LATE COMMERCIAL

Poverty Bay Herald, Volume LXIII, Issue 19098, 20 August 1936, Page 6

LATE COMMERCIAL

COMMON, SHELTON & CO

NET PROFIT OF £OSO-1

DIVIDEND RATE 5%

A recommendation that a dividend of

5 per cent on paid-up capital in tho company lie paid from net profits total - lim; £3554 is made to shareholders in Messrs. Common.. Shelton and Company, Limited, in the annual report of the directors. The amount available, for distribution, including £693 carried forward from last, year, is £4248, and of this sum £2CCO is recommended to ho placed to reserves. The report of the directors, covering the, forty-fourth year of the company’s existence, will be considered at tlm annual meeting of the company to he held on .September 8, Its text is as under;—

“The net profit for tho year, after providing for management expenses, bad and doubtful debts, depreciation on buildings, fittings and plant, and reserve for income tax, amounts to £3554 15s* sd, to which has to be added the balance carried forward from last year, £693 7s 3d, making available for allocation £4248 2s Bd. “The directors recommend that this amount, be allocated as follows: Payment, of dividend at I lie rate of fi per cent on paid-up capital, £I7BO 9s; transler to reserves account, £2000; and carry forward, £467 13s Bd.

“The directors retiring by rotation are Messrs. IV- Graham and J, B. Kells, who, being eligible without notice, oiler themselves for re-election. “In accordance with the resolution adopted at the thirty-ninth annual general meeting, the auditors, Messrs. McCulloch, Butler and Spence, retire by rotation. Tu compliance with section 139 of tlie Companies’ Act, 1933, notice is given of the intention of Mr. M. T. Trall'ord to nominate Messrs. Graham and Dobson as auditors for the ensuing year.” The balance sheet shows assets totalling £117.442, stocks and materials- accounting for £31.289, sundry debtors’ accounts representing £37,820, and property held by the company, at cost less regular depreciation, £48,102. On the liabilities side, paid-up capital represents £35.609, and tho reserves account is £9479. Tho hank overdraft is £39,340, and the company holds £6050 on account of shareholders and customers, while sundry creditors and income-tax provision account for £10,123. Mortgages on freehold property owned by the company amount to £12,500. In the profit and loss account, the gross profit from sales of merchandise represents £19,635, while, rents from premises, commissions earned from agencies, storing, dumping, and sales of wool, meat anil livestock arc shown at £IO.OOI. Salaries, wages and auditors’ fees cost the company £11,941 for the year, depreciation on premises and plant ,£IBO7, rates, taxes and allied payments £4031, and maintenance, repairs, general expenses, bad debts, advertising and income-tax payments £6992, these being the principal items placed against the gross profits from sales and commissions. The . net balance, as indicated above, including the £693 carried forward from last vear, is £4248.