JOSEPH NATHAN AND CO.

Evening Post, Volume CXI, Issue 94, 22 April 1931, Page 12

JOSEPH NATHAN AND CO.

VARIOUS ACTIVITIES

Mr Alec Nathan/presided, at the annual meeting of Messrs, Joseph Nathan and Co.,' London, on 20th March- Reviewing the balance-sheet, he pointed outf that net profit was £68,066, or. nearly £3000 increase on the previous yearV result^ The reserve account stood at £40,000 as compared with £25,560 last year. The difference was accounted for by the £5000, set aside last, year, plus £9440 f appropriat, ed in: this year's accounts before closing the books.' The directors' policy, irrespective of "what, he hoped, were temporary difficulties in trade generally, was to _continue to build jip this reserve account from each year's profits. ■ Sundry creditors and credit accounts were down by nearly: £14,000, and bills payable were down by £15,000. Advances from bankers showed a reduction of. £40,000, the result of expert and able co-ordination of the company's finances. This close co-operation all over the world with the London financial'office, ensured; the most profitable occupation of moneys lying in the Hands: of'local "branches;- • - ' , '-" , ," On the other side of-the balance : sheet, freehold lands and buildings were down by £12,000. which was accounted lor'by the sale of properties in New Zealand. Machinery, plant, etc., was Tip .by £10,000, chiefly on account of expansions in 'their pharmaceutical business, for which they had had to equip a new factory near London. 'Full depreciation on all these capital items had'been provided .for. Specially referring, to the company s dairy trade/ Mr. Nathan said: "In. the butter and cheese markets, our associated company has installed the most modern machines in order to meet the rapidly increasing trade demand for a pure butter wrapped and branded in %lb and lib packets. Another new . development is the manufacture of a packet cheese without rind or waste, packed in cartons. Ihe cheese is of Cheddar flavour; made from finest New Zealand cheese. This is a natural development of our butter and cheese business. It is too early to talk about ith ■future prospects, but, judging by its sales, and favourable criticism of its flavour and texture, wo are justified in assuming we have produced a cheese that makes an instant appeal to the public taste. _ "Our other departments have maintained their turnover, and generally we regard the position- of the business as being healthy and ready for any upward turn in trading possibilities here or abroad."

. Being able 'to recommend the? payment of an ordinary dividend is unqualified evidence, that.i.the past and presentj^policy had been: souhy.^conclud.ed the 'chairman, adding that-the policy of the' directors had received the wholehearted support arid enthusiastici-loyalty -of branch managers and every member of the staff. He expressed his thanks and gratitude to • man; agements and staffs. "Each one, by his or her keenness, hard work, and loyalty, had helped to produce the successful results of the past year." Upon the ability and keenness of the staffs they were building their hopes and confidence in the future of the-.business. ~•■.■.•"■