SMITH AND SMITH'S SHARES.

Press, Volume LVI, Issue 16945, 21 September 1920, Page 7

SMITH AND SMITH'S SHARES.

A RELIABLE REPORT

Re pontine on the financial position of Messrs Smith and Smith, Ltd., Messrs liarr, Leary and Co., F.P.A. (N.Z.), tho well-lcnown auditors and financial experts, say:— . "We have examined the Balaneosheets, Trading, and Profit and Loss Accounts of Messrs Smith and Smith, Ltd., for the past five years, bearing the certificate of Mr T. H. Thompson, F.P.A. (N.Z.), as auditor, and find that the average net profit on Capital and lieserve for that period, after providing: for depreciation, taxes, etc., is 13.66 per cent. The increase in the surplus of assets over liabilities for the same period is 34.86 per cent., and the accounts show that tho business is sound and substantial, with a record of steady progress. "Barr, Learv and Co., F.P.A. ("N.Z.>."

The above report explains why Messrs Smith and Smith's issue of 4-5,000 sis per ccnt. (free of income tax) cumulative preference Shares of £1 each are being so freelv taken up by investors. As the closing date for "applications is September 80th, intending investors will he well advised to act promptly if they wish to obtain a parcel of these attractive investment shares.

Copies of the Prospectus may be obtained at the Company's OfE"es, Wellington, Christchurch, Dunedin, the National Bank of New Zealand, and the brokers: It. Hill Fisher and Son, Hereford, street, Christchurch; G. G. and J. H. Aitken and Co., Hereford street. Christchurch. 6