BYCROFT LIMITED

Dominion, Volume 31, Issue 190, 10 May 1938, Page 14

BYCROFT LIMITED

Dividend Rate Unchanged • -A small increase in net profit .and the maintenance of the dividend at 8 per cent, per annum are features of the accounts or Bvcroft Ltd., • flour-millers and biscuit manufacturers, Auckland, for the y.ear ended March 31. Net earnings, alter provision for income tax, depreciation ami bad debts, were £10,569, an increase of £250 over those of the previous year, lhe directors recommend a final dividend of ‘1 per cent., an interim distribution of u similar amount having been made m November. .. . , The report states that during the period operations in the new biscuit factory were commenced, and the demand, for the company’s products was greater than ever, a recognition which justified the directors’ anticipations. _ Further addition to the company’s equipment, in completion of their planning, was being made. The flour-milling plant appeared to return all possible under the .wheat and flour regulations covering millers operations. The directors were pleased to acknowledge a favourable response by the Minister to a request for some modification of the margin originally allowed to the trade. The taxation provision, as well a« the higher wes and fewer hours of work, made the cirectors’ watchword of efficiency a very real thing. Following is a comparison of the company’s results for the pas't three years:

account. +on larger capital. The total of assets is lower by £16,000 at £231,497. Movements mainly reflect adjustments brought about by the extension of the company’s factory. C.wh items which have disappeared in the current accounts last year included £19,892 in the bank and £13,196 on fixed Gross trading profits were inS.ibl. against £47.975 a year ago. and expenses were £48,590, against £38.615. Gold Mining Returns Blackwater Mines. Limited, reports that during April the battery crushed 2780 tons, yielding 1189 fine ounces of gold from all sources, th«‘ value of which, taking gold id 139/6 per line ounce, was £8294. Working expenses were £6030. leaving a working profit .of £2261. Capital -■■j'enditiire was £3431 and development £<>.,3. Low tonnage due to stboprige for Easter holiday.- and Anzac'Day and Hood damage. Gillespie’s Bench dredge reports licit the w.'ish-un has been postponed for a week. By ■reiegrapli—l’ress A-.social mu Greyiiiniith. May 9. The Blackball Creek dredge return was 560 z. for 2(1,090 yards treated. The Golden Sands return was 290 z. for 38 .shifts. . The Argo return was 9ftoz. tor l — hours and In/fOO yards dredged. .Murchison. May 9. The Malaki Junction return for the week ended May 5 was 50oz. of smelled gold for 127 hours and 19,000 yards iTredgcd. Auckland, May 9. The Mataki dredge return for the week ended May 8 was 330 z. for 122 hour< work and 8500 cubic yards. Dunedin, Muy 9. l-'or the week ended Mny 6 the Clutha Itiver Dredge worked 115 hours and recovered 155 ounces of gold.

Brought fwd. Net profit 1936. £ . 4,1)61 . 10,799 1937. £ 2,760* 10.316 1938. 3~076 Dividend, p.c. . 15,760 8 13,076 8 13,642 8 Amount . 8,000 io,ooot io.ooo Carried fwd. . 7,760 3.076 3.6-12 *After transferring £500 to capital