DALGETY'S YEAR

Evening Post, Volume CXXIV, Issue 135, 4 December 1937, Page 12

DALGETY'S YEAR

STABLE ADVANCES

INCREASED EARNINGS

(From "The Post's" Representative.) . LONDON, November 13.

Dalgeiy and Company's annual report mentions that New Zealand has enjoyed a favourable season. ■Net earnings for the 12 months to June 30 were £173,044, against £145,851, an increase of over 18 per cent. The final dividend on the ordinary shares is 4J per cent., making 8 per cent for the year, which compares with 6 per cent; for 1935-36, and is the highest rate since 1929-30, when 10 per cent, was paid.. Additions of £25,000 to the provident fund and £3000 to the carry forward represent a further 2\ per cent, on the ordinary capital. The chief working item in \hi balance-sheet —namely, advances on land, stations, stock, wool, etc.—has been very stable in the past three years, the latest total, £5,821,000, comparing with £5,855,000 a year ago. The principal current liability, sundry creditors' and customers' balances, including contingency and taxation reserves, has risen from £2,283,000 to £2,876,000, but the directors explain that, the company maintains an extremely liquid position, for it possesses floating assets to an amount of £4,505,000, of which no less ' than £1,188,000 is represented by cash and £1.469,000 by gilt-edged investments. The outlook seems hopeful, states the report. The carry-over at June 30 last of Australian wool was only 47,069 bales, and of New Zealand wool 15,198 bales, while the present Australian clip is estimated to show an increase of about 100,000 bales.