Small Recovery In Bing Harris Profit

Press, Volume C, Issue 29488, 14 April 1961, Page 19

Small Recovery In Bing Harris Profit

Bing, Harris and Company, Ltd., Wellington importers and manufacturers, increased consolidated net profit by £4834 to £85,150—a 6 per cent, rise— in the year to December 19. The previous year profit fell £20.835. The latest profit was reached after providing £18,965 (up £13461 for depreciation and £85,656 (up £6Olll for taxation. Recommended final dividend as announced earlier is 2Jd a share, making 4id—or 7j per cent. —unchanged, for the year. On the higher capital the dividend requirement is £56,712. Carry forward of the parent company is raised to £120,996. During the year the company bought out Macky. Logan, Caldwell, Ltd., and the net profit of £14,210 earned by this company has not been brought into the Bing, Harris accounts, but is shown separately. The consolidated balance sheet shows that bank overdraft has risen from £210.199 to £469.713. The increase was brought about through such circumstances as increased book debts associated with increased trade, increased stock repayment to depositors, payment of the interim dividend and reorganisation in connexion with the acquisi-

tion of Macky, Logan, Caldwell. Sundry creditors and deposits are down from £203,205 to £162,949. ReVenue reserves, including profit and loss account, are up from £346,548 to £373,866. Sundry debtors are up from £373,001 to £460,957 and stocks are up from £831,676 to £872,836. Investments Up In line with the Macky, Logan purchase, investments have increased from £91,416 to £362,705. Fixed assets have been reduced in the books from £364,218 to £363,622. The Macky, Logan, Caldwell balance-sheets shows that current liabilities of £39,572 are matched by current assets of £286.091. Principal movement in this latter item is an increase in stocks from £127,760 to £185,774. The company has also revalued the Macky, Logan properties in line with its policy of showing these are Government valuation. They have been increased in the books from £104,039 ot £199,900. Prices Up Again At Geelong (N.Z. Press Assn.—Copyright) GEELONG, April 13. Compared with yesterday's rates the market generally, under buoyant competition, showed a further upward movement and closed at the highest point of the week at today’s Geelong wool sale, the Geelong Woolbrokers' Association reported. East Europe was the principal buyer, supported by Japan, the Continent and locals. Crossbred prices—Good to super, 50’s, 68d, 46’s, 66d.