BYCROFT PROFIT RISES

New Zealand Herald, Volume LXXVI, Issue 23339, 6 May 1939, Page 9

BYCROFT PROFIT RISES

DIVIDEND 8 PER CENT EXPANSION OF BUSINESS ISSUE OF NEW CAPITAL A net profit of £11,009 is shown in the accounts of Bycroft, Limited, flourmillers and biscuit manufacturers, for the year ended March 31. This compares with £10,566 a year ago, and is the best result since £11,200 was earned in 1930. The dividend is being maintained at 8 per cent per annum with a final payment of 4 per cent. The directors recommend that the Social Security tax on the dividend suggested might be absorbed by the company, and provision for the amount required has been made in the accounts. After payment of the year's dividend, which requires £10,000, a sum of £4651 remains to be carried forward, against £3642 brought in. Referring to trading operations the directors state that while the building programme has been completed, delivery of machines is still awaited to enable tho factory to work comfortably within tho demand for their products. Tho flourmilling section is, of course, controlled by tho Wheat and Flour Regulations. On account of expanding business tho directors have decided to issue tho 25,000 unallotted shares in the company, which will be offered to members at par in the proportion of one share for five held on April 29. Tho retiring director, Mr. G. R. Hutchinson, is available for re-election. Results for the past three years compare as follows: —

1937 . 1938 1039 Brought forward £'2,700* £3,070 £3.042 Net profit .. 10,310 10.500 11.009

£13,070 £ 13.01VJ . £14,001 Dividend. 8 p.c. 10.000 10,000 10.000

Carried forward £3,076 £3,042 £4.651 * After transferrin!! £SOOO to capital account. Changes in the balance-sheet items are as follows: —

LIABILITIES Variation £ £ Paid capital .. 125,000 Same Reserve accounts .. 32,484 4-3.097 tCreditors, etc. .. 47,300 +1.852 Bank .. .. 25.120 +2.100 P. and L. account.. 9,051 +1.009 ASSETS Land, buildings .. 90,930 +7.590 Plant, machinery .. 51,555 +1.867 Debtors .. •. 20.984 —4.17-1 Stock .. .. 07.091 +2.780 Investments .. ~ 5 t Includes income tax appropriation account and Social Security appropriation account. The balancing total is £8065 higher at £239,562. Gross trading profits were £75,967, against £58,734 a year ago. Expenses, including directors' fees, were £65,211, against £48,590. , With the issue of the 25,000 shares proposed, capital will be increased to the authorised amount of £150,000. In 1936 the company made an issue to shareholders of 25,000 shares of £1 each in the proportion of one bonus sharo for every four shares held.

THE CITY MARKETS POTATOES PLENTIFUL HEAVY SUPPLY OF CARROTS Choice quality dessert apples met with a fair sale at tho City Markets yesterday and dessert Winter Cole pears sold well at improved prices, although there was no demand for Keiffers. Tree tomatoes were available in large quantities and the demand was slow, but choice lines of tomatoes met with a fair inquiry. The sale for hothouse grapes, which are arriving in larger quantities, was only fair. Good quality passionfruit was in demand, but persimmons were hard to sell. Very heavy consignments of potatoes arrived this* week from Ohakune and met with a good demand. Southern potatoes were also available in good quantities. Ohakune cabbages and cauliflowers and cabbages from Pukekohe were plentiful, while supplies of carrots were very heavy, in contrast to las*, week, when they were scarce and dear. Values dropped for pumpkins and also for kumaras, of which there was an over-supply from Tauranga and local growers. A good supply of celery was available and Brussels sprouts were on the market from Ohakune. There was a keen inquiry for mushrooms.

