COMPANY NEWS

Press, Volume XCII, Issue 27709, 13 July 1955, Page 15

COMPANY NEWS

AULSEBROOK’S ACCOUNTS LOSS OF £39,804 SHOWN A net loss of £39,804, compared with a net profit of £29,639 the previous year, is shown in the annual accounts of Aulse- . brook and Company, Ltd., for the year ended March 31. Undistributed profits carried forward ' from last year amounted to £82,243, to which was added £368, over-provided for taxation. The* interim dividend on 50,000 . preference shares required £1250, and ( payment of the recommended final dividend on 200,000 preference shares to maki a total rate of 5 per cent. ..for the year would take £3217. This would leave £78,144, from which was to be subtractec . the net loss, giving a carry-forward of £38,340. No ordinary dividend is recommended. The directors, in their report, say they , are “disappointed that the year should , have produced an unsatisfactory result , and that therefore no dividend is recom- ' mended on ordinary shares." Under existing taxation legislation, de- ! preciation allowances granted industry on ! the erection of new buildings and plant during the first few years of operation ] are heavy, adversely affecting results revealed by financial accounts, particularly when such new assets, as with the new ( Auckland factory, are substantial. During the last year production at Auckland for I many reasons has been insufficient to carry these excessive costs in addition to the normal initial problems associated with the establishment of a completely new productive unit. "Sales and output during the last year have continued to increase. Selling, distribution and administrative expenses have risen in accordance with the increased quantities marketed and with the necessity for improving service to customers. ‘‘The amount standing to the credit of general reserve has been increased during the year as follows:—balance as at March 31, 1954, £93,695; profit on sale of share investments, £5854; profit on sale of Dun edin warehouse, £13,403; making a total of £112,952. “A new warehouse to satisfy the neea for greater space and improved servicing facilities has been erected in Dunedin and the Moray place warehouse has been sold resulting in the capital profit recorded above. "New Government valuations were received in January last in respect of the Christchurch factory and Wellington warehouse. As it was evident that these properties were recorded in the books at ridiculously low and therefore unrealistic values, your directors have adjusted the values of these assets in the books to the official valuations. Consequently, a new reserve—building reserve—of £170,249 appears in the balance-sheet.” Balance-sheet details are:—

) •, Gross profit fell from £313,773 io ' £283,944. selling, distribution, and ad--1 ministration expenses rose from £257,337 ; to £328,684. Dominion Builders’ Supplies.—An un- ‘ changed dividend of 7 per cent., payable J on July 22, ex July 15, is recommended. 5 FLOOR PRICE FOR j GREASY WOOL i INCREASE TO 30D PER LB • FOR 1955-56 SEASON 3 (New Zealand Press Association) WELLINGTON, July 12. The Wool Commission announced today that, with the agreement of the Minister of Agriculture (Mr K. J. Holyoake). and after consultation with the Wool Board, L the over-all average floor price for greasy i, wool offered at auction sales in New Zea5, land and the United Kingdom during the s 1955-58 season, commencing on July 25. ;; 1955, will be 30d per lb, ex store New s Zealand. il Floor prices for slipe wool entitled to >, protection under the floor price plan will ~ be based on an over-all average price of I; 32Jd per lb. ex store. New Zealand. ;; Last season the floor prices were 26d per g lb and 29Jd per lb respectively.

Liabil Sundry creditors Bank overdraft Tax provision Pref, dividends Ord. dividends Mortgage .. . Paid up capital Premium reserve General reserve Building reserve Depreciation reserv P. and L. approp. a/c ties 1955 1954 £ £ 93,337 99,364 327,536 244,495 31,387 3,217 1,250 19,884 225,000 225,000 500,000 306,000 11,000 112.952 93,695 170,249 56,689 56,690 38,340 82,243 £1,538,320 £1,160,068 Ass Cash Sundry debtors Stocks Investments Fixed assets ts 367 288 115,239 100,080 483,784 365,13'1 2,549 12,899 936,381 681,611 £1,538,320 £1,160.068