WOOLWORTHS (N.Z), LTD.

Evening Post, Volume CXXIV, Issue 113, 9 November 1937, Page 12

WOOLWORTHS (N.Z), LTD.

BONUS ISSUE OF SHARES

The directors of Woolworths (New Zealand), Limited, in their report to be presented at the eighth annual geu-; eral meeting of shareholders to be held in Sydney on-December 7, state that the profit for the • year ended October 1, 1937, after deducting all working expenses, provision for depreciation, and directors' fees as set forth in the profit and loss appropriation account; is £185,461 Us sd, . After setting aside as provision for taxation the sum of £74,000, the net profit for the year amounts to £111,461 11s sd. Interim dividends' in.respect thereof have been distributed as follows: — Preference shares, at 9 per cent, per annum, a total of. £4500; ordinary shares, 5 per cent, on July 15, 1937, in respect of the half-year to March 31. 1937, £18,866 19s; leaving a balance available for appropriation- of £88,09-1 12s sd. ■ ~ - - - , The directors recommend the declaration of the following final dividends, being in respect of the half-year to September 30, 1937, on the ordinary share capital in operation during this half-year:—(l) A dividend of 2s per share on .377,338 of the ordinary shares subscribed ■ prior to August 31, 1937, £37,733 16s; (2) a-dividend of 4d per share on 188,669 ordinary shares subscribed for after August 31,-1937, £3144 9s 8d; a total of £40,878 5s Bd. The directors recommend an appropriation to staff providendfund of £5000* leaving a balance which it is proposed to transfer to general reserve of £42,216 6s 9d. After making the transfer to general reserve 0f.£42,216 6s 9d, the amount at credit of general reserve and reserve account will aggregate £150,887 "16s Id. ' "The directors are pleased to report that the:affairs of the company have progressed favourably, and that all branches are operating successfully. During the year, new branches were opened at Greymouth, Lower Hutt, and Masterton, and freehold property was purchased at Nelson and Christchurch:" . ■". • '■. ■ The authorised capital of the company was increased during the year from £500,000 to £1,000,000 by the creation of an additional 500,000 ordinary shares of £1 each. To finance the expanding requirements of the company and: the purchase of freehold property at Nelson and Christchurch, 222,972 ordinary shares were, issued during"the year.at par. The directors recommend the issue of a bonus of ordinary shares in the proportion of one for ten be made to holders of ordinary-shares and that the articles be amended to give effect to a subdivision, of the /ordinary £1 shares of the company into 5s ordinary shares. ■ ■ - - .■■:■ ■. " ■ '