COMMERCIAL Bing Harris Steady Dividend Tax Free

Press, Volume CVI, Issue 31321, 17 March 1967, Page 16

COMMERCIAL Bing Harris Steady Dividend Tax Free

Bing Harris and Company, Ltd., Wellington, is paying a final dividend of 2}d a share, making a steady 4}d —or 7} per cent —a share for the year to December 19.

The final dividend will come from capital profits and will be entirely free of tax liability in the hand of shareholders, being both nonassessable and non-taxable.

This was announced today by the chairman of directors (Sir Jack Harris). The capital profits have been realised from the sale of properties. The dividend is equivalent

to 71 per cent on the A shares of 5s and 18} per cent on the B shares of 21s. The company had had a successful trading year, Sir Jack Harris said today. , Record sales had been made

and tax paid net profit was about 10 per cent greater than that earned in the previous year.

After rising from £81,730 in 1962 to £123,436 in 1964, the company’s profit slipped by £18,866 to £104,570 in 1965. A 10 per cent increase would take profit for the latest year to £115,027. This would cover the dividend requirement of £62,420 1.8 times, but as stated, half the dividend will come from capital profits which are ad ditional to the year’s trading result The final dividend is payable on April 27; ex dividend April 7.