COMPANY NEWS

Southland Times, Issue 23345, 1 November 1937, Page 3

COMPANY NEWS

DRAPERY IMPORTING COMPANY INCREASED NET PROFIT OF £7391 (Special to The Times) DUNEDIN, October 30. Addressing the shareholders at the annual meeting of the Drapery Importing Company the chairman of directors (Mr P. L. Halsted) said the result of the year’s working had been very satisfactory, the profit and loss account showing an increased net profit of £7391 compared with last year. The gross profits, at £274,116, showed an increase of £39,406 while the expenses had gone up by £32,016. For Government taxation and municipal rates no less a sum than £42,431 had been paid or provided. The withdrawal of so large a sum from the business during one year was a severe handicap and called for the careful attention of the committee set up by the Minister of Finance (the Hon. W. Nash) to report on the incidence of taxation. If an individual enjoyed a big income he should be prepared to pay his share of taxation, but industry should not be crippled. The Government which took no risk and shared neither the work nor the worry, took half the net profit. A dividend at the rate of 6 per cent, on all ordinary shares, including the bonus shares, recently issued, was warranted by the increased profit. The report and balance-sheet were adopted and the divi .ends proposed by the directors were approved. , A resolution was passed expressing appreciation of the services of Mr George Crow who, after being Dunedin manager for 47 years, had now resigned.

MINING RETURNS ARGO DREDGE (United Press Association) GREYMOUTH, October 30. The Argo Dredge return was 87oz for 99 hours’ work and 9000 yards. ADDISON’S FLAT (United Press Association) WESTPORT, October 30. The Addison’s Flat return for the fortnight ended October 26 was 420 z 19dwt for 24 shifts. MATAKI JUNCTION (United Press Association) MURCHISON, October 30. The Mataki Junction return for the week ended October 28 was 560 z of smelted gold for 91 hours’ work and 12,000 yards dredged. The return for the four weeks ended October 21 was 180 oz of smelted gold for 511 hours’ work and 78,000 yards dredged.