DEALINGS ON CHANGE

Dominion, Volume 34, Issue 118, 12 February 1941, Page 3

DEALINGS ON CHANGE

Sales In New Zealand YESTERDAY’S BUSINESS Dealing in stocks and shajes recorded >n New Zealand stock exchanges yesterlay were as follows, the number of shares n' each lot being shown in the case of iVellliigton:— WELLINGTON.

MACDUFFS LIMITED i c Much Improved Position s The directors of Macduffs, Limited, in t their report for the year ended December r 31, stated that the period presented mapy trading difficulties, but as a result of * careful management and increase in , sales turnover a profit of £39.202 has been earned. This figure is arrived at ? after charging a proportion of cost of . leasehold premises and also a part of loss ' in closed stores. t A considerable improvement in the ± financial position of the company has also been effected. Deferred creditors ? were paid a second instalment of 7/6 in ?■ :1m £1 in February, 1940, and generously 11 extended their moratorium until February. 1941. However, on September 30, a ’ final payment in full was made to all 1 creditors. At the same time the bank n removed its receiver and willingly agreed 1 hi now arrangements for overdraft re- f * piirements. " The liabilities of the company at No--ember 1. 1938. when the bank appointei] a its receiver, were:—Owing to bank, - Vl :155.126; owing to creditors. £60.367; a a ■ot;i] of £218.493. The amount owing by “ the company at December 31, 1940, was:

Owing to bank and for drafts unpresented, £69,606; owing to current creditors, £28,535; a total of £98,141. Thus the reduction in liabilities over the period of two years -and two months has been £120,352.

While there has been a reduction in stock from the approximate value of £200,000 at November 1, 1938, stocks have been maintained, and at the present time are greater in value than at the corresponding dates in previous years. It has been the policy of the directors to maintain a strong stock position, and in this regard the company faces the trading difficulties ahead with reasonable confidence. The directors have made the following allocation of the profit: earned for the year, namely. £39.202; to meeting balance of Joss in profit and loss appropriation account. £17,019; writing off N.Z. Centennial Exhibition Co. shares, £3(10, writing off patents and trade marks, £5O; provision for income tax and national security and social security charges, £15.354; leaving a balance of £6479. In view of the cumulative rights of preference shares and the greatly improved position of the company, the directors consider that payments of preference dividends should be commenced, and recommend that a preference dividend at (he rate of 6 per cent, per annum be paid for the period to September. 19.38. After deduction of social security and national security taxes this requires £5967. and will leave a balance in profit ami loss appropriation account of £512.

No of shares. Sale price, £ s. d. £501) Napier Borough. 4f p.c.. 1/4/50 106 15 0 200 Westport-Stockton, pref. •0 6 6 IfM) Macduffs. pref 1 0 0 10(1 Wilsons Cement •0 19 0 400 Ditto 0 19 0 240 Woolworths Ltd. (2) .... 0 17 4 300 Ditto 0 17 6 •Late sal# Monday. AUCKLAND. £ s. d. New Zealand Insurance 3 4 0 Renown Coal 0 9 4 Westport-.Stockton, pref •0 6 6 Dominion Breweries •1 10 9 New Zealand Breweries 1 13 0 Colonial Sugar •53 0 0 Farmers’ Trading 0 19 3 New Zealand Drug *3 IS 6 Farmers’ Fertilizer 1 1 9 Ditto, pref 1 2 6 Peters Ice 0 14 0 Wilsons Cement (2) 0 19 0 Mount Lyell 18 7 ’War Loan. 1/10/53, fully pd. .. 82 2 6 Govt. Stock. 4 p.c.. 31/5/54-5S . 105 17 6 Napier Borough. 4| p.c., 1/4/56 Auckland Gas. perp, deb 106 15 0 98 0 0 •Late sale Monday. CHRISTCHURCH. £ s. d. Booth Macdonald, 5 p.c., 1/6/47 . 74 0 0 Kaiapui Woollen 0 13 0 Mount Morgan 0 11 1 DUNEDIN. £ s. d. lusrr. Stock. 4 p.c., 1943-46 104 2 6 National Electric 1 0 3 Woolworths (Sydney) (2) .... 0 17 6