Jas. J. Niven Trading Remains Buoyant

Press, Volume CX, Issue 32361, 29 July 1970, Page 20

Jas. J. Niven Trading Remains Buoyant

(New Zealand Press Association)

WELLINGTON, July 28.

With the gradual relaxing of control over imported equipment the company has been able to enjoy, and take full advantage of, demands made by essential industries, said the chairman of Jas J. Niven and Company, Ltd (Mr J. T. Watts), in the annual report.

The net profit of $303,719 declined by $15,132, or 4.7 per cent, compared with last year, which was a record, but compares favourably with the previous record profit of $304,276 earfled in 1968.

tax could have a serious effect on our profitability. With a staff of 700 employees it is anticipated that the tax will cost $25,000 to $35,000 in a full year.” He referred to the embarrasing position sound companies are placed in by finance restrictions imposed by the Government on trading banks. The board is planning to raise some long term finance. The balance-sheet gives fixed assets of $1,908,246, compared with $1,713,292 last year, and current assets of $3,560,887 compared with $3,048,868 last year.

increased by $338,673 to $1,750,616.

The profit was struck after a reduction of $12,800 for taxation at $307,400, and depreciation of $115,315, an increase of $17,851. The directors have recommended a steady 11 per cent dividend, which will take $171,600. Mr Watts said that trading continues to be buoyant for the first quarter of the new financial . year, and every effort will be made to maintain profitable sales growth. “The imposition of ,payroll

Shareholders’ funds are $3,482,747, an increase of $132,530. Current liabilities