McKENDRICK BROS.
INCREASE IN EARNINGS DIVIDENDS MAINTAINED , METAL EXPORT EMBARGO - The accounts of McKendrick Bros., Limited, for the year ended August 31, show a net profit of £3645, compared with £2895 in the previous year and £3229 in 1937. Dividends for the year at 6$ per cent on preference shares and 7 A per cent on ordinary shares are unchanged and require £2IOO. Til© mm reserved for income tax has been raised from £493 to £1250, and £295 is transferred to general reserve, which now totals £1528. The directors' report states that in spito of difficult times, x'esulte have proved satisfactory. Sales of sacks have increased. Improvements have* been made to the plant, and can be supplied. It is the'intention to add to the plant, and further improvement is expected. Business in the bottle department also has improved, and to cope with this the adjoining property in Wellington Street' was purchased. Although it was hoped that permission would, liavo been granted to Report scrap iron and steel and tiri; clippings, which the company handled in a large way prior to the embargo in 1937, metal business has not altered materially. The directors are in communication with the Government and confidently anticipate that the exist-, ing restrictions on exports will bo lifted, when present sto.cks will bo liquidated.
The retiring director, Sir Ernest. Davis, is eligible for rc-elcction. Results in the past three years compare as follows: 1037 1038 1930 ' £ £ £ Brought forward .. 3<>2 Net profit .. .. 3,'->2O 2.505 3,645 3,091-.. 2, SOS 3,(345 Dividends— Pref., 0% p.c. p.a. 975 075 975"' <Ord„ V/ 2 p.c. p.a. 1,125 1,125 1,125 f Income tax reserve .. 500 403 1,250 General reserve .. 03L 302 295 Carried forward .. - Capital is unchanged at ■ £30,000. Bank overdraft has been reduced froixi,.< £13,331 to £6132. Creditors are owed £1956, an increase of £459w Total assets arc £5325 lower at £42,843, the most notable movement being a reduction of £6424 in stocks, which now < stand at £7332, , . •„
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19391007.2.13
Bibliographic details
New Zealand Herald, Volume LXXVI, Issue 23471, 7 October 1939, Page 7
Word Count
326McKENDRICK BROS. New Zealand Herald, Volume LXXVI, Issue 23471, 7 October 1939, Page 7
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in