B. Harris’ Future Has Uncertainties

Press, Volume CVI, Issue 31343, 13 April 1967, Page 17

B. Harris’ Future Has Uncertainties

GVew Zealand Press Association) WELLINGTON, April 12. Although it was very difficult to forecast Bing Harris and Company, Ltd.’s, future prospects for any distance, both sales and forward business started well at the beginning of 1967, said the chairman (Sir Jack Harris) in his review released today.

Sir Jack Harris said that the balance of payment problems made the economic future of the country uncertain, and a further reduction of imports in the 1967-68 schedule must result in reduced imports of readily saleable merchandise. “It is a pity that Government efforts to cut down imports are concentrated so much on consumer goods which are already in short supply. “Our company has, however, been successful in consolidating and improving its own local sources of supply from subsidiary and associate companies,” he said. Sir Jack Harris added that the directors’ policy of establishing substantial reserves has been amply justified by events, and without these reserves it would not have been possible to finance the development of the manufacturing side of the business. As already announced, consolidated net profit for the year to December 19, 1966, was £116,404 compared with £104,570 in 1965. This result was reached after providing £49,444 for depreciation (£41,375 in the previous year) and £106,740 (£104,907) for taxation. Capital Gaius In addition to the trading profit, £96,272 has accrued from realised capital gains, mostly due to the sale of the Wellington building to the Wellington City Council during 1966. The final dividend, 2Jd a share, makes 4|d a share for the year, or 7| per cent, and requires £62,420. This is covered 1.8 times. However, the final dividend is being paid entirely from capital profits and will be free of tax in the hands of the shareholders. The consolidated balance sheet shows shareholders’ funds totalling £1,799,072 compared with £1,690,742 in I the previous year.