G. J. COLES AND COMPANY

Evening Star, Issue 23352, 23 August 1939, Page 8

G. J. COLES AND COMPANY

RECORD NET PROFIT REBUILDING PREMISES SIXTEEN NEW STORES OPENED G. J. Colas and Company Ltd., Australian chain store proprietors, earned a profit of £255,361 in the year ended June-30 last, after providing £70,000 for taxation and £79,477 for depreciation. This compares with a profit of £242,377 in tne preceding year. The result is a good record for the organisation. The latest accounts do not show gross profits as in previous years, the only expense item shown in addition to depreciation and taxation, being directors’ fees, which amounted to £ls,4so—the same as the previous year. After meeting the 8 per , cent, preference charge of £12,000 there remains from the profit an amount of £243,361, equal to 22.6 per cent, on the ordinary capital of £1,076,265. Earning rate in the previous year on average paid capital was 21.5 per cent. The distribution to ordinary shareholders is increased from 17| per cent, to 18| per cent, (interim 7j, final 7s, bonus 33). The full ordinary payment requires £201,800, and it is proposed to transfer £42,000 to reserve and to carry forward the balance of £374. The sum brought into the accounts was £Bl3 A new issue of 215,250 ordinary shares at par was announced in April. This additional capital will be used in the rebuilding or the Adelaide and Brisbane premises. The freeholds of these premises were recently purchased by the company. Part of the new money will, be used in the rebuilding of Union House, Melbourne. The issue will raise ordinary capital to £1,391,515. The 16 new stores opened during the year constituted a record for the company, and brought the total in operation to 80. During the year £6,490 was distributed to charitable organisations throughout Australia, and £6,000 set aside for staff superannuation fund. BALANCE SHEET ITEMS.

GOX BROS. (AUST.) DIVIDEND OF 15 PERCENT. NEW ISSUE OF TWO FOR FIVE [Per United Press Association.] WELLINGTON, August 22. Cox Brothers (Australia) Ltd. to-day advised the Stock Exchange Association that the directors announce a dividend of 15 per cent, on ordinary shares for the 12 months ended July 31. and also a new issue of ordinary shares at par to ordinary shareholders on the basis of two new shares for every five now held. The share register will be closed on October 4. Applications for new shares will be closed on November 1. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, August 22. (Received August 23, at 11 a.m.) Fine gold is quoted at £7 8s 6sd an ounce.

During the European crisis at the end of September, 1938, the price reached £7 7s (September 28). On January 4, 1939. a record price of £7 10s ■sd was made. During February the price varied from £7 8s 7jd (February 1) to £7 8s 2d (February 27). Highest price in 1939, January 4. £7 10s 5d (record). Highest price in 1938, November 26, £7 10s; lowest price in 1938, January 3, £6 19s sd. Highest price in 1937, March 6, £7 2s 7Jd: average price in 1930, £4 5s an ounce.

ANTWERP FUTURES Press Association—By Telegraph—Copyright LONDON, August 22. (ißeceived August 23, at 11 a.m.) Antwerp futures are quiet. August. 20Jd; November, 21Jd; January, 21Jd.

Results over the past two are:— years 1938. 1939. £. £. Gross earnings ... ... 1,328,131 • Expenses, etc. Profits ... 1,085,754 * ... 242,377 255,361 Pref. div. (8 p.c.) ... 12,000 12,000 Ordinary profit ... 230,377 243.361 P.C. to ord. cap. ... 21.5 22.6 Ordinary div ... 188,546 201,800 Per cent 174 183 *Not stated. Chief movements in balance items are:— sheet LIABILITIES. 1938. 1939. £. £. Preference capital ... 150,000 150,000 Ordinary capital ... ... 1,076.265 1,076,265 Reserves ... 465,893 527.240 Profit and loss ... 156,439 169,450 Taxation provision ... 74.000 91,060 Creditors ... 67,390 116,570 Employees’ funds ... Issue payments in 28,478 37,590 advance — 18,260 ASSETS. 1938. 11939. £. £. Properties ... 878,460 1,141,420 Plant, etc ... 321,830 378,400 Stock on hand ... 516,300 532,510 Debtors, etc. ... 13,071 10,880 Cash ... 234,800 69,190 Goodwill ... 54.000 54,000

Aug. 21 ... ... £7 8 7 Aug. 18 ... ... 7 8 7 Aug. 17 ... ... 7 8 7 Aug. 16 ... ... 7 8 7 Aug. 15 ... ... 7 8 7 Aug. 14 ... ... 7 8 6i Aug. Aug. 11 ... 10 ... ... 7 ... 7 8 8 6* 6i Aug 9 ... ... 7. 8 6 Aug. 8 ... ... 7 8 6i Aug. 1 ... ... 7 8 6i July 31 ... ... 7 8 6i .! uly 3 ... ... 7 8 6* June 30 ... ... 7 8 6 .1 uue 1 ... ... 7 8 5 May 31 ... ... 7 8 5i May 1 ... ... 7 8 6 April 21 ... ... 7 8 6 April 4 ... ... 7 8 5i Mar. 31 ... ... 7 8 6i Feb. 28 ... ... 7 8 3 Feb 2 ... 7 8 7i Jan. 31 ”! ... 7 8 6 Jan, 4 ... ... 7 10 5