BYCROFT, LIMITED

New Zealand Herald, Volume LXXIV, Issue 22740, 28 May 1937, Page 7

BYCROFT, LIMITED

SLIGHT PROFIT DECLINE NO CHANGE IN DIVIDEND NEW FACTORY AND PLANT A net profit of £10,316, a reduction of £483, is shown in the accounts of Bycroft, Limited, for the year ended March 31. The directors recommend a final dividend of 4 per cent, making 8 per cent for the year. The rate is unchanged, but the dividend is paid on a paid capita! of £120,000, against £IOO,OOO last year, and requires £IO,OOO, against £BOOO a year ago. The profit was struck after making the usual provision for depreciation, income tax, bad debts, etc.

The report states that the period of the. accounts covers a complete year of trading as Hourmillcrs' under the Wheat and Flour Regulations, 1936, and, owing to altered conditions, many readjustments have been necessary. During the year the erection of a new modern factory and its furnishing with the latest equipment for biscuit manufacture has been actively proceeding. The building has been in occupation since December and part of the plant commenced operations in January. The directors are confident that this enterprise will result in economies. Better Trading Conditions

Trading conditions showed evidence of increasing demand for the company's products and in some respect offset the difficulties of restriction of hours and other changes affecting the conduct of 1 a manufacturing business. The retiring director, Mr. J. Lawry, j is available for re-election. Following is a comparison of the company's results for the past throe i years:—• ] 935 1930 1 937 ! Brt. forward £<1,27 I £1,901 *£2,700 Net profit .. 10,090 10,799 10,310 | £14,901 £15,700 £13.070 j Dividend, p.c. 10 S 8 Amount . . 10,00'J 8,000 110,000 j Car. forward £1,901 £7,700 £3,070 •After transferring £SOOO to capital account. tOn larger capital. Movements in the principal balancesheet items are as follows: — LIABILITIES Paid capital . . £1 '25,000 +£25.000 "Reserve acounts . . 25,079 -10,221 Creditors, etc. . . 88,-M 2 -157 P. and L. account 8,070 -2.053 ASSETS Land, buildings .. £55,117 +£33,131 Plant, machinery 38,191 +20,395 Debtors, etc. . . 30,181 fi,OSl 1 nvestmei.ts . . 25 Same Stock . . • • 60,351 -227 Cash items . . 32,998 -'10,(580 Increase in Assets The total of assets has increased by £11,939. The greatest increase has taken place in buildings and plant, the outcome of the erection of the new factory. Cash items have fallen substantially, but stocks show little movement. The chief alterations in liabilities are the increase in capital and a reduction in reserve accounts, reflecting the distribution during the year of 25,000 bonus shares of £1 each. Gross profits amounted to £47,975, against £57.280 a year ago, while expenses contracted to £38,645 from £47,374.

BUILDING SOCIETY IMPROVED POSITION ADVANCES TO SHAREHOLDERS The importance of the Auckland Cooperative Terminating Building Society in supplying the need for medium length repayment loans on liberal terms was stressed by the chairman of directors, Mr. S. J. Harbutt, at the 40tb annual meeting last evening. Commenting upon the much improved position shown, Mr. Harbutt stated that, to date the society had advanced £3,100,000 to shareholders by way of loans.

.Moving the adoption of the report and balance-sheet, which were published in the Herald on May 20. Mr. Harbutt explained that at present working expenses were only collected until a group attained to the fiveyear period, but the directors felt that the time had come when these charges should bo discontinued as they had proved a source of irritation to many shareholders. These remarks also applied to the small charge of Is a share made upon the withdrawal of shares. The directors, Mr. Harbutt stated, had assisted a great number of loanholders who during the slump period had got sadly in arrear. Many of these had already been able to save their homes and to get once more on a sound footing. Realising that the life and strength of the society lay in the systematic opening of new groups, the directors were arranging for a permanent development department to take charge of this branch of the society's activities.

The report and balance-sheet were adopted and the retiring directors, Messrs. F. C. Carr and J. W. Wiseman, were re-elected unopposed. The shareholders' auditors, Messrs. Morris, Duncan and Gyllies, were reappointed. An appropriation meeting was held subsequently, the amount offered by sale and ballot totalling £16,400.

FORD MOTOR COMPANY HUGE TOTAL OF ASSETS (Received May 2T, 5.30 p.m.) BOSTON, May 20 Data filed with the State Commissioner of Taxes reveal that the Ford Motor Company's assets increased to 717.000,000 dollars during 1936. This increase is nearly 36,000,000 over the 1935 total. The increase in the profit and loss account and reserves totals nearly 26,500,000 dollars, equal to 7 dollars 65 cents a share, compared with the indicated profit of 1 dollar 3 cents in 1935. These figures do not take into account any dividends that might have been paid to the owners.

BRITAIN'S RETAIL TRADE (Received May 2T, 0.5 p.m.) British Wireless RUGBY. May 20 Britain's retail trade in April was 1.5 per cent higher in value than a year earlier. The cost value of .stocks at the end of April was 4.8 per cent higher than a year ago and employment in the retail trade showed an increase of 3.1 per cent.

SYDNEY PRODUCE MARKET

(Recoived May 27, 7.20 p.m.) SYDNEY, May 27

I On the Sydney produce market to-day wheat was steady but dull. Bagged grain was nominally quoted at us od, and country wheat at about 4s 8(1, equal to .3s 3d ex trucks Sydney. Flour, ' £l:3. .Bran, £(3 10s. Pollard, £7. | Potatoes, Tasnianian, £5 10s; others, £4. Onions, brown, £ll, white, £l6. Maize, yellow, 6s; white, 5s lOd.