Company News REID RUBBER ACCOUNTS

Press, Volume XCVI, Issue 28447, 29 November 1957, Page 21

Company News REID RUBBER ACCOUNTS

Dividend And Profit Up (New Zealand Press Association) AUCKLAND, Nov. 28. Reid New Zealand Rubber Mills, Ltd., earned a net profit of £131,437 in the year to September 30, compared with £116,645 last year. Tax provision was £137,400 (£127,025 last year) and depreciation £86.882 (£93,093). A dividend of £6OO (£9OO last year) from the company’s subsidiary, Thorndon Stores, Ltd., and £1163 over-provision for taxation, have been brought into the profit and loss account, raising available funds to £133:200. Ordinary dividend, raised from 7J per cent, to 8 per cent, and preference dividend of 5 per cent., take a well-covered £72,767. Stock fluctuation reserve has again been credited with £25,000.

In addition, £25,000 has been transferred to a special reserve to meet the increased cost of replacement of plant and other capital assets.

Carry-forward is increased from £130,832 to £141,265.

ODLIN TIMBER YEAR

Profit Rises To £50,920

The C. and A. Odlin Timber and Hardware Company Ltd., Wellington, earned a net profit of £50.920 for the year to September 30. This is £6367 up on the previous year’s figure and was reached after providing £2963 more for depreciation at £23,694 and £16,000 more for taxation at £40,000. Gross trading profit rose from £289.651 to £332,104, while insurance commissions and rents brought in £24,004, interest on Government stock £129 and dividends on shares in other companies, £ 13,805. Total dividends, already announced, require £35,895 from the net profit. This leaves £ 15,025 to be added to the carry-forward, increasing it to £45,130. “During the year the company has disposed of certain property and plant surplus to its requirements and also sold its interest in the leasehold property* at the corner of Tory and Cable streets, Wellington, a new site in Cable street having been secured for its timber yard,” states the directors’ report. Capital Profit “These transactions have resulted in a capital profit of £44.533, which has been transferred from the appropriation account to capital reserve. Last year it was considered desirable to establish a special reserve for future plant acquisition, and a sum of £30,000 was set aside for this purpose. This year the company has faced considerable expenditure on plant replacement. In view of the capital reserve now established as already mentioned, your directors consider it unnecessary to retain this sum of £30,000 in a special account and recommend its transfer to general reserve, bringing this account to a total of £250,000. The balance-sheet shows that reserves and accumulated profits now amount to £358,663, compared with issued capital of £376,564. Stocks are down from £520,064 to £505,816, while sundry debtors are up from £277,209 to £352,409. Bank overdraft is up from £45,562 to £59,159, while sundry creditors are up from £221,133 to £243,057.

Woolston Tanneries Loss £12,547

Woolston Tanneries, Ltd., showed a loss of £12,547 on the year to September 30, compared with, a net profit of £2948 the previous year. No dividend is recommended, compared with 5 per cent, paid last year. Directors state that trading conditions continued to be difficult and turnover again fell. “The board has moved to meet the changing demands of the market and while it may take time, your directors consider that operations will again be carried out on a profitable basis.” Gross profits from trading accounts fell £11,€47 to £36.307. The loss on the year’s working is deducted from £24,359 brought forward, leaving £11,812 to be carried forward. Current liabilities fell £6767 to £94.136. Sundry creditors fell £3160 to £6252. and bank overdraft rose £6195 to £87.884. Shareholders’ funds are £12,547 lower at £111.812. of which £lOO,OOO is represented by capital. Current assets are £16,349 lower at £153,929, stocks being £B4BB lower at £121,491. Fixed assets are £2965 lower at £52,019. Sir Arthur Sims resigned from the board on December 19, 1956. The vacancy was filled by the appointment of Mr R. D'R. Mitchell. Mr G. T. Weston (who died on September 19, 1957), resigned on April 10 this year. On his resignation Mr Mitchell was elected chairman, and Mr W. D. Douglas was appointed to the Board. Mr W Machin has resigned from the board, the resignation to be effective as from the conclusion of the annual meeting to be held on December 11.

Taringamutu Totara Sawmills Year

(New Zealand Press Association) WELLINGTON, November 28. Consolidated net profit of Taringamutu Totara Sawmills, Ltd., for the year to September 30, 1957, was £llB9, against £1315 the previous year. Gross profit, after providing £1541 (£2910 last year) for depreciation, was £2955 (£3363). This was made up of profit on farming £5613 (£4404), less loss on timber trading £2658 (£1041). The addition of interest £245 (£49) and the deduction of administration costs £lO7B (£920) and other expenses £5OO (£614) brought the net profit before tax to £1623 (£1880). Tax took £434 (£565).

Ballins Breweries Dividend Raised

Annual dividend recommended by the directors of Ballins Breweries <N.Z.). Ltd., on the ordinary shares is 5 per cent., making 8 per cent, for the year, compared with 7 per cent, last year. The final preference payment is 2J per cent., making 5 per cent, for the year.