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King Country Chronicle, Volume XXXII, Issue 4672, 1 August 1938, Page 5

"You will have noted that the company has again experienced a prosperous year and, taking all things into consideration, I think you will agree that the result must be regarded as satisfactory," said Mr. Truby King, chairman and managing director, in moving the adoption of the report and balance sheet of Newton King, Ltd., at the 18th annual meeting of shareholders held at New Plymouth. The small credit balance of £2566 4s shown in the profit and loss appropriation account at the end of last year, said Mr. King, had increased to £17,561 6s Id as a result of the year's operations. The net trading profit for the year was £25,883 16s 3d compared with £26,281 3s 8d last year, or a decrease of £397 7s sd. Actually the net profits earned by the company's trading for the year under review exceeded the previous years', despite largely increased costs, by the sum of £2864 Is 6d and the net trading profit would have shown at £28,748 7s 9d except for an extensive defalcation suffered by one of the company's branches during the year.