GRIFFIN AND SONS, LTD.

Nelson Evening Mail, Volume 76, 31 December 1941, Page 6

GRIFFIN AND SONS, LTD.

OPERATIONS REVIEWED NET LOSS BECOMES A NET PROFIT This review of the operations of Griftin and Sons, Ltd., for the year ending 30th June, 1941, is taken from “The N.Z. Economist and Taxpayer":— Directors: Messrs F. W. Hamilton, T. Neale, H. R. Duncan, P. C. Hurst and W. Appleton. The statement for the year ended 30th June 1941, with the corresponding figures for 1940 in parentheses, was: Net profit £4940 (£5813, loss); depreciation £5048 (£3538); carried forward £4940. Coming out of the red from a net loss of £5813 last year, this company is able to produce a profit of £4940 for 1941. This has been brought about by an enlargement of the turnover, lifting the gross profit from £37,050 to £52,056. This large increase in the gross profit has not been accompanied by any commensurate enlargement of the expenditure, which moved up by only £4253. The last year's loss and the previous year’s, too, for that matter, having been taken care of by transfers from reserve, the Appropriation Account now has a credit balance of £4940, the amount of the net profit, which is being retained in the business. The directors seek authority to pay the three years’ dividends on the 6 per cent, cumulative preference shares which at 30th June totalled £B9B, if in their opinion, improved conditions warrant such payment. The company’s stocks have moved up by £11,384, and with favourable conditions obtaining for the sale of biscuits and confectionery, the company should do much better during the current year. Bank accommodation is increased by nearly £4OOO and creditors by nearly £BOOO. Sundry debtors are up by £7OOO, which indicates the enlarged turnover. LIABILITIES 1940. 1941.

£166.003 £176.496 ASSETS 1940. 1941.

£166,003 £176.496 N.Z. FARMERS’ CO-OP. ASSOCIATION OF CANTERBURY LTD. Operations for the year ended 31st July, 1941, disclose a net profit of £55.121, compared with £59.459 for 1940 and £54.760 for 1939 Dividends in all these thref years absorbed £18.190 each year.

£ £ Paid-up Capital 38,938 Debenture Issue 2,700 Reserve 9.077 3,264 Sundry Creditors 29.681 National Bank 85.607 Profit and Loss Appropriation _ 4,940

Stocks £ 38,454 £ Sundry Debtors 19,727 Machinery and Plant . 57.884 55,806 Land 4.920 Buildings 39.204 38.771 Profit and Loss Appropriation 5.813