COMPANY NEWS

Press, Volume LXXXIII, Issue 25321, 22 October 1947, Page 5

COMPANY NEWS

D.I.C. ACCOUNTS NET PROFIT MORE THAN £50,000 “The Press” Special Service DUNEDIN. October 21. The annual report of the Drapery and General Importing Company, Ltd., for the year ended August 20. states that the net profits for the year, after making provision for land and income tax. social security charge, bad and doubtful debts and depreciation of buildings. fixtures and plant, are £50.966, which, with £53,332 brought forward from last year, shows a total to the credit of the profit and loss appropriation account of £ 103J298 On May 1 an intenm dividend was paid on preference shares at the rate of 5 per cent, per annum for the half-yea i ended February 20. which absorbed £6250 and leaves £97,048 now available. This sum, the directors recommend, should be appropriated as follows:—to payment of dividend at the rate of 5 per cent per annum on preference shares for the half-year ended August 20. 1947, plus a bonus of 1 per cent, for the year. £8750; payment of ’dividend at the rate of 10 per cent, per annum, plus a bonus of 2* per cent, on ordinary shares for the year ended August 20. ,1947. £30.394; addition to reserve (which will then stand at £112,000), £3883; allocation for subscription to the Otago centenary and other worthy appeals. £2000; balance to be carried forward, £53.016. The bonus on preference shares will not be available until May 1, 1948. but the other dividends will be payable on and after October 30, 1947 Donaghy’s Capital Plans.— Application for permission to increase the company's capita! to cover increased costs of plant, buildings and raw materials has been made by Dunaghy's Rope and Twine Company, Ltd.. Dunedin, to the Minister of Finance. The authorised and Issued capital com P»ny is £125.000. consisting of 125,000 shares of £1 each. Details of the proposal will be given to shareholders when the application is granted.