G.J. Cole’s Improved Profits

Dominion, Volume 28, Issue 254, 24 July 1935, Page 12

G.J. Cole’s Improved Profits

Improved profits are reported by G. J. Coles and Co., Ltd., a chain store organisation, on its operations for the year ended June 30. A preliminary statement issued by the company shows that, subject to audit, the net earnings after providing for State and Federal income taxes, amounted to £131,445. This result compares with last year’s net profit of £109,777, which was arrived at before setting aside £11,450 for building depreciation. After payment of dividends of 8 per cent, on preference shares and 10 per cent., plus a bonus of 2} per cent, on ordinary shares, in April last, the balance available, including £866 brought forward from 1934, is £30,611. Of this amount the directors propose to transfer £30,000 to general reserve, leaving a balance to be carried forward of £6ll.

New Plymouth Sash & Door Co.

The directors of New Plymouth Sash and Door Factory and Timber Co., New Plymouth, report for the year ending April 30, 1935, that “there has been some improvement in the building trade during the year under review, as compared with the past depressed period, and the company’s business shows a corresponding improvement in its turnover. Competition, however, is distinctly keen, and as a consequence profits are difficult to secure and maintain?’ . After providing £317/8/3 for depreciation and buildings and plant, and £3bb 4/7 for bad and doubtful debts, there remains a sum of £lllB/12/6, of which the directors recommend that £lOOO should be set aside for the establishment of a general reserve, and the balance of £llB/12/6 be carried forward. The directors’ recommendation, that tne capital of the company be reduced from £30,000 to £14,000. by converting the shares from a nominal value of £3/15/each to £l/15/- each, will be submitted at an extraordinary general meeting to be held at the conclusion of the annual general meeting. The retiring directors, Messrs. M. 11. Skinner and W. C. Weston, offer themselves for re-election.