MACDUFFS. LTD.

Evening Post, Volume CXXIV, Issue 62, 10 September 1937, Page 12

MACDUFFS. LTD.

DIVIDENDS PROPOSED

MacdufTs Ltd., department stores, Wellington, rsport for the year ended June CO, 1037, that the net profit, after deducting all working expenses and depreciation, cutting down preliminary expenses and brokerage and providing for directors' fees, amounted to £13,776 15s 4d. Provision for income tax absorbs £4800, leaving a balance of £897(3 15s 4d, to which is added the balance of £154 13s JOd brought I forward from the previous year, making a total of £9131 9s 2d. Interim dividends paid on January 15 absorbed £2850 6s 5d (3 per cent, on preference shares £1500. and 4.} per cent, on ordinary shares £1350 6s sd). leaving a balance of £6281 2s 9d available for appropriation at the annual meeting on* September 17.

Tha directors recommend payment of the following final dividends: 3 per cent, on preference shares (making G per cent, for the year), £1500. and 13 par cent, on the ordinary shares (making 17A per cent, for the year), £3900 10s 2d. The dividends will thus absorb £5400 ISs 2d; leaving a balance of £880 4s 7d to be carried forward.

The directors report a substantial increase in sales and profits, ths net profit at £13,776 15s 4d (before providing for income tax) comparing with £60(52 Is Id for the previous period. A seven-storey building was added to the company's Wellington premises, and two now branches, at Lower Hutt and Christchurch, were opened during the year.

The. three directors, Messrs. W. T, Richards, N. B. Boyd, and L. O. Boyd. offer themselves for re-election.