MILNE & CHOYCE

Evening Post, Volume CXXIV, Issue 61, 9 September 1937, Page 12

MILNE & CHOYCE

INCREASE IN PROFITS

A recovery in the earnings of Milne and Choyce, Ltd., the wellrknown Auckland drapery ' establishment, is shown in the accounts for the year ended July 31. Net profit amounted to £13,323, against £343 a year ago, when a heavy reduction occurred due to non-recurring adjustments. The directors propose to raise, the dividend on ordinary shares.and debenture stock, recommending a final distribution ol 3 per cent.,- making 5 per cent, for the year, against 4 par cent, in 1936. Trading profit for- the year was £27,975, from which was deducted £8208 income tax provision and £b444 depreciation on plant and buildings. Last year the profit, before deduction of £6915 for depreciation, was £7258. With £24,553 brought into the accounts there was £37,876 available. Interim dividends required £5295 and the directors now recommend furthei dividends as follows: 3 per cent, on toe preference shares, making 6 per cent for the vcar; 3i per cent, on B preference shS making 7 per cent fcr the year 3 per cent, on ordinary shares and debenture' stock, making 5 per cent for the year. The final dividends absorb £7575, leaving £25,006 to. be carried forward.- The directors report that the volume of trade again showed a satisfactory increase.