KAIAPOI WOOLLEN

New Zealand Herald, Volume LXXV, Issue 23134, 5 September 1938, Page 5

KAIAPOI WOOLLEN

HEAVY PROFIT FALL

REDUCTION IN DIVIDEND

HIGHER COSTS AND TAXES

I A fall of £577-1 in net profit to I £12,(3-13 is shown in the accounts of the I Kaiapoi Woollen .Manufacturing Company, Limited, for the year ended July 19. The ordinary dividend proposed is I per cent for the year, against 5 per cent in the previous period. After preloreneo' and ordinary dividends have been nn't there will bo £7Ol to be carried forward, against £lOlO brought in. Uro:vs earnings were £SG,(i3I, against £93,09-1, a decline equal to 7 per cent. A sum of £SOOO was provided for depreciation, against £7OOO a year ago. Expenses rose to £08,988 from £67,(377 in spite ol the lower turnover, and net earnings tell by 32 per cent. 1 lie directors state that trading conditions were reasonably good in the early part ol the year, but a considerable recession occurred in the second I hall and this factor, together with the | heavy increase in taxation and working costs, curtailed the surplus. Land j and income tax requirements amounted ; to £11,701), almost sufficient to pay 5 ; per cent on the ordinary capital'of the company. l'lie increase in properties | and plant was principally accounted for by additions to plant. Results for the past three years comj pare as follows: L , , I !»•'!(! .11137 11)38 [ Brought forward £057 i-tu.s £i mo ; -Yet profit .. 22,080 j.s, itv l-t:j £23,343 £IS,*SS £13,053 To reserve .. 1,500 1,500 Dividends— Pf.. 5 p.c. p.a. 3,200 3,200 0,200 Ord., p.c. . . 5 5 j Amount 12,115 l'J, 115 9,01)2 Income tax res. 0,000 1.000 Carried forward ill >8 £l,OlO £7Ol Variations in the balance-sheet items are as follows: LIABILITIES Variation £ ■(.' raid capital 307,500 Same Deposits against calls . 1,051 Same Bank . . . , ] |;i,(i|s J 711, |o<; ■Mort liases .. .. lii.noo •> Depo.-lts .. .. 70.215 Creditors .. .. 15.570 - l', INI I'uclainied dividends .. 107 +lOl Reserves .. . . 3s, ion +3,505 L'. and L. account . . 13,052 -5,233 1 ASSKTS Properties and plant .. 203,351 + 1 S,:tS 1 ; Debtors . .. .. 05.000 -10,503 Cash items . . . , 70s +S ! Shares held. etc. .. 2,1 10 +538 I Morttrases . . . . 2*5 —143 j Stocks .. .. .. 201,221; +32,333 j The balancing total is C(>2(),283. an increase of £ 10.255. conipriso : general reserve. L'3ooo higher); | accident insurance. £H2SI (£"i7.'l | higher); employees' welfare fund,' £.'{()( H) (unchanged) ; marine insurance, j L' 1915 (£'l92 higher); pensions fund. | uo.ooo (unchanged); income tax. £1(5.000 (£IOOO higher); and bad audi doubtful debts, £"2000 (unchanged). In I two years stocks have risen by £67,561.

GOLD RISES AGAIN

HIGHEST PRICE OF YEAR QUOTATIONS FOR SILVER (Received September 4. 5.5 p.m.) LO.vnoX, Sept. 3 Fine gold is quoted to-dav at £7 :3s od an oz.—the highest price of the year —compared with £'7 3s -Id yesterday and £7 Ms Old on Thursday. Silver is quoted at IOJd an oz. spot and IS l;j-16d forward, compared with 191tl and IS ]o-16d yesterday. The quotation for silver at per fine oz. yesterday was same as on Thursday. British Wireless RUGBY, Sept. 2 Gold to the approximate value of £1,198,000 was disposed of to-day at £7 3s Id an oz. SYDNEY STOCK EXCHANGE BUSINESS ON SATURDAY SYDNEY, Sept. 3 Business on the Sydney Stock Exchange this morning included the following sales: — £ s d Bank of New South "Wales 30 15 0 'l oot lis Breweries . . . . 2 15 0 Australian Gas A .. .. 7 5 0 Associated News . . . . 113 Anthony liordern .. .. 0 10 0 Cash Orders Amalgamated.. 0 10 0 Commonwealth Bonds—J per cent, 1011, £ 102 ss; 1011, £ 103 2s Od; 1047, £104; 1053. £ 103 ss. BUILDING SOCIETY YEAR HAMILTON BODY'S DIVIDEND [from our own correspondent] HAMILTON, Sunday In their report to be submitted to the annual meeting of the Hamilton Permanent Investment and Building Society on September 12, the directors state that the share capital of the society on July 31 consisted of (51 "A" investment shares of £SO each, 137 "A" investment shares of £2o each, and 292 capital shares of £lO each fully paid. The balance at the credit of the profit and loss appropriation account was £399 13s 3d, from which the directors had placed £3o to the reserve account and declared a dividend of o per cent. This would absorb £3lB Lis 2d, leaving £-15 19s Id to be carried forward.

-Messrs. |<], Butt, W. H. Blakeway, and I'/. i\l. Masters retire from the board of directors, but Mr. Masters does not seek re-election.

SOUTHLAND FARMERS DIVIDENDS MAINTAINED A net profit of £7907, a reduction of approximately £2IG, is shown bv the Southland Fanners' Co-operative Association, Limited, for the vear ended Julv 31.

Deposit preference shares receive R 1-10 per cent for the year, including 5 per cent arrears for the half-year ended December 1, 1932, and preference and ordinary shares again receive 5 per cent. A sum of C3Ol is added to the floating balance, increasing it lo £2217. The amount paid to ?neot arrears of dividend unpaid during the depression was £1875. Another similar payment will practically extinguish this liability.

MINING SHARES IN LONDON

LOXDOX, Sept. 2 On the mining market, to-day Bulolo sold at, L'~> los. Other quotations included Clutlia River ('ompanv. hovers. Is 7d ; sellers. Is I<)UI. .Molvncaii.x River Company, luiyers, 7Jd; sellers, BRITISH TREASURY BILLS British Wireless RUGBY, Sept. 2 A total amount of i? 1,T00,000 was applied for this week in tenders for Clo, i)()(). 000 worth of Treasury hilis. I he maximum amount was allotted in hills at three months at an aver-iire rate per cent of 10s 5.87 d, compared with 10s 1.0.'k1.a week ago. BRITISH WAR LOAN British, Wireless RUGBY, Sept. 2 fi)y, !,r i l0 ; 1 , 11 ' :V ' ,)cr °" nr - i s quoted at \ s compared with £lO2 2s 6d yesterday.