credit; finance YEAR

Press, Volume XCIX, Issue 29192, 30 April 1960, Page 16

credit; finance YEAR

Rise Of £lO3 In Net Profit

Credit and Finance Ltd., Christchurch hire purchase and general finance organisation, made a net profit of £2773 after taxation for the year to March 31, compared with £2670 last year. Net profit before taxation was £4539, a rise of £238 on last year, and taxation was £155 higher at £1786. During the year net interest earned was £7183, against £6276 the year before. Expenses at £2341 were £669 higher. Dividends of 4 per cent, for interim ordinary, and proposed 6 per cent final ordinary and 5 per cent preference shares take £2250, unchanged on last year. Transfer to general reserve is £lOO higher at £5OO. Total appropriations are £2750, £lOO up on last year and carry-forward is £23 higher at £137? Advances, making up current assets, are £10.852 higher at £64,285. General reserve is £4500, after this year's transfer. Total shareholders’ funds have risen £523 to £29,637. Current liabilities are accounts payable £696 (down £148), Commercial Bank of Australia £12.450 (up £7680), proposed dividends £1450 (unchanged), taxation reserve £1766 (up £135) and deposits £lO,lOB (up £8). Total current liabilities are £26,470. Total reserves are £2654 higher at £Bl7B. Wellington Building.—Wellington Permanent Building Society proposes to issue 10.000 A shares, second issue, of £1 each, increasing capita! to £llO,OOO. The shares will be offered to those holding shares at April 12. Applications close June 14. Terms: 10s on application. 10s when the shares are allotted, which will not be before September 30.