WALDAS SHOES, LTD.

Dominion, Volume 33, Issue 70, 15 December 1939, Page 12

WALDAS SHOES, LTD.

Heavy Loss Shown

A net loss of £15,509 is shown in the accounts of Waldas Shoes, Limited. Melbourne. for the twelve months ended June 30, 1939. Gross profit was £2.j,<04. and rents etc., brought in another hbl-4. Costs and other charges amounted to £43,296, depreciation £1779. and directors' fees and salaries £2312. The directors’ report states that followin'' the approval of the extraordinary meeting of shareholders held on hebruarv 14 last, the main undertaking ol the company was taken over by Public Benefit Bootery, Ltd., retrospectively as at January 31, 1939. The stock in trade was taken over at a substantial discount which contributed to Ihe very heavy loss sustained from trade during the seven months ended January 31, 1939. Although the basis of settlement was laid down in the original agreement between the parties to the merger, which was recommended to shareholders by the committee of shareholders, several matters which were not provided for m the agreement are still under discussion. As the settlement is not yet concluded, the balance owing to the company by I üblic Benefit Bootery, Ltd., may subsequently be subject to some variation, and that is the reason for the qualified report of the auditor, who naturally at the present stage is unable to verily the value of certain assets taken over by the new company, until the final decision is made by the ’directors. . 'rhe balance-sheet ns presented is. however, authentic and reliable for all practical purposes. The directors anticipate that when Public Benefit Bootery. Ltd., goes to allotment, this company will receive a number of shares in that company equal approximately to one-fourth of the number of issued ordinary shares in this company. Except as stated above the' only item of an .abnormal nature affecting the result of the year's operations was the legal accounting ami investigation costs incidental to the merger amounting to £923/10/6.

Australian Wool Clip Such good progress has been made with the appraisement of the Australian wodl clip that by the end of this month half the total clip will have been dealt with, and the average price tor Australia should be known. The chairman of the Central Wool Committee, Mr. A. F. Bell, said last week that of a clip of about 3,200,000 bales, appraisement bad beeu arranged for 1 450,000 bales to the end of the year. Almost 1,100,000 bales had been dealt with by November 30, comprising 23 series out of the 30 arranged to be completed bv the end of the year. Already’ 527,000 bales have been shipped, and by the end of December about 816,000 bales will Have been dealt with. The whole of these shipments have been made to the United Kingdom, but shipments will soon be made to Allied and neutral countries. The committee has arranged for leases of suitable premises for wool stores at Adelaide. Melbourne, Perth, and Sydney. Special stores are to be erected in Sydney. and are nearly completed in Queensland. Cotton Mill Project In furtherance of a £1,000,000 expansion scheme, Davies Co-operative. Ltd., Victoria, has purchased a factory at Marrickville, New South Wales, from General Motors-Ilolden, Ltd., for £40,0Q0. It is proposed to' convert the factory into a large cotton-spinning and weaving mill for the manufacture of tyre yarn, duck canvas and other cotton textiles.