INCREASED PROFIT

Dominion, Volume 30, Issue 46, 18 November 1936, Page 14

INCREASED PROFIT

Mosgiel Woollen Factory Co. BURDEN OF RISING COSTS Dominion Special Service. Dunedin, November 17. An increase in profit of £2485/4/10 for the year just completed compared with that for the previous year was revealed to-day at. the 63rd annual meeting of the Mosgiel Woollen Factory Company, Ltd. Mr. J. S. Sinclair, who presided, discussed the effects of. the recent financial and labour legislation on the operations of the company. . ‘■Shareholders will appreciate that throughout the present year,” he said, ‘•the company must bear the lull burden of increased wages and salaries, shorter hours, higher income tax, and, generally speaking, all commodities required by the company will be at a higher cost. Io meet these increases the woollen manufacturing companies have felt bound to raise their prices, but not to an extent that will anything like cover the extra costs. Local manufacturers, however, face more serious competition from abroad, and reluctance on the part of the Government to give further protection by increasing the tariff has caused some concern. Properly regulated trade tariffs must continue so long as there exists non-uni-formity of working conditions and wages in ther countries. in this respect a comparison of the wages paid to mill hands m New Zealand with those in England shows the New Zealand rate to be higher. Ihe hours worked per week will be found to be verv much less in New Zealand—actually 48 hours in England against 40 in New Zealand.” , x , An interesting point m regard to the cost of woollen goods was mentioned by Mr Sinclair. “It has been said that woollen manufacturing companies have made far too great a profit on their goods. A popular theme is to inquire into the value of the wool in any particular article and to regard that as an indication of the profits which the manufacturer makes. The contents of the manufactured article however, are but a very small portion of its cost. It is wages and overhead expenses which comprise the major cost, of ■mods manufactured. In the conversion of a bale of wool into the manufactured article such as suiting, wool passes through at least 20 major processes. DIVIDEND PAID Abraham and Williams, Ltd. The 35th annual general meeting of shareholders of Abraham and Williams, Ltd.. Wellington, was held on Monday, Mr R. S. Abraham presiding. The profit and loss account showed a credit balance of £14,535/8/10, to which was added the amount ’brought forward from last year, £11,127/12/5, making a total available for distribution of ±2o,bbo 1/3 Out of this sum the interim preference dividend for gix months was paid on April 30 last, amounting to £20.10/10/-. leaving a balance to be dealt with of £23,612/11/3. ' A dividend of 3 per cent, on the ordiuarv shares was declared, and the fixed payment to file preference shareholders was adopted, leaving a balance of £15,19y 9/3 to be carried forward to next year s accounts. .Sir William D. Hunt and Mr. David Allan, the retiring directors, were reelected. .Mr. P. L. 'Sim was appointeu auditor for the ensuing year. Improved Business Dominion Special Service. Dunedin, November 17. Buoyant conditions have continued in the building trade, enabling the company to increase the turnover in its four branches, states the directors of the Petrous 'Hie Company. Ltd., in their annual report. The result of the years operations, after writing off depreciation and. making provision for income tax and contingencies, shows a net profit of ±l44b, reducing the debit in the. profit and loss account to £2488. BASE METALS MARKET Copper Firm; Tin Easier By Telegraph—Press Assn.—Copyright T.ondon. November 16. The official London (middle) quotations for Momlav. as reported by the Australian Mines and Metals Association, compare. with those previously cabled as follows:— . ... ~ ... Nov. 13. Nov. lb.

BUTTER AND CHEESE Decrease in Shipments Shipments of butter from the Dominion last month totalled 13,630 tons, compared w’ith 14,537 t*ns in October. 1930, a decrease of 907 tons. According to information .supplied by the Dairy Board by arrangement with the Primary Products Jfarketing Denartment,. shipments of butter for the Jt-iree mouths ended October 31, totalled 32,303 tons, compared with 32,737 tons for the corresponding period of last year, a decrease of 434 tons. Details of the three months’ exports compare ns follows; —

Shipments of cheese last month were 5565 tons, compared with 6689 tons in October, 1935, a decrease of 1124 tons. For the three months ended October 31. shipments totalled 15.148 tons, compared with 15,64.8 tons for the corresponding period of last year, a decrease of 500 tons. Details of the three months’ shipments compare as follows; —

Shipments of butter from Australia to the United Kingdom last month were 8445 tons, compared with 10,804 tons in October, 1935, a decrease of 2359 tons. For the three months butter shipments totalled 15,557 tons, compared with 17,952 tons last year, a decrease of 2395 tons. Shipments of Australian cheese to the United Kingdom for the three months totalled 861 tons, compared with 1387 tons for the. corresponding period of last year, a decrease of 526 tons.

CopperStandard. spot. ... Ditto, forward ... Electrolytic to Per I on. £ s. d. 43 5 7 4 43 13 1A 47 5 0 48 5 0 48 5 0 Per ton. £ s. <1. 43 it 44 43 10 10} 47 15 0 4S 5 0 48 5 0 Lead— 20 17 0 20 15 0 20 17 <5 20 13 11 Spelter— 15 15 0 15 17 () 16 1 3 16 2 6 TinJSpot 239 7 6 236 2 6 234 15 232 10 0 0 SilverStandard, per ok. 21(1. 22 11-10(1. 21 l-16d. 225 d. tAmerican, 51 .65 cents a lb.

1936 Tons. 24,5-IS 1935 Tons. 26,660 Avonmouth and Carfl iff 1.718 1.210 Tji vf'rpool ........ 1,602 1,384 \ f^ndlC.'st Pl* ....... 2.236 1,5S5 fllflcgnw 1,860 1.614 Hnnn]iiIn . 64 50 Panama Zone 114 13S Other countries .... 161 96 Total tons .... 32,303 32,737

1930 Tons. 12,949 1935 Tons. 13.039 Avonnioulh and Cardiff 802 505 TJyorpool 421! too 572 409 Glasgow • 250 404 Other countries .... •13 105 Total tons .... 15.148 15,048