MACKY, LOGAN YEAR

New Zealand Herald, Volume LXXV, Issue 23017, 20 April 1938, Page 7

MACKY, LOGAN YEAR

FURTHER PROFIT RISE EXPANSION IN SALES BONUS ADDED TO DIVIDEND An increase of £3799 in net profit is shown by Mackv, Logan, Caldwell, Limited, in the company's third annual accounts covering the year ended February 19., Net profit was £17,5!J0 and in addition to a final dividend of 3J per cent, making 6 per cent for the year, the directors propose a bonus of 1 per cent. « The bonus will require £BSO and the full year's dividend absorbs £SIOO. After transierring £7074 to income tax reserve, £14,046 is being carried forward, against £9475 brought in. 1 ho directors state that tho company has continued to make satisfactory progress and the larger not profit is a reflection of a substantial increase in sales,

The retiring directors, Messrs. L. Griffiths and S. G. Steer, are available for re-election. The dividend and bonus, if approved, will bo distributed on May 2. Details of the company's results over the three years since reorganisation compare as follows: — ' IMG - 1937 1038 Brought forward £0,407* £7,200 £0,475 Net profit . . 8,442 J3,7W 17,505 , £14,84!) £21,095 £27,070 Dividend, 0 p.c. 5,100 5,100 5,100 Bonus, 1 p.c. Inc. tax res. . 2,450. 6,520 7,074 Carried forward £7,200 £0,475 £14,040 •From capital profits prior to incorporation. Movements in balance-sheet items are as follows: LIABILITIES £ £ Capital .. .. 85.000 Same Bank . . . . 32,87(5 +32,870 Creditors, etc. .. 11,322 -403 income tax prov. . 12,402 +3,402 General reserve .. 42,214 Same P. and L. A/c . . 17,*70 +5,420 ASSETS Plant, etc. . .. 8,720 +3OO Debtors, etc. .. 31,020 -3,400 Stock .. .. 100,100 +4o,4ui) Cash .. .. Doo -5,007 Gross profit was £100,156, against £85,4.11 in the previous year and expenses £82,561, compared with £71.615. The total of assets at £201,745 is £41,.126 higher than a year ago. The j appearance of a bank overdraft and the depletion of cash is offset by the rise in stocks, which item includes payments in advance on new season's goods.

AUSTRALIAN INDUSTRY ACTIVITY MAINTAINED FOREIGN INFLUENCE SLIGHT Adv erse developments abroad had little oflect on Australian domestic industry last month, according to tho National .bank of Australasia.

"Ajjart from the elections, v the bank's latest summary states, " tlie notable feature of the month was the maintenance of trade and production activities, of investment, and of values of Stock Exchange securities, in spite of the disquieting pvents in Europe and the unfavourable reports of trade conditions in the United States of America. There were some trade reactions here to the absorption of Austria, and to other signs of instability in international, affairs, bub they have been, so far as can be seen at present, of no great moment. "The market for ordinary shares continued steady, but with buying demand quiet the slow but persistent decline in quotations of the previous 12 months continued into April. It should be noted, however, that share prices were raised unduly during the opening months of 19.'}?, when high .commodity prices raised expectations of rapid business expansion and much increased dividends. Commodity prices have been declining since April last, and prices of industrial shares have followed a somewhat similar course. "The extent to which internal business activities in general have been affected by international complications cannot be determined," the bank continues. "At this time of year thorn should be a normal decline from the maximum level of the mid-summer period, but there are few signs of anything more than a normal declension. The most sensitive index is that provided by employment statistics, ami so far as they are available they fchow some seasonal decline, with totals still V'ell ahead of tho figures of 12 months ago."

| PUKEKOHE PRODUCE ONION MARKET FIRM [from our own correspondent] PUKEKOHE, Tuesday Business in Piikekohe produce has opened after the holidays at values largely on a par with those ruling at the beginning of last week. Onions continue very firm at 13s per cwt. There a'ro a few picklers still available, and these are selling at 12s. Potatoes remain at 5s 3d per cwt, with large quantities available on a weak market. Cabbages are coming to hand in bigger supply and are selling readily, there being an eager demand for greens. The price has cased to a more popular level to encourage a good volume of trade, to-day's figure being Ids (id a bag, as against 12s last week. Pumpkin prices aVe unchanged, reds still bringing 4s per cwt. and greys up to 7s yd. Carrots continue to sell at -Is (3d a sugar bag and parsnips at ss, but kumaras have eased (3d, to (is (id, -while swedes are I at 3s (id. Several varieties of apples are going away at 8s a case.