QUILL, MORRIS (1936) REPORT

Evening Post, Volume CXXIII, Issue 40, 17 February 1937, Page 5

QUILL, MORRIS (1936) REPORT

Quill, Morris (1936), Limited, Christchurch, reports for the period of one year-and six days ended January 31, 1937, net profit £3381 9s 9d. From this amount there was paid in August, 1936, an interim dividend of 2J per cent., amounting to £685 Is 6d, leaving a balance in. the appropriation account of £2696 8s 3d- ,

The directors recommended provision for taxation reserve £1000, transfer to general reserve £1000, and payment of a final dividend of 2i per .cent., making 5 per cent, for the year, amounting to £685 8s 6d, and that the balance :Of>'£lo".l9s 9d be carried forward.

The year has been satisfactory for the sale of the company's products. The assets of the company have been maintained out of revenue ,in an adequate state of repair throughout the year. With reference to the item in the balance-sheet, reserve for contingencies £2982 9s 7d, the directors state that this is the residue of shareholders' capital on reconstruction of the old company last year after paying thereout the costs and expenses of the reconstruction and is available to meet any possible losses in respect of advances. It is considered that the amount ■is ample for the purpose mentioned. The retiring director, Mr. J. S. Middleton, offers himself for re-election.