agreement such purchases could be subject to a commission of 2 per cent. In view ol the disturbed financial posiUon and the uncertainty of statutory regulrtions. it was not proposed to proceed at present with any scheme for writing down capital. the close of the trading year the former manager. Mr. R. A. O'Neal, returned to the Selfridges organisation in Australia, and Mr. J. D. McMillan was appointed manager of the New Zealand company. OAMARU WOOL DIVIDEND. The directors of the Oamaru Worsted and Woollen Mills. Ltd.. have declared an interim dividend for the lmlf-year of 3 per cent, payable on May 5. N.Z. INVESTMENT COMPANY. Net earnings amounting to £ 1945 are reported by the New Zealand Investment Mortgage and Deposit Company. Wellington, for the year ended March 31. compared with £2651 in the previous year. The dividend, unchanged at 5 per cent absorbs £ 1775. leaving £2547 to be carried forward. against £2378 brought in. Increased taxes I require £21b7. I