W. Neill sales rose to $16.9m

Press, Volume CXIV, Issue 33588, 17 July 1974, Page 9

W. Neill sales rose to $16.9m

New Zealand Press Association

DUNEDIN

Wilson. Neill, Ltd, merchant and exporter, increased group turnover 44.4 per cent tn 516.9 m in the year to March 31. the annual report says.

The home appliance division was a major contributor to overall profits, the chairman (Mr J. A. Valentine) says. Turnover of the division increased 30 per cent. As reported, the net profit rose 19.9 per cent to $312,756. I The directors recommend a dividend of 13 per cent (12 per cent last year).

The result includes South Canterbury Wholesale Groceries, Ltd. for a full year for the first time and in addition, a full year from the Tasman group compared with six months in the 1973 accounts.

The provision for taxation. $20,939 higher at $92,381 again benefited from substantial taxation deductions for increased export sales. Export sales incentives on venison, fish, and other unprocessed items terminated during the year and a re-

duced taxation reduction is expected next year. Issued capital was increased by $16,750 to $1,039,830 as a result of the issue at par, of shares to staff during the year.

Fixed assets have increased to sl.3m, the main expenditure being on the new Timaru building and additions to the Queenstown property. After the acquisition of Wardells, Ltd. fixed assets have been increased by three attractive properties. Shareholders’ funds of s2m represent 40 per cent of total assets. Kanieri gold The gold dredge Kanieri, In the half-month to July 15, recovered 261 ounces of bullion. The dredge moved 115,000 yards of spoil and worked 206 hours.