DIVIDEND DECLARED

Dominion, Volume 24, Issue 290, 3 September 1931, Page 5

DIVIDEND DECLARED

Kaiapoi Woollen Company LOSS ON YEAR’S WORK Dominion Special Service. Christchurch, September 2. The forty-third annual report of the Kaiapoi Woollen Manufacturing Company for the year ending July 19 has been issued. ~ ~ , „ The report states: “The world-wide fall in the price of raw products, together with reductions in wages and general low level of wholesale prices prevailing for woollen manufactures, has affected our trading results for the year. The loss sustained through the disastrous earthquake in Hawke’s Bay has also adversely affected the year’s results. Properties and plant have been maintained in first-class order. Additions to these costing £8695/1/9 have been made to keep the plant up to date. The profit and loss account for the year shows a loss of £30,272/4/-. After providing £35,000 for writing off and £2700/9/11 for bad and doubtful debts, the directors recommend that the balance be dealt with as follows: — Transfer from general reserve, £20,000; transfer from land and income tax reserve, £10.500: transfer from bad debts reserve, £2700/9/11; total, £33,200/9/11. The balance brought forward from last year (£1339/0/7) makes the total £34,539 io/o. The loss for the year, £30,272/4/-, is written off. The payment of a dividend on preference shares at 6 per cent, will absorb £3911/8/11, and £355/17/7 is carried forward.