D.I.C. PROFITS REDUCED

Evening Post, Volume CXII, Issue 91, 14 October 1931, Page 12

D.I.C. PROFITS REDUCED

(By Telegraph.—Press Association.)

DUNEDIN, This Day. The forty-seventh annual report of the Drapery and General Importing Company of New Zealand, Ltd., states that shareholders were paid the customary discount of 254 per cent, on their purchases for the first six months of the year in May last, and will receive it for the second six months of' the year on 2nd November. Owing to increase in the rate of income tax it has been necessary to make further provision, amounting to £0100, for income tax for the year ended 20th August, 1930, which tax Will be payable next February. This amount has been deducted from the profit balance brought forward from last year (£48,278 16s Id), which therefore now stands at £45.178 16s Id. The net profit for the "year, after making full provision for land and income tax at the increased rate, is '£19,227 os Bd, which, with £45,178 16s Id brought forward from last year, shows a total to credit of profit and loss account of £64,406 Is Pd. On Ist May an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half-year ended 20th February, which absorbed £7500, and leaves £56,006 Is 9d now available for division: This sum the directors propose to deal with as' follows: To payment of a dividend at the rate of 6 per cent, per annunr on preference shares for the halfyear ending 20(,h August, 1931. £7500; to tjie payment of a,dividend at the .rate of 5 per cent, per annum on the ordinary shares, £f»l"6-4s; balance to be carried forward. £40,220 17s Od. The dividend, if. approved, will be payable on and after 2nd November.