GOOD RESULTS

Auckland Star, Volume LXXII, Issue 205, 30 August 1941, Page 4

GOOD RESULTS

MILNE AND CHOYCE, LTD.

anniversary bonus

trading profit of £G„6,0, with £65,749 last year, is shown m the accounts of Milne and Choyce, Limited for the vear ended July 31. Irom this is deducted £42.000 representing profusion for taxes and £7125 a* depreciation makj n „ the net profit £18,551, a reduction of £6127 on the record last year. -The trading results of the 12 months have been very satisfactory," states the report, of the chairman ot directois, Mr. J Milne "Turnover has steauiiv S^'Sc'erSSiy"'e'K '*™» *°< voy.OOO lias been subscribed to the 10 vita Wished in 1866. the business celebrated its seventy-filth birthday this jear, and the directors are recommending an annivensarv bonus ot 1 pel cent (absoi >- iiig £2500) on all shares and dcbentu.e *tock The same dividends as last >ea will be distributed as follow.-Six per cent on preference shares, *'420 ; 7 per cent on 11 preference shares. £10o0: a P«?r ® ordinary shares £1462; o per on perpetual debeuture stock. £9938. lhe total distribution, including the interim dividend of £6435 paid on Apiil 1 The cuni of £5g9.j is bi ought in against £8776 carried forward The retiring directors, Messrs. E. H. Robinson and R. S. Milne, are available for re-election.

Recent results are:- m() lorwar4 ..::-: £ d:lll £43.199 £34.441 £11.146 To reserve £24.286 — — Dividends *** 15.150 12.870 12.870 Anniversary bonus . — ~ *.»w> Carried forward £9.763 £5,595 £8.776 The balance-sheet, with changes, is as follows:— LIABILITIES £ £ Paid capital 250.000 Same Reserves §1.000 Same P. and L. account .... 17.711 -L 6.221 Mortgage 45.218 - 1.423 Creditors 45.'37 —1.547 Taxes provision 40.099 —9,165 ASSETS Land, buildings, etc. .. 225,541 —6.390 Investment account ... 26.484 —1.907 War loan 20,000 -^20.000 Slock 158.937 -4- 4.451 Debtors 44.095 -4-4.751 Cash 4,406 —26.219 The accounts balance 8t £479.465. compared with £484.778 a year ago. Gross profit and return on investments amounted ;o £192.669. against £ 182.536, while expenses are £174.118. against £163,857.