TOOTH AND CO.

Press, Volume LXV, Issue 19786, 26 November 1929, Page 12

TOOTH AND CO.

« NET PROFIT, £634,054. The annual report and balance-sheet of ! Tooth and Co., Ltd., Kent Brewery, Sydney, for the year ending September SOth, was presented at the annual meeting of the company held last Wednesday. It stated: — £ t. d. After provideg for bad and doubtful debts, depreciation, and taxation, and including balance brought forward from last year, there remains a net profit of .. .. 674,871 » 2 From -which your directors declared an interim dividend to March 31st last, at the rate of 12J per cent, per annum .. 242,810 18 9 Leaving a balance oi 432,060 10 5 Which your directors have appropriated as follows— To payment of dividend declared by the directors for half-year ended September SOth, 1929 At the rate of 121 per cent, per annum on ordinary shares £242,811; at the rate of 12 j per cent, per annum on ordinary shares (new issue) £54,238 3g 9d; to reserve fund £100,000: 397,049 3 9 Leaving a balance to carry forward of .. 35,011 6 8 After the above appropriations have been made the reserve fund will stand at £760,000. The reserve for depreciation of properties and securities remains at £50,000. In July last it was decided to capitalise a sum of £485,622 then standing to the credit of a special reserve fund, entitled "assets revaluation fund." A special capital bonus of this sum waß then declared and applied in payment in full for 485,622 ordinary shares of £1 each, which were allotted to shareholders in the proportion of one share for every eight held on July 24th, 1929. These shares participate to the extent of three months, i.e., from the first day of July, 1929, in the dividend which has now been declared for the half-year ended September 30th last. The directors announce with regret the retirement from the Board, since the last meeting of shareholders, of the late chairman of directors, Mr George J. Cohen. Mr Cohen was a director since the incorporation of the company in 1888, and chairman since 1889. The vacancy was filled by the appointment of Mr Orwell Phillips. At the extraordinary general meeting held in July last shareholders were informed that the directors were engaged in negotiations for the acquisition of the business of Retch's, Limited. These negotiations were shortly afterwards completed, and the business was taken over as from July Ist last. Balance-sheet figures show that the subscribed capital is £5,620,588; reserve fund £650,000; creditors, £613,369; breweries, plant, machinery, rolling stock, etc., £4,590,425; deposits (New South Wales funded stock, loans, etc.) £409,007; bank balances, £135,498; stock on hand £577,290; sundry debtors £1,734,165; management. salaries, etc.. £848,290; expenses and taxation £634,054. Gross profit en trading, rents, ete. (after making provision for bad and doubtful debts and depreciation) £1,482,345. RADIO MATERIAL. COMPANY'S HEAVY LOSSES. United Distributors, Ltd., importers of hardware and electrical goods, a company with headquarters in Melbourne, following on a loss of £3688 in the year ended June 30th, 1928, shows a lobs of £70,691 for the year ended June SOth, 1929, and the debit at profit and loss is increased to £76,465. The directors state that the disastrous results of the year's trading were occasioned primarily by the collapse in values of radio material for constructing battery-operated sets and of completed sets. Also there was the sudden appearance on the market of the all-electric set, which not only dispensed with batteries, but, owing to itß different construction, depreciated the value of "what was previously standard material. The capital is £125,481, of which £25.000 is preference. Assets amount to £123,081, and external liabilities to £73,066. DAIRY PRODUCE. A. S. Paterson and Co.. Ltd., have received the following cablegram from their London agents, J. and J. Lonsdale and Co., Ltd., under date 22nd instant: — 1 'Butter—Dull, prices favour buyers. Danish 190s, Xew Zealand 169s to 1745; Australian 168s to 1725. * *Cheese—Very firm. Whit® 95s to 965, coloured 93s to 945."