Company News D.I.C. YEAR

Press, Volume XCVII, Issue 28748, 20 November 1958, Page 19

Company News D.I.C. YEAR

Warning About Record Profit (New Zealand Pres, AuoetaHon; DUNEDIN, November 18. Although turnover by the Drapery and General Importing Company of New. Zealand, Ltd. (D.1.C.) in the last year reacnea a record of £ 3.08 m and net profit was a record of £90,503. shareholders should not overestimate this gratifying result so tar as the future was concerned, the chairman of directors (Mr J. M. Paterson) said at the annual meeting in Dunedin today. In many respects it had been an abnormal year, he added. The In-

land Revenue Department had this year allowed for depreciation the sum of £52.411, compared with £25,442 last year—an increase of £27.000.

"Gratifying as this is, we should remember that the previous rates of depreciation were completely unrealistic and inadequate, and this will even now be inadequate when the inevitable repairs and renewals have to be met. The cost of these things seems to increase every year.” Disturbing factors in the "abnormal" year just passed were import control, anticipation, of shortages, particularly of overseas goods, some iif perhaps not very much) panic buying, and the ■general economic conditions prevailing

It had been a year full of problems regarding management. Unfortunately. it could not be reasonably expected that the future A-ould be easier.

“I should not like you to understand me as prophesying that next year, for example, will be either a good year or a bad one,” he said. "We simply do not know what it will be. and I do not think anyone can do more than guess." Mr Paterson went on to recommend an ordinary dividend of 10 per cent. (8 1-3 per cent, last year) and a half-yearly preference dividend of 5 per cent.

Amalgamated Batteries.—The directors of Amalgamated Batteries. Ltd have recommended annual dividends of 10 per cent on both ordinary and preference shares, payable on December 12 The shares will be ex dividend on December 12.—(P.A.) N.Z. Breweries.—New Zealand Breweries. Ltd has announced an interim dividend of 3 per cent., pavab e on December 10. The share —(PA 6 )** diVidend on November 27. a " d _ s ™^ h -—The directors of * “ h . an d Smith advise all holders of B 4 per cent, redeemable cumulative preference shares to defer anv proposeci negotiations for sale or other transfer of these shares pend,:ther r< notification from the company, ft ls expected that an H?2l- Un if ement aff , cc ting the value of , S fi a A Te v S WIU be made soon - thev NEW COMPANIES Be,r ™ er - Lt d., private com/l°Y e ™ ber 8: 228 Waltham Christchurch. Capital. £lOOO. Subscribers: Christchurch—N. E Junge 500. G. H. Dollimore 500. Objects. Coal merchant and incidental. .. Capital Increase McKay (R. J.), Ltd. Capital Increased from £7500 to £BOOO.