A FLOURISHING COMPANY.

Hawke's Bay Herald, Volume XXXV, Issue 11593, 20 July 1900, Page 1

A FLOURISHING COMPANY.

The balance-sheet of the Wellington Heat Export Company for the year ended 80th Jane is a very satisfactory dooument. The net profit for the year amounted to ' £21,134, against £7741 in the previous year, and, adding the amount carried over, the sum available for distribution is £28,155 14s 2d, against £10,670 63 4d last 'year, an increase of £17,485, or about 170 per cent. The direotors are this .year able to make substantial additions to the reserve. The, sum of £10,000 is added to the reserve fund, bringing the fund up to £22,600, and £4650 is added to the insurance reserve, which now stands at £7500, while the shareholders receive an extra 2 per cent in dividend. The freezing, sales, manufactures, &&, for the year yielded £49,953, against £19,008 in the previous year, which accounts for the improved results. In addition to strengthening the reserves the company last year reduced its indebtedness to the bank by ,"£10,909, while the provision made for depreciation has been greatly increased, It IB satisfactory to note that the increased business has not entailed any great increase in cost of management, the extra ' expense in this connection being leea than ; £700. Both of the Wellington freezing . companies are in an exceptionally sound position, due to careful and prudent management. .