Company News G. H. SCALES YEAR

Press, Volume XCVIII, Issue 29058, 21 November 1959, Page 16

Company News G. H. SCALES YEAR

Cross Profit And Dividend Raised

Although trading profit of George H. Scales, Ltd., shipping and insurance agents, Wellington, rose more than 50 per cent, to £105,628 in the year ended June 30, net profit fell £8135 to £47,214. A sharp rise in provision for New Zealand taxation—from £271 to £42,Bl6—more than offset the rise in gross profit Dividend has been raised from 5 per cent, to 27 J per cent Last year total dividend was 6d a share. This year two interim dividends—of -6d and Is—have been paid, and directors now recommend a final dividend of Is plus a bonus of 3d. These dividends require £23,043 (compared with £4190 last year), and transfers to reserves have been reduced from £50,000 to £25,000. These appropriations exceed net profit by £829, but £155 unclaimed dividends forfeited have been appropriated and carry-forward is £674 lower at £4896.

Value of Investments The company’s investments comprise a steady £15,000 in insurance deposit and £66,200 (up £11,650) in shares in companies. The shares are valued at cost, but a note to the accounts gives the market value at £155,904. Issued capital comprises 167,588 shares of £1 paid to 10s. Capital reserves are steady at £18,270 and revenue reserves are £25,000 higher at £125,000. Shareholders’ funds rose £24,326 to £231,960. Current liabilities rose £51,045 to £76,877. Apart from taxation and dividend provisions, the mam change under this heading is m sundry creditors, down £9951 at £13,949. Fixed assets are £l3l lower at £434. Current assets rose £63,852 to £229,203, mainly through an increase in cash.