J. Niven Accounts Reflect Growth

Press, Volume CIX, Issue 32050, 26 July 1969, Page 18

J. Niven Accounts Reflect Growth

(New Zealand Press Association)

WELLINGTON, July 25. Modernisation and expansion in recent years had been reflected in this year’s accounts, the chairman of Jas Niven and Company, Ltd (Mr J. T. Watts), said in his yearly review. The Wellington-based gen-ary industry with whom it is

eral engineering merchant firm now had a wide diversification of interests which left it well placed to “gain its share of business and services to a comprehensive range of New Zealand industries.” As already announced, the company increased its net profit 15.7 per cent during the year ended March 31 to a record 3318,851, and the dividend is being lifted from 10 to 11 per cent, requiring $171,600 'and covered 1.8 times. “The board, assisted by company management, is constantly exploring new avenues in which this company could materially assist not only New Zealand prim-

closely associated, but also the balance of trade economy of our country,” Mr Watts said. This year’s result was struck after'providing $97,464 for depreciation, compared with $91,676 in the previous year, and taxation of $320,000, a rise of $43,000.

The consolidated balance sheet shows shareholders’ funds at $3,350,217, compared with $3,210,030 in the previous year. Current liabilities have been increased from $1,049,506 to $1,411,943, mainly by a substantial increase in bank overdraft—up from $303,116 to $563,277 and sundry creditors were up from $274,420 to $309,485. The directors propose to raise their fees from $6750 to $9OOO.