COMPANY PROGRESS

Otago Witness, Issue 3993, 23 September 1930, Page 49

COMPANY PROGRESS

THE MILBURN LIME AND CEMENT COMPANY, LTD. -

. e Profit for the past year shows an increase of £2300 over that of 1998 2/ when practically the same amount of capital was in circulation over the 12 months. The distribution i s retained at 10 per cent., with the difference that R of 24 W D er ted as dividend - instead No addition lh b ? DS rega l ded as bonus. Ao audition has been made to reserves tre after allocations of £5OO and dent fund ft the employe ® 9 ’ provio • * v a . company s sick and t!?? 1 ?, 1 b , nelit society respectively. concerni ? n^ b th nCe fi° f the inf ° r mation concerning the figures that bring about the net profit, there is little to be ’earned, from the fact that the directors’ £6O -° a s d transfer fees to £lO. From the printed statement no opporthe Cl i tO sharel . lolde rs to ascertain how the turnover of the business is KL eSS - inR ’ , n ?- r the expenditure As r « a i t n IOD the gross income, i lO P P e r , cel »t. distribution ia Prions shareholders may not be too curious on those points. a ßf?regate £31,871, of which the bank overdraft represents £7076 A duHth ° f B ° m - e £ J° OO has been effected bank in \nTf e / r ; D M he to the standing in 1 th ®, lar ° er amount outceivabh? undry debtors and bills rewhieh t F? e u g a n t ral group of liabilities, is swelled by a provision of unstated amount for income tax, at £24 795 keeps at a normal level, ft does not the liabiliti ® 9 are. interest but n the al ’r« e v J- sible reserves have risen, befnro respective accounts remain as before. Genera] reserve at £9OOO looks but 1 as” n<? ad!rr° n th t paid ’ u P capital’ ° addition has been made to it avniGbU °®? a9lon > when the funds were a X? •1 e b 1<; ~ a y be assumed that it is mfnts ered ThA ft^' ei m-r f ? r , p F esent requirefinnn’; k^ be i <dou^) t;f u l debts reserve at flo°o is barely equivalent to 2J per cent, n u. tbe am , ount outstanding in sundry debtors and bills receivable. Accident arnrrecate of SerVe at £10 ’ 000 brin " s the F ese . rve accounts to £20,000, £l7 787 ’wl’ “vestments appear at added vi«ik^ ben tbe d °ating balance is ; i- kA b l e - reserves reach £23.002, which cord of July, R i e 928 than theil previous ceivablF ( £ 3B ’° 64 > and bills re * nortinn n f 3 l B J O) ,. absorb a considerable nf /S f the J 1 P uld fu nds. The fact durffio fh« Sr^ gate h^v l ng risen °. ver £7500 g the year points to an increasing assumnH’ h° m< ; s V pport is given to that assumption by stocks moving in sympathy which 3 mnv , touched . £ 40,123, an J inS which may be ascribed to a larger output produced by the new works firtr'e r ® duct .i°n has taken place in the £l7o 000 b f y Sta k d at the round £1 . 7 ": 000 > it may be assumed that for thn P Til e ’ atlOn p r ov, , s2 °n is responsible tor the decrease. As the capital expenditure of r thA the period is not stated, the Pertained was t a g® ad owance cannot be ,-To d ' T i extensions commenced a nletodI ea nnd a 7k have e /id®ntly been completed, and the era of writing down has been entered upon. The movements of been as under?- nd the investment 9 have

? b ® nature of all the investments is not stated, and, although a part is repreHven d W V Wa li bond ®’. th . e amount is not gi\en. From the realisation of over £6OOO SJ Uly ’ 192 A H may be inferred that capital expenditure of not less than a corresponding amount has taken place, in which case the provision for depreciation ld come out at a generous figure. Possibly the point has now been reached when the dram on investments has ceased, and. t °n th if of future years, attention will be devoted towards rebuildrhe?n‘ Meanwh i’e the book value of the fixed assets may be expected to be gradually reduced until the relative posit on s correspond more closely to those of the years preceding 1927-28 than they do at present. J ■

Divi-Paid-up General ?’et dend with 1 UitlS July 31, capital. £ reserves. £ proHi. 1920 • ■ 117,116 16.317 1921 • • 130,300 16,688 ] 14 1922 130,300 11,963 i • j - 1923 130,300 13,000 j hu; . ) 1924 130,300 16,071 1 ,10! 1./J0-, 1 1 4C 7 1925 130,300 19,946 1 ) 1926 •-a 130,300 20,882 1927 1928“ 1929 1930 147,725 182,575 199,987 200,000 22,106 22,992 21,848 23,002 19,It '. 19,605 21,904 I 3 10 10 10 10

Total Fixed InvestJuly 31, assets. £ assets. Batio ments. Ratlp 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 163,824 173,786 194,950 183,766 193,726 184,171 182,441 200,321 260.055 278,865 278,924 567100 58,059 84,947 84,603 82,250 76,550 71,688 74,174 153,330 176,233 170,000 p.c. 34.24 33.41 43.57 46.04 42.46 41.56 32.29 37.03 59,04 63.20 60.95 £ 55.900 57,850 54.750 47,540 49.750 46.900 39,950 63,450 34,637 23,987 17,787 p.c. 34.12 33.29 28.08 25.87 25.68 25.47 21.90 31.67 13.32 8.60 6.38