WOOLWORTHS

Press, Volume LXXV, Issue 22661, 16 March 1939, Page 13

WOOLWORTHS

Woolworths, Ltd. (Sydney), as indicated in a preliminary statement issued last month, earned net profit of £303,693 in the year ended January 31, 1639, compared with £247,717 in the previous period. Included in the net profit, which is subject this year to taxation provision of £32,000, is an amount of £49,899, being dividends received from Woolworths (N.Z.), Ltd., during the year, which is being transferred to tax free reserve.

Ordinary dividend is raised from 15 to 17i per cent., but the amount of the ordinary distribution is proportionately greater, as paid capital has expanded since the date of last balance.

Four per cent, of the year’s ordinary dividend is being paid out of the tax free reserve from dividends received from the company’s investment in Woolworths (N.Z.), Ltd.

The dividends received from investments in subsidiary companies have been included in the accounts.

During the year, report the directors the affairs of the company progressed favourably. A separate company, Woolworths Properties, Ltd., was formed to take over freehold properties owned by the company other than the bulk store. The balance-sheet therefore does not include any freehold properties previously held, other than the bulk store.

DAIRY PRODUCE MARKET butter firm in LONDON LONDON. March 14. The London butter market is firm and fairly active. Choicest salted, New Zealand HBs, Australian 117 s; unsalted, New Zealand 1225, Australian 118 s. METALS MARKET

Silver — Standard, per . oz .. 20 9-16 d 20|d Fine*, per oz. 22 3-16 d 22id PRICE OF GOLD LONDON, March 14. Gold is quoted at £7 8s 3d a fine ounce. PRICE OF SILVER LONDON, March 14. Standard silver is Quoted at 20f d a fine ounce spot and 20 l-16d forward. LEAD STATISTICS LONDON, March 14. Lead imports in February were 27120 tons, of which 12,786 tons were Australian. Exports were 317 tons. MINING GOLDFIELDS DREDGING The Goldfields Dredging Company advises a return of soz 6diyt lor 130 hours’ dredging. PRICE OF FLOUR IN AUSTRALIA INCREASE CAUSED BY HIGHER TAX SYDNEY, March 15. The flour tax is to be increased from £5 7s 6d to £5 17s 6d a ton to-day as a result of a recommendation by the Commonwealth Wheat Stabilisation Advisory Committee. Tlie of flour .will be raised to £l2 15s a ton.

Year ended Jan 31. 1938 1939 £ £ Net profit 247,717 303.693 Taxation provision 30,000 32,000 Dividends— 7,500 Pref., 10 per cent. .. 7,500 Prof., f P er cent. .. 14,000 14,000 Ord., per cent. 15 17i Ord., amount ,137,562 194,950 Appropriations— 3,000 2,500 Staff prov. fund .. Insurance and build2,500 ing reserve ■— Charities 2,500 2,500 Transfers — 11,361 To tax free reserve — To general reserve 32.294 61.604 LIABILITIES— 1,388,999 Paid-up capital 1,203,332 Reserves 485,178 350,166 Profit and loss acct. 152,955 194,103 Depreciation reserve 170,887 191,079 Insurance and build5,000 ing reserve — Sundry creditors 81,583 79,959 Taxation provision, etc. 118,870 106,280 Staff provident fund 7,000 10,000 ASSETS— Freehold land and buildings Leasehold property .. 251,735 91,153 36.175 77,733 Work in progress 800 1,150 Furniture, etc. 190,614 204,704 Sundry debtors Subsid. cos.’ current 9,108 17,096 accounts 100,002 348,014 Bank and cash 52,567 54,605 Shares in other cos. 1,113,764 1,126,263 Goodwill 165,227 165 £27

ft. LONDON, March 14. March 13. March 14. Copper— Standard, spot £ 43 s. 4 d. 44 £ 43 s. 5 d. 74 Forward 43 9 44 43 10 74 Electrolytic # , 48 0 0 48 0 0 to m 49 0 0 49 0 0 , Wire bars , , 49 0 0 49 0 0 Lead— Spot 14 16 10i 14 16 104 Forward • . 14 1 10* 15 3 14 Spelter — Spot 13 18 14 13 16 104 Forward , , 14 3 14 14 1 104 TinSpot 215 17 6 215 11 3 Forward .. 215 5 0 214 17 6