BOND’S HOSIERY
Increased Profit Shown HIGHER DIVIDEND The directors of Bond’s Hosiery Mills (X.Z.), Ltd., in their fifth annual report state that net profit for the year ended January 19 was £6104/0/3. :\ lcl ' payment of the previous years dividend there remained a balance at credit ol profit and loss appropriation account ot £2124/11/5. Tilts amount, together with the net profit for the year, makes available £8258/11/8. The directors recommend payment ot a dividend of 10 per cent, for the year, amounting to £5OOO. and the carrying to** ward of the balance. £32,>8/11/8. The directors point out that the total of fixed assets in this years balancesheet shows little change. On the other hand, floating assets are higher by some £36.288. which, to a certain extent, reflects tlie increased volume of the company’s business. Sundry creditors and accrued liabilities are higher by £35,837 (of which amount a considerable portion lias since been liquidated as funds were made available 'by the Reserve Bank). The increase'was due partly to deferred payments for raw materials necessitated by import restrictions and delayed permits to remit funds overseas, and partly to the “very heavy' provision that has iiad to be made for income and social security taxation.” . , . The balance-sheet shows, tor the first time, a reserve fund of £143!). The directors have followed their usual conservative policy in the valuing of the company’s assets and adequate provision lias been made for depreciation. During the year there was a substantial increase in the volume of business. The company's business was not seriously affected by import restrictions, but the directors were concerned in regard to the securing of adequate supplies of raw materials. The retiring director. Mr. Stronach Paterson, offers himself for re-election. Results for the last three years com-
pare as follows: — 1938. £ 1939. £ 1940. £ Net profit 3040 4264 6134 Dividend — Per cent. .... 6 1 •• 10 Amount 3000 3750 5000
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Bibliographic details
Dominion, Volume 33, Issue 148, 18 March 1940, Page 12
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313BOND’S HOSIERY Dominion, Volume 33, Issue 148, 18 March 1940, Page 12
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