Company News DEATH’S ACCOUNTS

Press, Volume XCVIII, Issue 29008, 24 September 1959, Page 19

Company News DEATH’S ACCOUNTS

Recent Drop In Turnover

Net profit of Beath and Company. Ltd., drapers and furnishers. Christchurch, is confirmed at £lO,lOB for the year ended July 19, 1959, in the accounts circulated to shareholders. This figure, which is a drop of £7171 on the previous year's result, was announced with the steady dividend recommendation of 10 per cent.. on September 3. The latest result was reached after provision of £19.919 (down £1960) for depreciation and £9645 (down £7689) for taxation. Gross trading profit slipped from £291,889 to £274.249. Expenses were £728 lower at £228.743.

“Although the early part of the year showed a promising trend and sales were maintained for the first half.” says the directors’ report, “trading conditions became difficult in the second half. We experienced a sharp fall in turnover, resulting in a fall in both gross and net profit, in spite of the fact that overall expenses showed a reduction of almost .£3000.” The fall in turnover in the second half of the year was 9 per cent., they say. Ashburton Branch Reporting the acquisition of “a very valuable site in the centre of Ashburton between Woolworths and McKenzies,” the directors say that possession will be available in May of next year. The company intends to demolish the existing building and to erect a modern store. “With this obvious improvement in situation, directors are sure that future results will justify their confidence in this important area.” The Riccarton branch was transferred to modern premises in December and was still in the development stage. The ordinary dividend requires £11,196 and the 5 per cent, preference charge £5OO. These appropriations exceed net profit by £l5BB and carry-forward is reduced to £50,238. Paid capital is unchanged at £121,963. Fixed assets (net of mortgage) fell £4602 to £219,188. Current liabilities are £74.720 lower at £237,069. Under this heading bank overdraft shows a reduction of £51,100 to £171,207 and trade creditors a reduction of £15,188 to £21,754. Current assets fell £71,635 to £408,259 mainly because of reductions in stocks (down £43.811 at £301,042) and debtors (down £27,857 at £103,504). Shareholders’ funds and total net assets are £1517 lower at £390.378 and net current assets are £3085 higher at £171.190. CEMENT TANKER PLANNED (New Zealand Press Association)

WHANGAREI, September 23,

Plans and specifications for a bulk cement tanker to operate out of Portland, in Whangarei Harbour, are ready and tenders would be called soon, the manager of Wilsons (N.Z.) Portland Cement. Ltd. (Mr A. Whyte) announced today. The new ship would carry 1750 tons of cement and would eventually take care of all the sea deliveries from Portland. Mr Whyte said it would take between 20 months and two years to get bulk storage and handling equipment established at Portland and Auckland. Napier and Gisborne would also be serviced by tanker.

DUNLOP AUSTRALIA RECORD YEAR

iNZ Mres.» Association—L’opt/r»uMi

MELBOURNE, September 23.

Dunlop Rubber. Australia, Ltdincreased group turnover by £6 million to £57 million in 1958-59. This was a new record and reflected further success - in all Dunlop activities as well as a peak profit of £1,786,152. Directors predict further successful trading in the current year which is the company’s diamond jubilee year. They say, in today’s annual report, that financial strength permits a vigorous policy to be confidently developed and pursued. Latest profit is a consolidated result but excludes £26,483 (previously £21,182) interests of outside shareholders. It compares with earnings of £1.536,880 previously and more than twice covers dividend requirements of £859.868.

Ordinary dividend is steady at 10 per cent.