DENTAL AND MEDICAL

Evening Post, Volume CXXIX, Issue 111, 11 May 1940, Page 14

DENTAL AND MEDICAL

INCREASE IN SALES

A net nrofit of £2973 for the year ended MaVch 31, as against £2927 last year and £3356 in 1938 is disclosed in the accounts of the Dental and Medical Supply Co., -Ltd., Wellington. The directors state that the result of the year's trading can be regarded as satisfactory. Sales were substantially higher than in previous years, partly due to increased local demands, partly to defence requirements, and partly to higher prices. The latter increase, however, does not carry any additional profit. Fortunately, stocks were good at the outbreak of war and permitted the company to supply a substantial part of the Government's requisitions. Stocks are still well up to normal. While sales and gross profits show an increase, working expenses have been kept about the same, thus leaving a higher net profit. The year's trading shows a net profit of £2972 after reserving £2000 for future taxation. Under present circumstances it was deemed advisable to make this provision for taxation. Stocks have been prudently valued, ample provision made for bad and doubtful debts, and depreciation of the fixed assets has been provided for at the usual rates. The net profit for the year, £2972 17s sd, with thi balance of. £1511 8s lid brought forward, makes a total of £4484 6s 4d now available for distribution. The directors recommend payment of .a 5 per cent, dividend (the same as last year), which will absorb £2889 18s and leave a balance of £1594 8s 4d to carry forward to next year. Social Security tax will be paid by the company. The directors regret to report the resignation at the end of February of Mr. J. S. Macarthur. Mr. Macarthur has had 37 years' service with the company, for the greater part as managing director and chairman of directors, and the progress of the company from its small beginning to the present satisfactory position is due in a large measure to his efforts. Mr. Macarthur has been granted a period of leave of absence, and the secretary, Mr. W. S. Barr, has been appointed acting general manager.

During the year Mr. Will Appleton was appointed to the board of directors to fill the vacancy caused by the retirement of Mr. E. A. Gill. Mr. Appleton now retires and offers himself for re-election.