BRUCE WOOLLEN

New Zealand Herald, Volume LXXIV, Issue 22877, 4 November 1937, Page 7

BRUCE WOOLLEN

SHARP PROP IN PROFITS DIFFICULTIES REFLECTED NO ORDINARY DIVIDEND [IIV TELEGRAPH —OWN ('(III RESPONDENT] DUX F. HIX, Wfd n esd h Y A net profit of £3154 is disclosed in the annual accounts of the Bruce "Woollen Manufacturing Company, Limited. for the year ended September 10. The directors state that results for the year are not as satisfactory as they would have liked, but consider that the returns reflect the difficulties experienced by manufacturing concerns as a result of increased costs of production. Last year's increased provision of £5500 for depreciation is maintained. The balance of profit available, including £057 brought forward, is £lsßll, from which the directors recommend payment of the dividend on preference shares, requiring £2BOO, and that the balance of £lOll should be carried forward. Following are details of the company's results and appropriations for

the last three years:— 1 !•:{."> 1(1.10 11)37 Brought forward I'l.nsu £W> £flH7 Net profit .. .VUO2 5,872 lot £r>,3*.-> £0,157 i.3.811 Dividends— Pref., ft 3-ft p.c. 2,800 2.800 2,800 Ord., 3 p.c. . . 3.000 3,000 Carried forward . £ftßft £oft7 £l,Oll Capital comprises 50.000 £1 cumulative i per cent preference shares issued in 1927 and 100.000 £1 ordinary shares. From 1926 to 1932 ordinary snares received no dividend. In 1933 2i per cent was paid, which was increased to 3 per cent in the following year. This rate was maintained for the past two years. Dividend 011 preference shares has been maintained throughout and is now less the statutory reduction. SHARLAND AND CO. FALL OF £3068 SHOWN COMPARISON OF RESULTS A net profit 0f'£10.852. after providing for bad debts, land and income tax and depreciation, was earned by Sharland and Company, Limited, Wellington, for the year ended August 31. This compares with £13.920 in the previous year and £12,906 in 1935. "With £8798 brought forward, there is £19,650 available for distribution. The year's dividends of 5 per cent on both prcfcrcnco and ordinary shares, as announced in the Herald of October 25, absorb £6250. The sum of £4500 is provided for land rind income tax, leaving £85)00 to he carried forward. The company's results and appropriations for the past three years compare as follows: — 103 ft 1030 )!137 Brought forward £1,172 £0,123 i'B.7!i£ Not profit .. 12,1)00 13,020 10,8.Y.> £17,378 £20.018 £l9,ofto Tax reserve .. ft.oou 0,000 4,500 Dividends, pref. and ord., 5 p.c. 0,250 0,250 0,250 Carried forward £0,128 £B,7ns £8,900 The retiring director, Mr. A. E. Mabin, is available for re-election. WESTPORT COAL COMPANY YEAR'S DIVIDEND UNCHANGED [I)Y TELEGRAPH PRESS ASSOCIATION] DUXEDIX, Wednesday The directors of the West port Coal Company, Limited, recommend the payment of a final dividend for the year ended September 30 of 6d a share, making tho total distribution for *the year Is a share. Payment will be made on November 22. The dividend for the year, which is equal to 10 per cent, is unchanged. Last year, however, a distribution of 5s a share was made in the form of a bonus from contingency reserve and insurance funds. BRITISH EXCHEQUER LATEST WEEKLY RETURN (Received November 3, 0.5 p.m.) British Wireless KUGBY, Nov. 2 The latest weekly Exchequer returns show that tiie total ordinary revenue amounts to £371,923,464, compared with £353,312,685 at tho corresponding date last year. The total expenditure, less self-bnl-ancing items, i.s £ 187,227,014, compared with £446,402,511 at the corresponding date in 1936. The total floating debt outstanding at October 30 was £927,340.000, a net increase of £229,210,000 sinco_ March 31, and compared with £857,885,000 011 October 31, 1936. LONDON STOCK EXCHANGE BANK. SHARES AND DEBENTURES LONDON, Nov. 2 On the London Stock Exchange quotations of bank shares and other corporation debentures and stock compare with previous quotations as follows :

Oct. ID Nov. 2 £ s d £ S (J Australasia . . 8 33 0 8 37 0 Ji., S. and A. .. 4. 8 G 4 0 (i Union of Aust. . . 7 2 G 7 '2 0 New South Wales 20 2 G 20 12 0 National of X.Z, . . 2 4 » 2 4 0 X.Z. Shares .. 1 14 0 3. 14 0 British Tobacco . . 1 17 0 1 17 6 Golrishrough • Mort 1 0 0 3 0 G J3alpcty .. .. 712 G 7 17 G I'. & 0. Deferred 1 u 0 1. 4 0 N. 7,. Loan A Mere.,

4 p.c.. deli. . . 0.1 0 0 01 10 0 N.Z. Loan A Merc.. ord 25 0 0 21 0 0 The stock markots are lifeless. FINANCE COMPANY Tho accounts of Clayton Arnold and Company, Limited, finance company, Auckland, show a net profit ot £617 for the year ended August .'sl. The directors recommend payment of a final dividend at the rate of 7 per cent per annum on ordinary shares and 6 per cent per annum on preference shares, making 0 per cent on all shares for the year. During the year the capital of the company was increased to £'22.000 by the creation of 8000 ordinary and 2000 preference shares of £1 each. Amendments to th(j articles have been adopter! designed to comply with the listing requirements of the Stock Exchange. The retiring directors are Messrs. W. C. Browne and T. C. Webster. MINING SHARES IN LONDON LONDON. Nov. 2 On the mining market to-day Mount Lyells sold nt 30s, and New Guinea Gold at Is 4£d. BRITISH WAR LOAN (Heceived November U, 0.5 p.m.) British "Wireless RUGBY, Nov. 2 War loan, o| per cent, was quoted to-day at £IOO 16s 3d, compared with £IOO 15s yesterday.