GENERAL INDUSTRIES

Dominion, Volume 30, Issue 157, 31 March 1937, Page 14

GENERAL INDUSTRIES

Profits of Subsidiaries

INCREASED DIVIDEND

General Industries.. Ltd.. Sydney, a holding company, of which the constitu* ents are Matters, Ltd., and Metter/ K.F.B. Proprietary. Ltd... in its accounts shows that the subsidiary companies last year made a net profit ot" £130,867, compared witli £96,327 the previous year. Dividend received by the holding company was £100,106. ami with profit of its own amounting to £983, and £SOS brought forward, there was available £101,597. Preference dividend of 7 per cent, accounts for £20,798. and ordinary dividend of 12J per cent, (interim 5 and final 7j) absorbs £79,645, leaving £1153 to be carried forward.

No subsidiary company made a loss during the year. The Federal special property tax having been discontinued, the company is not now liable to pay this tax on dividends. Accordingly, the directors announce that the amounts deducted from the dividends paid to preference shareholders on September 30, 1935, and March 31, 1936, will be refunded to the shareholders concerned.

subsidiaries . 15,393 55.495 59,550 *7 per cent, one year to September 30, 1931. .020,031; 3 years and 5 months at £5 8/6 per cent, per annum, as reduced by interest reduction Act, £54,721.

Improvement in general trading conditions and activities in the building trade noticeable in 1935 were continued throughout 1936. In view of the unsettled state of. world conditions the directors in their valuation of stocks have set aside a conservative reserve to provide for any contingencies. The expansion of production. and of the means of production, is seen in the aggregate accounts of the subsidiaries. Plant and tools have increased by £40,477, land and buildings by £34,404, and stocks by £30,055. To meet ibis expenditure banks have been drawn on in an additional amount of £65,535, creditors are £8513 higher, and the credit balance at profit and loss is increased by £32,170.

Profit Year ended Feb. 28, 1933. 75,529 Feb. 29, Feb. 28, 1936. 76,390 1937. £ 101.089 Pref, div 20,70S 20.70S Ord. div., p.c. .. — 10 121 Ord. div., amt. .. — 55.261 79.645 Credit forward . 176 309 1.133 LIABILITIESCapital— Preference 297,030 29 (,'124 297.124 Ordinary 531,785 637,167 637,167 Provision for contingencies 6.549 6.549 6.549 Sundry creditors 982 8,863 5,719 Bank overdraft . 1,015 622 1,127 ASSETS— Shares in other companies 870,831 947,043 947,476 Sundry debtors . 86 — —— Current accounts

AGGREGATE ACCOUNTS METTERS LTD. AND METTERS’ K.F.B. PROPRIETARY LTD. 19oo. £ 1930. 1934. Profit 81,279 96,327 130B07 Dividend ♦25,200 473,442 43,030 Balance 56,079 78,964 111,135 LIABILITIES— Capital: ■Preference . 180,000 180,000 180,000 Ordinary ... 542,170 612,170 612,170 Assets realisation reserve .... 24,140 24,140 24,140 General reserve . 131,969 131,969 131,969 Insurance reserve 911 774 1,582 Banks 88,349 40,478 106,013 Creditors .... 71,332, 111,079 120,292 Staff prov. fund . 12.887 11,903 11,104 ASSETS— Land and buildings 303,128 315,908 349,312 Plant and tools . 288,52+ 327,687 368,164 Patent rights .. 2,442 2,568 2,200 Stocks 306,945 3+4,095 374,750 Debtors 178,864 173,1'19 175,785 Share in other companies . Cash 27,350 oS5 27, •%! 557 27,631 563 ♦Two years <to September 30, 193i •[Balance, to December 31, 1935.