Company News D.I.C.’s Profit Increase

Press, Volume XCVI, Issue 28440, 21 November 1957, Page 20

Company News D.I.C.’s Profit Increase

(New Zealand Press Association) DUNEDIN, November 20. In spite of the very difficult trading conditions of the last year, turnover of the Drapery and General Importing Company of N.Z. Ltd. again reached a record for the five branches, the chairman, Mr J. M. Paterson, told the annual meeting of shareholders in Dunedin this afternoon. The record turnover increased the gross profit by over £40,000 and made the net profit, after payment of taxation, £61,513. This was £17,384 up on last year. Mr Paterson said the directors did not feel justified in paying all the increase in dividend and had thus recommended only a modest increase from the 7$ per cent, last year to 8 1-3 per cent, this year. “Though we have reduced the overdraft with our bankers by over £74,000, we still owe them £164,000 and you will understand that if, as we hope, turnover increases still further in 1958, that means an increase in stocks and in book debts,’’ the proposal to allow increased depreciation on various assets was a measure long overdue, Mr Paterson added.

N.Z. Breweries.—An interim dividend of 4 per cent, is announced, payable December 9, and ex November 26.—(P. A.) Bruce Woollen. Although the Bruce Woollen Manufacturing Company, Ltd., Milton, had just passed through a difficult trading year, the directors considered the company’s position sound, the chairman of directors, Mr F. L. Nicolson, told the annnual meeting yesterday. “The cost of production remains high, and taxation leaves very little of the profit to provide reserves to offset the high prices of raw materials and leave anything for the provision of future development and expansion,’’ said Mr Nicolson.