“DOMINION” PROSPECTS

Press, Volume CVII, Issue 31539, 29 November 1967, Page 20

“DOMINION” PROSPECTS

Difficult Time Foreseen (N.Z. Press Association) WELLINGTON, Nov. 28. “Until prices for primary products increase we expect a difficult trading period,” said the chairman of the Wellington Publishing Company, Ltd, (Dr Morvyn Williams) in his annual report. “When our half-yearly statement was issued we indicated that the second half of the year could bring some marked change, and this actually happened,” he said.

“Situations Vacant advertising which has earned substantial revenue for many years, suffered a big reduction in volume. “This down turn in advertising, which we believe is general and affecting in varying degrees all daily newspapers, particularly metropolitans, called for tight control of all expenditure.” Year’s Highlight

“The highlight of the year,” Dr Williams said, “has been the splendid progress made by the ‘Dominion Sunday times.’ ”

Net profit for the year to September 30, was $127,948, against $146,204 the previous year, a fall of $18,256 or 12.5 per cent. The earning rate on capital is down from 9.8 to 8.5 per cent and earning rate on shareholders’ funds is down from 6.7 to 5.8 per cent. No profit from the new subsidiary C. M. Banks, Ltd, is included. The dividend, reduced from 10 to 8 per cent, takes $120,000 and is covered 1.1 times.