INCREASED PROFITS

Sun (Auckland), Volume IV, Issue 977, 21 May 1930, Page 13

INCREASED PROFITS

LEWIS EADY, LIMITED A net profit for the year ended March 31, 1930, of £2,941 9s lOd, after making provision for bad and doubtful debts and depreciation, is shown by the tenth annual report of the directors of Lewis Eady, Limited. The profit last year was £2,194 12s 9d. To this year’s profit the net_ profit on the building account, £1,545 11s sd, and the amount brought forward from the previous year, £11,068 4s 7d, is added. An increase of £1.791 is shown in the amount available for appropriation, £13,800 5s Id. The directors recommend that this amount should be distributed as follows: Payment of ordinary dividend at the rate of 8 per cent., as last year, on the ordinary capital of £24,530, absorbing £1,962 Bs, leaving a balance of £11,837 17s Id to be carried forward.

The satisfactory state of affairs disclosed by the balance sheet, despite a difficult trading period, is commended in the report. Confidence in the company's future was justified, in view of .the increasing popularity of electric radio and the sustained demand for the exclusive lines handled by the company. The usual dividend of 7 per cent, on preference shares had been paid quarterly. The retiring directors. Mr. E. Raymond Eady, representing the ordinary shareholders, and Air. J. E. Long, representing the preference shareholders, offer themselves for re-election at the annual meeting on May 28,