M.K.M. Activities Reviewed

Press, Volume XCV, Issue 28257, 20 April 1957, Page 13

M.K.M. Activities Reviewed

Although trading had been maintained at a high level in spite of unfavourable weather, market conditions had not been easy, said Mr I. M. Chambers, chairman of M.K. Manufacturers, Ltd., at the annual meeting yesterday. To meet the demand brought upon the company to keep its trading finances within certain defined limits, a proportion of stocks was deliberately sold at a discount. This had achieved the desired reduction in overdraft limit, but not without its effect on the year’s net profit. The company had obtained the New Zealand manufacturing rights of a well-known brand of men’s hats, said Mr Chambers. Although the company had only recently introduced this new line on the local market, prospects seemed satisfactory. The new product worked in very well with the company’s established line of men’s hats. Mr Chambers said that it was unwise to make any forecasts under present circumstances, but the last year had been successful, and he regarded the coming year with a certain degree of confidence. Shareholders approved the directors’ recommendation of an unchanged dividend of 12J per cent. The retiring directors, Messrs J. C. Whitney and I. M. Chambers, were re-elected. British Pavements.—An unchanged annual dividend of 7J per cent., payable on June 12, ex that date, is recommended.—(P.A.) Burns, Philp (South Sea).—Final dividend recommended is Is a share, making 2s, or 10 per cent, (unchanged) for the year. The dividend is payable on May 11, ex April 27. (P.A.) Mosgiel Wool.—The interim dividend of 3 per cent, (unchanged) is payable on May 16, ex May 2. Total dividend last year was 9 per cent.— (P.A.) ..Christchurch Gas.—The company has discontinued the practice of charging a share transfer fee.— (P.A.) Motor Traders (N.Z.), Ltd., Auckland.—The directors have declared unchanged interim dividends of 3 per cent, preference and 5 per cent, ordinary, payable on April 30, ex dividend on April 25. Total ordinary payment last year was a steady 10 per cent.

York Motors.—Consolidated net profit of York Motors (Holdings), Ltd., Sydney, dropped steeply by £200,091, or 45 per cent., to £240,539 in the year ended November 30,1956. The result was reached after provision of £80,632 less for taxation at £157,864 and £6075 more for depreciation at £26,317. The dividend rate was reduced during the year from 30 per cent, to 22J per cent., requiring £204,000. General reserve was credited with £lOO,OOO, while £25,000 was transferred to contingencies reserve. Carry-forward is £88,461 lower at £653,012. Since the close of the last financial year the company reduced the dividend rate further by declaring an interim dividend of 10 per cent. (12j per cent in 1956). payable on April 4.