DALGETY'S STRONG POSITION

Evening Post, Volume CVI, Issue 142, 13 December 1923, Page 7

DALGETY'S STRONG POSITION

(FEOM OUR OWK CORRESPONDMIT.) - , LONDON, Ist November. " Messrs. Dalgety's report, made up to. the 30th June last, is a good one. The net profits of £254,000 compares with ' £253,000 a year ago, but on that oct." ' casiou the figures were largely affected " by the item of £158,000, representing »- excess profits duty recovered, whereas V the actual gross profits for the past year,-' - after providing for bad and doubtful-, debts and depreciation, amounted to £921,000, against £776,000 a year ago.;'.' After paying a final div.idend on ' the"- - ordinary shares of 5s per share, free'-of •• tax, making 10 per cent.'per/annum,"a", . bonus is being paid on the ordinary. ' f shares of 5s per shave, free of ■■■tax;"-'" both the dividend and bonus to be "I payable on the 16th proximo. The sum " -of £15.000 is placed to staff fund, as'-* compared with £10,000 last year, whileT * £50,000 is written off premises," 'as""" against £20,000 last year, and, as will ' ,: be seen from he particulars which fol-V" low, there is'aUo a considerable "increase-:: in the carry forward : :— - ■,•••- •••'■■•

A .feature "of the present .balance-'-.:* sheet is the increase of the reserve fund C' to £1,000,000 as a result of the" appro-' 1 pnation sanctioned -at the last" annual":" * meeting. , This amount js equal to the -7 paid-up ordinary share capital of the"': company, , .-■:--.. y ; Tha_ directors remark that the past' 1"' nnanctal year, though bringing its own,■-""*: special problems and difficulties, has ■■' \ witnessed some fnrther recovery from- • the depression of 1920-192 L This--" movement has been specially marked in.."" i\ew. Zealand, where, the^outlook; gener- "" ally is much more satisfactory. Season^ "= la conditions, broadly speaking ...have.T.'" not been favourable.' Large areas of.: Australia suffered from drought which' was not relieved until May. and this will- : be followed in 1923-1924 by its natural sequel, namely, a reduced wool clip, and'^ a lambing percentage below the "aver- :" age rate. New Zealand, on the other :j* hand, has had an over-abundance of - South Island-^the pastoral and agricul- ■ tural interests bemj; prejudiced thereby.:..-: The position has now considerably im '■ < proved on the whole, both in Australia ' and New Zealand, but in thf fe - countiy some important pastoral d,V '" tncts are still badly in -

1921-22 1922-23 •.- --£ ,£...,.... Net profit 252,780"""25W6Z":.:; 1 Brought forward ... 84,112 1Q1,9QJ," "' Preference dividend 25,000 -•• 25;Qeb« Ord. div. aud bonus ■ 15 " 15 '' -'J ™ , , „ „ , per cent, per cent. :'r;* Total dis. or Ord. , Shares 150,000 150,000- "' To reserve 30,000 '" """" To Staff Fund 10,000 15,000' Oft premises 20,000 50,000: Cany forward ...... 101,901 116.063--