WELLINGTON CORDAGE

Evening Post, Volume CVIII, Issue 97, 21 October 1924, Page 3

WELLINGTON CORDAGE

: For-the year ehded'3lst July last,-ihe-Wellington., Cordage. „ .Company, Ltd made a profit of £59 8s ,3d,. whereas last year there was a loss of £201 6s 6d on the year's trading. With £603 brouehfc foiward, ■ there is a credit balance ,of £622, which is'being held,for distribution. In explanation.of the-position; the directors state that .although the sales for the year showed a considerable' improvement, competition iji.-the earlier period and small harvests in' Australia, and New Zealand resulted in heavy carry-over of stocks, and the profits proved 'to be smaller than anticipated.^ The balance : sheet items, with those for last year in parentheses are as follow— Liabilities: Capital, £18,000 (£13,000)-1 ; sundry creditors, £388 (£204) • reserve ' for bid debts,-£lB (£18)': reserve fund, £2000 (£2000); reserve for income taxnil (£2000)' J wages owing; '£75 • (£46) • • potty cash, nU' (£l9);' Wit'overdraft, nil (£609); profit and loss £662 (£1683). Assets: Land, buildings, machinery" etc., £6634 (£6745; stocks and stores, £6607 (£7670); deposits and accrued interest, £6571 (£7279);-sundry, debtors*£9l6 (£1061); cash in hand;.£l4 (£2l) -: bank balance, £408 (nil). -Total '£21"----150 (£22,779). „:'..'. „!.....,.-./:;