PROFIT SHOWN

Hokitika Guardian, 21 September 1937, Page 4

PROFIT SHOWN

WESTLAND BREWERIES, LTD. (Rei Press Association—Copyright). GREYMOUTH, Sept. 20. An increase from £7530, to £8440 in net profit, is shown in the accounts 0 f Westland Breweries, Ltd., to June 30. Gross profit has risen to- £20,885 from £I6;3GJ, and a dividend of iO per cent, against 7% per cent, last year is proposed.

The directors in their report state: — “In order to cope with the ever-in-creasing demand for bottled beer, new bottling machinery is being installed at the Greymouth branch. The new plant will bring the bottling process up to the very latest standards.

“Gross profit for the year after paying for materials, wages, and beer duty, is £20,885 7s Id. The net profit is £8445 Ids Gd, to which lias to be added the balance to credit of the appropriation account at the beginning of the year, amounting to £593 0s 9d. “After setting aside £3200 reserve for income tax for last year, and providing for £l2 0s 9d income tax underestimated in the previous year, there is a balance of £5820 10s 6d to the appropriation account.

“From tliis sum it is proposed to allocate the sum of £2OOO in reduction of goodwill and to recommend to shareholders the payment of a 10 per cent, dividend, which will absorb £3142 8s and which will leave £OB4 2s fid to ho carried forward to next year’s account.

“It is with regret that we roc rd the death of one of our co-directors, Mr W. J. Jeffries, who held office since the inauguration of the company.” The question of increasing the capital of the company will be considered at the annual meeting on September 29.