C. L. INNES' PROFIT

New Zealand Herald, Volume LXXIV, Issue 22822, 1 September 1937, Page 9

C. L. INNES' PROFIT

INCREASE LAST YEAR ADDITION TO RESERVE FUND HEAVY TAX PROVISION A not profit ol £4903 is shown in tho accounts of C. L. Innes and Company, Limited, brewers, for the year ended June 30. The profit, which compares with £3B-10 a year ago, was struck after providing £3OOO for income tax and £1790, against £I6OO last year, for depreciation. With £1782 brought into the accounts there is £OOBS available, Iho directors propose to pay the usual dividends, 8 per cent (less 20 per cent) oil preference and S per cent on ordinary shares. The dividends require £2330 and the directors at,so propose to place £."5000 to reserve, leaving £1355 to be carried' forward. Commenting on the provision of £3OOO for income tax the directors state that the amount will impress on shareholders the heavy burden which existing taxes impose on industries. It was only one of the various taxes to be reckoned with. Tho retiring directors, Messrs. A. G. Lunn and It. G. White, aro available for re-election. Results for the past three years compare as follows: 1085 1030 1837 Brought forward. I'lo3 .C3!)3 ~ Net profit .. 4103 3Mu <»Q3 Xl'.'OG Jjf-vvi To reserve .. Dividends — pf., (i ord., S 3Sl3t 2330 2330 Carried forward i'3!)3 £IOO3 £I3OO •After providing £l2l balance of tax. tlnclndes preference dividend arrears. Movements of the principal balancesheet items are as follows: — LIABILITIES £ £ Capital 31,1'J0 +IOO Bank (secured) . .. 10,033 -f'JJiO Mortgage . . . . 7 11)1 Creditors '-2,7'J0 Income tax .. .. 3.0(H) +l,<oo Reserve 7,118 Same I*. and L. Account .. 0,085 +-,-1-j1 ASSETS Land, bldgs., plant, etc 38,0.37 +-1,001 Wholesale licence . . £>7s Same investments .. .. 1,778 Debtors .. .. .. .">,771 +077 Stocks .. .. •• 11,180 +'_',7iO Cash .. .. •• 75 +o A mortgage of £7OO has been extinguished during the year. The expansion in creditors and debtors is no doubt a reflection of bettor trading conditions. Reference to the increase in bank overdraft is made by the directors, who state that when the fact_ is taken into consideration that £5793 wa.s spent on improvements and plant the position must be regarded as quite satisfactory. WHITTOME, STEVENSON FURTHER PROFIT RISE DIVIDEND OF 6 PER CENT The accounts of Whittome, Stevenson and Company, Limited, show a net profit of £2410 for the year ended June 30, against £l9ll earned in the previous year and £937 in 1935. Losses were incurred in 1933 and 1931. Tho year's dividend is raised from 5 per cent to 0 per cent. After providing £IOO for income tax, there is £2575 available for distribution. The dividend requires £lßls, leaving £730 to be carried forward, against £559 brought into the accounts. The directors report that the year's trading showed a considerable increase in sales. Total assets aro £1023 lower at £12,280. Fixed assets amount _to £22,329, stocks are valued at £14.301 and debtors appear at £5558. Raid capital is unchanged at £30,750. Bank loan is £IO6B lower at £2723, while creditors show a decrease. VICTORIA INSURANCE DIVIDEND RATE MAINTAINED The Victoria Insurance Company, Limited, Melbourne, earned a net profit of £47,760 in the year ended June 30. This compares with £45.390 in tho previous year and £10.230 in 1935. A final dividend of 3s a share on tiio old issue is recommended, making a total of 5s a share, or 12i per cent, unchanged. COLES AND WOOLWORTIIS ASSURANCE TO SHAREHOLDERS An announcement that the directors of G. J. Coles and Company, Limited, Melbourne, had held a conference with Woolworths, Limited, with a view to arriving at a common basis of control for the future expansion of both companies was -made in May. At the annual meeting of G. J. Coles and Company, .Limited, held in Melbourne recently, the chairman of directors, Mr. G. J. Coles, said shareholders could rest assured that if any scheme should be evolved that would be considered beneficial to the company, it would be submitted to them for approval. , . , Mr. Coles said that this years programme of expansion embraced the opening of several new stores, and the extension of the main store in Bourke Street Melbourne, which would be proceeded' with early next year. This extension. which would take two years to complete, would greatly enlarge the ground floor and basement soiling area iu this shopping section.

PALMER, COLLINS' PROFIT FURTHER DIVIDEND INCREASES The accounts of Palmer, Collins and Whittaker, Limited, travel goods manufacturers, show a not profit of £1470 [or the year ended Juno 30. This compares with £3243 a year ago and £2251 in 1935. With £BIO brought in, there is £5310 available. The dividends and bonuses recommended bring the distribution on preference shares for tho year to 7 per cent and on ordinary shares to 12.} per cent, against 5 3-5 per cent and 9 per cent, respectively, last year. A sum of £IO6O is set aside for income tax reserve, and it is proposed to place £ISOO to general reserve, leaving £728 to be carried forward. The directors state that the year has been ii record in every respect. Improvements to plant facilitated production to such an extent that costs wero very little more than last year, in spito of increased wages and shorter hours. The result was also a tribute to the cooperation of every department. Owing to tho unprecedented turnover, arising from the Coronation, stocks of raw materials, which had been ordered in excess of usual requirements, were very little higher than last year. . The company's paid capital is unchanged at £17,100. With the proposed transfer, the reserve fund will be increased to £.3000. Assets total £24,261, against £21,753 a year ago. Fixed assets are practically unchanged at £10,433, and cash has'fallen £l2lO to £2358. Against this, the item "investments at cost. £2013," makes its appearance for tlie first time.