MACDUFFS LIMITED

Dominion, Volume 34, Issue 126, 21 February 1941, Page 3

MACDUFFS LIMITED

Satisfactory Position Addressing shareholders at the third annual general meeting of Macdulis, Ltd., on Wednesday, the chairman, Mr. Charles Todd, said the net profit of £39,202 lor the year 1940 was more than double the profit of £17,360 shown for 1939. No doubt this year's trading was going to be far more difficult, but having brought the company into a safe position, the directors felt that the difficulties could be faced with reasonable confidence. The net profit of £39,202 was arrived at after deducting directors’ fees for 1939 and providing for directors’ fees for 19-19, together with depreciation, off freehold and leasehold premises and fixtures, and capital losses in closed branches, totalling in all £11.226. Taking iuto consideration the import restrictions and losses of shipments at sea. the stock position was satisfactory, reflecting great credit, on the general manager and his buyers. The directors had made the following allocations of the profit:—'lo meeting balance of loss in profit and loss appropriation account, £17,(119; writing off New Zealand Centennial Exhibition to., Ltd, shares, £300: writing off patents and trade marks, £3O; provision for income tax and national security and social security charges, £15.354; leaving a batance of £64 <9. 4*he directors recommended that a dividend at the rate of 6 per cent, per annum, less taxes, for the nine months ending September 30, 1935, be paid. A small balance of £512 would be left, to be carried forward. The chairman said the company was now in a safe position. Under normal conditions, shareholders could look lorward to reasonable returns on their investments but war. import restrictions, and crushing taxation were all factors that must be taken into consideration when budgeting ahead. , Seconding the motion for the adoption of the directors’ report and the accounts, Mr W. Appleton drew altention Io the reduction in the company's liabilities since November, 1935. the date ol appointment of the receiver. In ad the eompanv'e liabilities were reduced by £120,352 in this period, leaving nioncj* owing to its bankers at December 31, 1940, at £62,489, which was slightly less than'lhat. at the same date "1 19 : >9. deferred creditors amountiug to £40.964 bail been paid off during the year, a strong stock position had been maintained, and a record number of customers had been handled by filestores. Mr. Appleton paid tribute to the excellent work oi Mr. Todd during the past two years. . . The motion was carried. Hie retiring directors. Messrs. T. N. Gibbs and M . A Candy, were re-elected. A sum of LiOO was voted to the directors ns remuneration for their services during the year 1940 ~ A motion was carried expressing tint appreciation by shareholders of t he. business acumen and ability of the chaiiman and his co-directors in overcoming past difficulties and so ably coping with currout conditions. Gold Mining Returns Grey Biver Dredging Company reports , a return for the week ended February 20 or 313?0z. from 81,921 cubic yards in , 132 hours. Bonds Hosiery Dividend Bonds Hosiery Mills (N.Z.), Lid., lias advised the Stock Exchange Association tiiat the director- recommend a dividend of 1(1 per cent, for tile year ended .laniiI ary I'9. The annual meeting will he i held on Marell 31. Transfer books will , close from March 21 lo 31. hot 11 days inclusive. The dividend is at an unchanged rate.