MILNE AND CHOYCE

New Zealand Herald, Volume LXXV, Issue 23133, 3 September 1938, Page 9

MILNE AND CHOYCE

RISE IN PROFITS NET EARNINGS OF £16,548 STEADY DIVIDEND RATE The highest earnings since 1930 are shown in the accounts of Milne and Choyce, Limited, for the year ended July 31. Net profit was £16,5-18, an increase of £3f225 on the previous year's figure. The directors propose an unchanged dividend of 5 per cent on ordinary shares and debenture stock. The trading profit for the year was £33,878, from which was deducted £11,086 provision for income tax and £624-1 for depreciation on buildings and plant. In the previous year trading profit, before deduction of £B2OB for tax and £6114 for depreciation, was £27,975.

| -- Tho amount brought in was £25,006, making £41.554 available. Interim dividends absorbed £6-135. The directors now recommend further dividends as follows:—3 per cent on preference shares, making a total of 6 per cent.; 3£ per cent on 15 preference shares, making a total of 7 per cent; 2} per cent on ordinary shares and debenture stock, making a total of 5 per cent. The final dividends absorb £6435, leaving £28,684 to be carried forward. The retiring directors, Messrs. 11. V. Choyce and R. S. Milne, offer themselves for re-election.

Results for the past three years compare as follows:—*• 1936 1937 103b Brought forward £34,600 £24,553 £25,006 Net profit .. 343 13,323 16,548 £35,1-13 £37,876 £41,55-1 Dividends— Prcf. . . 6 a 6 B Pref. 7 7 7 Ord. and deb. 4 5 5 Amount . . 10.500 12,870 12,670 Carried forward £24,553 £25,006 £28,68-1 Variations in tho balance-sheet items are as follows: LIABILITIES Variation £ £ Paid capital . . . . 250.000 Same Long-term mort. 40,210 -1,101 Depositors and creditors 21,376 -4,004 Inc. tax a pp. account 11,115 +2,276 Bank 1,064 +23 Specific reserves . . 50,71-1 Same P. and L. npp. account 35,119 +2,538 ASSETS Land and buildings .. 186, GO" -'2,433 Plant and fittings .. 50,132 -3,074 Stock . . . . 120,823 -2.007 Debtors . . . . 30.021 +2,840 Investment .. .. 14,012 +5.250 Cash .. 2,030 -75 The balance-sheet total is £448 lower at £427,1334. Specific reserves comprise insurance, £5235; reserve for stock depreciation, £50,480; bad debts, £IOOO. Gross profit was £148,562, against £135.830 a vear ago, and expenses £132,014, against £122,507. The directors report that total turnover again showed a gratifying increase. Stocks on hand and in transit amount to approximately the same as in 1937-and are in first-class condition and well assorted. During the year opportunity occurred of joining the David Jones, Limited, overseas buying organisation, which embraces a number of the most important stores in Australia and New Zealand. Under the new arrangement and with the cooperation of one of the directors, Mr. 11. S. Milne, the initial selections of the new season's goods have opened satisfactorily. The loss suffered by the recent flood damage has been taken into account in the year's trading.

OVERSEAS TRADE FIGURES FOR .JULY EXPORTS £1,041,000 LOWER IMPORTS DECLINE 'BY £232,000 A decrease of £1,041,000 in the value of exports during July, compared with the level in the corresponding month last year, is shown by the preliminary figures of overseas trade issued by the Customs Dejmrtment in Wellington yesterday. Commodity exports, expressed in New Zealand currency, were valued at £3,783,000, compared with £4,824.000 in July last year. The imports, at £4,611,000, were £232,000 lower in value than in July last year, when the figure was £4,813.000.

lnijiorts exceeded exports in value for the month by £528,000, compared with £19.000 last year. At this season export trade is commonly slack, and imports come forward briskly; consequently an excess of imports for the month is not abnormal.

The figures for July in the past six years are: —

Exports Imports Excess July £ X' £ 1933 .. 3,377,000 1,095,000 1,082,000 1934 . . 2,851,000 2.807,000 10,000* 1935 .. 3.218,000 2,947,000 271,000 1930 . . -1,080,000 3,530,000 1,150,000 1937 .. 4,821,000 4,813,000 19,000* 1938 .. 3.783,000 4,011,000 828,000* "Excess of Imports. For the first seven months of the calendar year exports were £5,835,000 lower than for the corresponding period of last year. In the same period imports increased bv £ 1,149,000. The visible commodity balance has consequently declined from £16,354.000 to £9.370,000. A comparison of the seven months ended July in the past six years is as follows: — Exports Imports Excess Jan-July £ £ £ 1933 20,739,000 14.329,000 12,410,000 1934 31,319,000 10,023,000 17,720,000 1935 30,327,000 19,005,000 10,002,000 1930 38.911.000 23,4-10.000 15,171,000 1937 40.925.000 30,571,000 10.351,000 1938 41,090,000 31,720,000 9,370,000 There were no exports of specie during July. Imports were valued at £1478, this being additional to the import figured appearing previously. For the seven months ended July the exports were valued at £750 aim tlio imports at £23.991.

JERSEY CATTLE CLUB MORRINSVILLE OFFICERS [from our own correspondent I MORRINSVILLE, Friday The following officers of the Morrinsvillo Jersey Cattle Club were elected at tho annual meeting:—President, Mr. W. A. Southee; committee, Messrs. N. Colson, H. K. Ferguson, It. H. Miers, It. Southee, J. A. Sanders, J. E. Laing. Mr. C. S. Leggatt, a past-presi-dent, is an honorary member of tho executive. WHEAT, FLOUR AND SUGAR LONDON, Sept. 1 Wheat. —Cargoes are easier and parcels are lower. Futures. —London: August. 2Gs lOd a quarter; November, 22s lid. Liverpool: October, os ljd a cental; December, 4s lOJd; March, Is B]d. Spot trade .is slow. Australian ex-ship 28s (3d to 28s. Flour is easier. Australian, ex store, 22s to 235. Raw sugar, beetroot basis, os a cwt. WHEAT IN CHICAGO CHICAGO, Sept. 1 Wheat.—September, 62J cents a bushel; December, 64| cents; May, 60J cents.