PROFITS SLIGHTLY UP

Gisborne Herald, Volume LXVIII, Issue 20619, 21 November 1941, Page 8

PROFITS SLIGHTLY UP

WELLINGTON M.E. COY. Net earnings of £O3BB are reported by the Wellington Meat Export Company, Limited, for the year ended September 30. This compares with £0270 a year ago and is the first upward turn in profits for five years. A sum of £8271 was allowed for depreciation. The fixed preference dividend of 0 per cent is proposed, absorbing £4732, and the balance, &1G56, is to he applied in the reduction of the debit in the appropriation account of £13,415. No ordinary dividend lias been paid for 14 years. The report states that during the year £9325 was spent in altering and equipping a building at Ngahauranga for emergency cool storage. Thcwork was being done at the request of the Government, which would lend a sum to cover the cost, estimated at £13,000. As tile company already hud a substantial excess of storage over statutory requirements it is expected that the equipment will either be removed or purchased by the Government after the war and that the loau will then be cancelled.