COMPANY NEWS

Press, Volume LXXIII, Issue 22195, 11 September 1937, Page 12

COMPANY NEWS

BOOTH, MACDONALD ACCOUNTS LARGE INCREASE IN PROFITS A considerable expansion in the profits of Booth, Macdonald, and Company, Ltd., is shown in the accounts for the 18 months to June 30. 193?. The date of balance was altered at the Izstjnnual meeting in March. 1936. Trading profit for the period was £79.381 against £37,807 for the previous year, which now stands at £44.547. In their report the directors s£te. -The extended period is m accora ance with the resolution passed by the shareholders at the last meet alter Sa -ln our report presented to nual meeting in March > 9 n 3 6 ; h j w t e tn l? e tured to express an Uiere would be an increased demand for trie iirie<? we sell, both manutactured and Sorted owing to the better returns bXreieivedby our farmer friends and we are pleased to report that this „,, taken place, resulting in a net profit of £9035 14s 9d for the 18 months covered by the statement of accounts nowpresented. This must be regarded, as distinctly encouraging although the increased costs due to higher wages and shorter hours have ™a d .e the period one of considerable anxiety and diien buildings, plant, furniture, etc.. has been fully provided for, amounting to £7417 17s lOd. Stocks have been conservatively valued and lull provision made for any bad or doubtful debts. Owing to the expansion of the business, it has been found necessary to increase our stocks of raw materials and implements by £19,722 3s Id. Our purchases have been made on a satisfactory basis. "Our mortgage debentures stand at £106.200. These matured on June 1, 1937. but before that date, a meeting of debenture holders had been held, and it was agreed that the debentures be renewed for a further period of 10 years carrying interest at 5 per cent, per annum. "As indicated by the chairman at the meeting held in March, 1936, arrangements were made for the general manager to visit England and America for the purpose of getting into touch with the latest developments in agricultural implements and machinery. Mr Hall left in April this year and has visited many works in England, the United States, and Canada, and will return, we hece. with a fund of information which we trust will be of great benefit to our business. While in England, Mr Hall was approached by the New Zealand Employers' Federation asking him if he could accept nomination to represent the Federation at a meeting of the governing body of the International Labour Office at Geneva, and after due consideration, your directors authorised Mr HaJl to accept the appointment, which wPI not involve the company in any extra cost. This will delay his return to New Zealand by a few weeks, but we think the information and experionc he will gain will be well worth while. "In December last. Mr J. A. Pannett resigned his position as director after more than 30 years' service to the company. The resignation was accepted with regret and the board by resolution expressed their apnreciation of Mr Pannett's services. The position has not been filjpd as the director* are recommending the reduction of their number from seven to six. This matter will be dealt with at the annual meeting. "The retiring directors are Mews C-. M. Hall and James Tait. who offer themselves for re-election. Messrs W. S. and Companv offer themselves for reappointment as auditors." ASSETS

UNITED BUILDING SOCIETY Directors of the United Building Society of Christchurch (Permanent) announce an interim dividend of 24 per cent, at the rate of 5 per cent oer annum, payable on October 1. ' HUME PIPE SYDNEY, September 10 Hume Pipe, Ltd., reports a record £34 uofnouLf 5 - 5>93 + ?." £34,006 pounds in the previous year Dividend will be increased from 5 to o per cent. FRANC TOUCHES LOW LEVEL DEPRECIATION ALLOWED mu ..i 0 ? September 10. The Daily Mail" says that the franc slumped to 136 to the £ the lowest since 1926, because of a with drawal of official support to allow depreciation in view of the .easing of the internal price level and other industrial difficulties.

Change from Juie 30, prev 1937 acts. Cash at bank 2.711 £ + 1,371 Investments 7,056 —7,399 Funds held by debenture holders' trustees Bills receivable 7,338 13.470 + 5,770 Debtors (less reserve) 35,117 + 4,516 Stocks 111,490 +19,722 Money on deposit —6,579 Properties less mortgages 42,365 —1,540 Plant, tools, patterns. etc. 30,230 —3,793 Furniture, fittings, etc. 1,434 + 93 Catalogues, stationery, and cars 2,787 + 981 Profit and loss fless profit for 1936-37, £9036) 44,547 —9036 298,545 + 4,106 LIABILITIES Change from June 30 last 1937 year Capital paid up— £ £ Ordinary 10,353 Pref., 5j p.c. 176.163 — Mortgage debentures .. 186.519 106,200 - Creditors Plate-glass reserve 5,575 251 + 4,130 —22 298,545 + 4,106