BURNS, PHILP YEAR

Dominion, Volume 31, Issue 191, 11 May 1938, Page 14

BURNS, PHILP YEAR

Further Increase In Profit DIVIDEND UNCHANGED Another substantial increase in,net prolit*is shown in the accounts oi Burns, Philp and Company, Limited, merchants and shipping company, Sydney. I'or the rear ended March 31, the profit was ‘f'lo 574, compared with £226,0bi m the previous year and £216,979 in 1930-30. The dividend is maintained at 10 per cent, per annum (including oil. a share on the contributing issue) and requires £156 250 for the year. It is proposed to transfer £75.000 to reserve, increasing it to £1,200,000, and £lO,OOO is set aside as a first contribution to a staff retirement fund. This will, leave t.,1,40.) to be carried forward, against £•:,-.,J„-> brought Gross profit increased by £145,973 to £1.111.950. 'The amount written oft lor depreciation was £128,228, as against £103,091 in the previous year. Results for the past three years compare as follows: —

'The directors state that the merchandise section of the business was further expanded, resulting in a substantial increase iu the volume of remunerative sales. Earnings from shipping were well maintained. During most of the year the copra market was satisfactory. 'The markets for copra overseas became depressed toivard the close of the year, but the directors consider that the prospect of early improvement is hopeful. The motor passenger and cargo vessel for the Papua and Mandated Territory service is expected to.be launched 1 in June and to be in commission about November. The two small motor-vessels for the island trade ordered last year have been delivered and one is in commission.

During the year paid capital was increased by £125,000 and now stands at £1,625,000. Insurance and other reserves have risen by £21,151 to £574,502. Open liabilities are £151.417 higher at £1,806,259. Among the assets, merchandise and copra advances show an increase of £329,399. Property and shipping show a slight decrease of £3160 to £1,323,610. There has been a fairly substantial increase of £202,781 in sundry debtors, which now* stand at £1,026,496. Shares in other companies and Government securities total £751,928, against £960,437, while shares in subsidiaries at £730,681 compare with £732,781 a year ago. DONAGHY’S ROPE AND TWINE Balance-sheet Changes The final dividend of 1/- a share recommended by the directors of Donaghy’s Rope and Twine Company, Limited t Auckland and Dunedin, together with the interim dividend of 9d. a share paid on the higher capital, makes the year’s distribution equal to 1/9 a share, or 8} per cent. This comparea with 10 per cent, in the previous year paid on the lower capital. As shown in the annual accounts, a summary of which was printed in this column on May 5, the company earned a net profit of £4229, as against £5917 in the previous year. Proposals to increase the capital from £47,000 to £75,000. and to increase the fixed assets to the extent of £11,750, were adopted at a special meeting of shareholders in August last year; The meeting authorised a bonus issue of 11.750 shares, each £1 fully paid, in the proportion of one share for each four existing shares. Principal movements iu the balancesheet are as follows: — LIABILITIES.

fPlus. *Minus. 'L’lte balance-sheet -total is £117,502, an increase of £10,437 on the previous year.

N.Z. NEWSPAPERS. LTD. Increased Dividend New Zealand Newspapers, Ltd., earned net profit of £49,053 in the year ended March 31. 1938, compared with £48.006 in the previous period. Dividend, which a final of Bd. a share brings to 1/4 for the full year, is at 8 per cent, per annum, compared with 1/3 a share, or 7} per cent., a year ago. The directors’ report states that the amount brought forward was £2B.OSS, together with the net profit, gives £78.038, from which £19,917 was paid in interim dividend, leaving £58,121 available. Final dividend recommendation will require £19,017, leaving 1'38,204 io be carried fonvnrd. The retiring directors, Messrs. E. Anderson and JV. 11. E. Flint, are eligible for re-election. The principal items of the accounts are as follows : —

Taupiri Coal Mines Profit Auckland, May 10. An improvement in earnings is shown in the accounts of Taupiri Coal Mines, Limited. For the year ended March 31, net profit is £1550 higher at £9363.. and the dividend recommended is again 1/- a share, equal to 5 per cent.

Brought fwd. Net profit . • .1'336. 39,08'3 216,97'3 1937. £ 31.068 226,067 1938. £ 32.135 2-10,574 256,068 257.135 272,709 Div., 10 p.u. . 150,000 150,000 156,250 To reservo . 50.000 75,000 75.000 Copra, depree. a /c ..... 25,000 — — Staff fund ... — — 10,000 Carried fwd. 31,068 32,135 31,459

Paid capital 58,750 Reserves 34,450 £ fll,750 1’1,054 Ine. from reserves (employees’ benefit) 3,623 t353 *802 P. and L. account .. 5,773 ♦1,911 ASSETS. Land, buildings, and Stock account 25,697 , tS,3S6 Book debts and invest. 25,787 *14,633 Employees’-benefit res. 5,025 Same Ine. employees’ benefit f354 Bank 4,955 *6,204

Year ended March 31, 1037. 1038. £ £ < truss profit 112,008 13 1,265 .Vet profit . 48,006 40.053 Brought in 28.323 *28,985 Dividend (amount) .. 37,344 30.833 Dividend (per cent.) 1 o 8 Carry forward 38,085 38,204 Lia bilit ies— I’aid capital 497,917 197.017 Reserve account . . 65.000 75.000 Machinery obsolescence account .. —- 10,000 Sundry creditors, ineluding taxation provision 50,340 64,227 Profit and loss a 'e 58,002 58 121 \ SS<‘t S~“” I.and and buildings 171.767 172.481 Machinery and plant 137.20-1 135.614 Copyright. etc. ... 120.000 120.000 p |» 06,148 s-t.772 Sundry debtors . . . 50.117 62,677 Shares in subsidiarv companies . 10.500 19.01 (0 Investments .... 61.268 91.016 Cash and bank ... 15.376 10,705, "After transfer of £10,000 to reserve.