REID RUBBER MILLS

Nelson Evening Mail, Volume LXXIII, 10 December 1940, Page 5

REID RUBBER MILLS

GREATLY-INCREASED PROFIT [United Press Association] AUCKLAND, 9th December. The net profit of Reid (New Zealand) Rubber Mills, Limited, for the year ended 30th September was £8094, against £3788 in the previous year. The dividend proposed is at the rate of 6 per cent, on all shares of old issues. On new issue shares, which rank from 1 l July, the dividend is 1J per cent on the nominal value (three months at 6 per cent per annum). The total distribution requires £4044. The balance of £4050 will be carried forward, increasing undistributed profits to £7568, compared with £3518 brought in after the payment of £4OO Directors’ fees for 1939. The dividend is equal to 8 per cent on paid capital and compares with 5 per cent on issued capital, equal to 6 2-3 per cent on paid capital, distributed in the previous year. The report states that the year has been one of great expansion. Increased taxation made a heavy call, and necessary reserves to cover taxation liabilities absorbed 12s lid in the pound of th net profit earned. Provision for taxation in the past year Wf; £14,820, against £5060 in 1939.