AUSTRALIAN WOOL INDUSTRY.

Press, Volume LXVIII, Issue 20625, 15 August 1932, Page 10

AUSTRALIAN WOOL INDUSTRY.

MEANS OF ASSISTANCE. COMMITTEE TO INVESTIGATE. (UJIITEP PJIESS ASSOCIATION—BY ELICTMO TELEGRAPH—COPYRIGHT ) CANBERRA, August 1-2. Mr J. A. Lyons (Prime Minister) announced that the Government had appointed Mr John Gunn, director of the development branch, as chairman, and invited the following to act as members of the committee to investigate means of assisting the wool industry : Sir Graham Waddell (chairman of .the Australian Wom-growers' Council). Mr G. Dalziel Kelly (of the Graziers' Federal Council). Mr It. C. Field (of tho Tasmanian Farmers' Stockowners' and Orchardists' Association). Mr \V. T. Payne (chairman of the Queensland Land Administration Board). Mr E. Grayndler (general secretary of the Australian Workers' Union). Mr J. B. Brigdon (director of the Queensland Bureau of Economics and Research). The.. .committee is asked to report not later than. September 30th.

MASON, STRUTHERS

AND COMPANY.

ANNUAL REPORT. » The report and annual statement of accounts of Mason. Struthers and Company, for the year ending June 30th, 1932, are as follow: At the beginning of last year your directors reduced running expenses "in order that on considerably .smaller sales the year's trading should show a small profit. Unfortunately the restricted purchasing power of the public, particularly our numerous farmer customers, and the reduction of building operations were greater than anticipated, with the result that a trading loss of. £0443 ISs 9d was experienced on the year's operation. This has not resulted in a loss of customers, as at Christchurch, Wauganiu, and Auckland there is au increase in the number of sales made by the retail departments, although the amount of each sale is on au average considerably less than last year. Shareholders will probably note with pleasure that stocks hare been reduced by one-third within two years, and appreciate the fact that the amouut owing to depositors and sundry creditors. was on June 30th only £4120 14s 9d, compared with over £50,000 iu ' 1930. Tlu» whole amount of £4120 14s .'Sto has been liquidated since the.balance date, and the only : outside liability is the amount of the fixed mortgage .on-the Colombo street premises,'£l7,soo. During the year the office and the wholesale business at Christchurch has been transferred to the top floor of the r€taii^|»r«iTUses; this has enabled the company to. lease the* whole of the office bloclf and the greater part of the wholesale building at remunerative rents. At Wanganui a substantial saving is being made in rent by a move under favourable conditions to a more central retail site where increased" sales have already boon recorded. ' In order that a debit balance in the • profit and loss- account shall not be carried forward a transfer of £4OOO from the reserve account is recommended; this will leave a credit balance in profit and loss account ot £378 3s'sd. Conditions of trade in the future are so uncertain that the directors regret they do' not feel justified in recommending a dividend; they consider that once trade generally improves the company's business will show a profit, owing to the considerable reduction of its overhead expenses, the full benefit of which will only be- felt in the coming year. The retiring fircctors are Messrs Norton Francis and T. W. Lewis, who, being eligible, offer themselves for reelection. The auditor, Mr Amaud Mckellar, retires and offers himself for reelection.

. LIABILITIES. Capital— - a- d--50,000 Shares £1 paid up 50.000 . 0 0 50,000 Shares 14s pair up .15,000 0 0 50,000 Shams 10s paid up 25,000 0 0 . . 110,000 . 0 0 Sundry creditors . . 4.120 14 9 Reserve for bad debts, rates, interest, etc. .. 2,660 12 3 Staff superannuation reserve . 3,996 11 7 Reserve, account .. 29,000 0 0 Profit and loss account, credit balance . . 378 3 5 £150,156 2 0 ASSETS: £ s. d. Freehold and leasehold properties £68,732 15s"10d, less mortgage thereon £17,500 . . 51,232 15 10 Stock on hand and afloat 70,331 6 4 Plant, office furniture, fixtures, fittings, etc. ..- 6,404 0 0 Sundry debtors .. 16,187. 19 10 £150,156 2 0 PROFIT AND LOSS. £ s. d. To net loss after allowing for wages, trade expenses, depreciation, etc. 6,443 18 9 ~ Balance at credit .. 378 3 5 £6,822 22 £ s. d. By balance at Juno 30th, 1931 .. .. 2,822 22 „ Transfer from reserve . . 4,000 0 ft £6,822 22 The net loss in 1931 was £8689, and no dividend was paid. A dividend of 2i per cent, on, paid-up capital was paid in 1930. The following are comparisons of the 1931 and 1932 operations : Liabilities- — 1931. 1932. £ £ Sundry creditors ... 20,692 4,120 Reserve for income » tax,, bad debts, rates, etc. ... ' 4,014 2,660 Staff sup. res. ... 4,346 3,996 Reserve account ... 33,000 29,000 Balance profit and loss account ... 2,822 378 Assets — Freehold and leasehold properties, £67,879 (less mortgages, £i7,500) .., 50,379 51,232 Stock on hand and afloat ... 99,235 76.331 Plant, furniture, etc. 7,001 6,404 Sundrv debtors ... 24,659 16,188

NEW PLYMOUTH GAS, Including £IOOO brought in from the previous year, the profits of the New Plymouth Gas Co., Ltd., amounted to £3281 for the year ended.June 30th, as against - £3494 in'the previous year; Dividends on the first and second issues (fully paid £5 shares and £4 paid) are maintained at the usual rate of 7s and 5s 7id a share, respectively. On the third issue, £3 15s paid, an increase from 5s Id to 5s 3d a share has been made.