The supply of poultry was heavy and the demand median, values remaining the same. Prices for eggs rose 2d a dozen. Moderate quantities of cut flowers.were marketed and nearly all varieties of good quality were in demand. Prices were:— FRUIT Apples.—Delicious, 3s fid to 6s a case; Ballarat, -la fid to fis; Granny Smith, -la fid to 7s fid; Jonathan, fis to 8s Cd; Munro, 3s to Is fid; Home Beauty, 4s to Gs; Sturmer, 7s fid to 8s fid; Winesap, 5s to Cs ; pears, Keiffers, 3s fid to 5s fid; Winter Coles, Os to lis; tomatoes, outdoor, extra choice, 7s to i)s; others, 2s to ss; Hutt, 5s to fis; tree tomatoes, New Black, No. 1, 4s to ss; No. 2, 3s to 3s fid; yellow. No. 1, 4s to 4s fid; No. 2, 3s to 3s fid; oranges, Californian, 34s to 355; Island, 17s fid to 22s fid; bananas, ripe, lis to 255; grapes, Te Kauwhata, 10s; Coleman, extra choice. Is fid to Is 8d per 11); few special, Is 10d to 2s; others, lOd to Is Id; Cape gooseberries, Cd; ' passionfruit, Is to 7s a case; figs, 3s to Is; guavas, 4s to ss; persimmons, 3s to 4s. FIELD PRODUCE Beet, fid to 1s a bundle; celery, cooking, fid to Is fid; dessert. 2s to 3s; carrots, (id to Is a dozen; cauliflowers, 7s to 12s fid a sack; cabbages, 2s to 12s; on benches, 2s to 4s fid a dozen; cucumbers, 3s to 5s (id: French beans, 3s to 8s fid a bag; stringless beans, 8s to Ifis; green peas, (is to 13s fid; kumaras, Tauranga, 3s to 4s; local, 4s to fis; leeks, 3d to fid a bundle; lettuce. :is to 13s (id a case; marrows. Is to 2s fid a dozen; melons, fid to Od each;, onions, 10s to lis fid a bag; potatoes, southern, 10s to 10s Od per cwt; Ohakuno, Os fid to 7s fid a bag; pumpkins, Crown, 10s to 15s per cwt; others, 3s to 10s a sack; parsnips, Is to Is 3d a dozen; radish, Od to Od; rhubarb, Is fid to 3s; spinach. Is to Is fid; spring onions, Od to Is Od a bundle; swedes, Is Od to 3s a bag; turnips, (id to Is a dozen; Brussels sprouts, 7Vstd to lOVad per lb. POULTRY

Cockerels, heavy breeds, prime, 4s to fis fid each; not prime, 2s to 3s fid; light breeds, prime, 2s to 3s fid; not prime, 1s Od up; fat roosters, heavy breeds, prime, 2s to 3s; light breeds, Is fid to 2s Cd; fat hens, heavy, 2s (id to 3s fid; light, Is Od to 2s 3d; laying hens, heavy, 3s to Is; light, 2s to 3s; pullets, heavy, best, 5s to Os; smaller, 2s. up; liffht, best, 4s to Is Od; smaller. Is Od up; drakes, young, prime, 2s (id to 3s; smaller. 2s up; old. 2s to 2s Od; ducks, young, 3s Od to Is; old, 2s to 2s fid; geese, Is up; turkey hens, 5s to Os; gobblers. Os to 7s BUTTER AND EGGS Eggs.—Hen, first grade, 3s I%d a dozen; second 1 grade, 2s o%d; third grade, 2s l%d; duck, first grade, 2s o%d; second grade, 2s o%d; third grade, Is 10%d/Farmers' butter: Is to Is 5%d per lb. GOLD AND SILVER QUOTATIONS IN LONDON (Received May 5, 5.5 p.m.) LONDON. May 4 Fine gold is quoted to-day at £7 8s Gd an oz.', compared with £7 8s 5Jd yesterday. Silver is quoted at 20Jd an oz. spot, and 20d forward, same as yesterday. The quotation for silver at per fine a-/,, is 21 id, same as yesterday. The following is a summary of the fluctuations in the price an ounce of fine gold this year:— £ s d Highest price, January 4 .. 7 10 5 Lowest price, January 27 .. 7 S 2 April 28 . , . . ..7 8 0 April 20 7 8 0 May i 7 8 6 May 2 .. 7 8 6 May 3 7 S 5% May 4. 7 8 6