E. REECE, LTD’S ACCOUNT

Press, Volume LXXXVII, Issue 26514, 31 August 1951, Page 12

E. REECE, LTD’S ACCOUNT

An increase in net profit before taxation from £8457 in 1950 to £9866 in shown in the accounts of E. Reece, Ltd., for the year ended May 31—the profit in 1949 was £6294. With the addition of £4OO brought forward from last year, the total is £10,267. After providing £7703 (last year £4958) for income

tax £4563 remains. Directors’ recommendations are for a preference dividend of 5 per cent., plus a bonus of 3 per cent., and an ordinary dividend of 6 per cent., plus a bonus of 1 per cent. These dividends are unchanged. Other recommendations are for a transfer of £250 to dividend equalisation reserve; a transfer of £1750 to general reserve (last year £800); and a carry-forwasd of £491 (£401). Dividends will absorb £2073. Gross trading profit was £32.567 (£28,163), and ether income £696 (£487). General expenses were £22,997 (£19,873), and directors' fees £4OO (£300). During the year the amount (secured) owing to the bank was reduced from £30,419 to £28,237. .

Victoria Laundry.—The directors recommend an annual dividend of 7(i per cent, (last year 5 per cent.), plus a bonus of 4 per cent, from the accumulated profits of the subsidiary—ex September 10.

—(PA.) Wilcox Mofilln.—Wilcox Moffiin, Ltd., Sydney, is paying a final dividend of 5 per cent, on October 18, ex October 2. Total payment for the year ended June 30 is 10 per cent, on a larger capital, compared with 12>i per cent, in 1950. when a tax-free bonus of 2) per cent, was paid. Woolworths, NXr—The directors have declared an interim preference dividend of 41 per cent (less social security tax), payable October 15, ex September 24. (P.A.)

Financial Services’ Plans.—The continued demand made on the resources of the company might sooner or later make it necessary to increase its capital, said the acting-chairman of Financial Services. Mr A. D. Park, at the annual meeting in Wellington yesterday. Proposals to this end would at the appropriate time be submitted to shareholders.—(P.A.) Sydenham Money Clnb.—The net profit for the half-year was £4927. It has been decided to pay a dividend at the rate of 4) per cent, per annum for the halfyear.