CHRISTCHURCH DRAPERY

Poverty Bay Herald, Volume LXIII, Issue 19136, 3 October 1936, Page 7

CHRISTCHURCH DRAPERY

HAYS’ LARGE PROFIT The accounts of Hays, Limited, a comparatively new drapery company in Christchurch', show an increase in net profit of £905 to £2935 for the year ended August 19. The dividend for the year is to ho raised from 5 to 6 per cent. The transfer to income tax reserve is increased from £3OO to £525 this year and the item of preliminary expenses, which stood at. £245 in last year’s accounts, has disappeared. The dividend absorbs £1778, leaving £2155 to he carried forward, as against £1523 brought into the accounts. The directors state that sustained progress was tho outstanding feature of the year’s operations. Turnover had again been substantially increased, and notable developments had taken place in various directions. Steps were taken during the latter portion of the year to increase the capital of the company to £50,000. of which 10,000 shares were issued. The whole of ihr. new share 'capital was taken up. (hi those shares the.full year’s dividend was payable. The -satisfactory trading results disclosed were achieved in spite of the added expenditure on extensive alterations and increased capital commitments, the full benefit of which it was hoped would be reflected in the coming year’s trading.