WOOLWORTHS (N.Z.) LTD.

Timaru Herald, Volume CXLII, Issue 20585, 26 November 1936, Page 14

WOOLWORTHS (N.Z.) LTD.

ANNUAL REPORT The report of the directors of Woolworths (N.Z.) Ltd., for presentation at the seventh annual general meeting of shareholders, says:— £ s. d. The profit for the year, after deducting all working expenses, provision for depreciation and directors’ fees as set forth in the profit and loss appropriation account is .. .. .. . - 135,786 14 1 After setting aside provision for taxation .. 63,000 0 0 The net profit for the year amounts to .. .. 72,786 14 1 Interim dividends in respect thereof have been distributed as follows: — Preference shares: 44 p.c. on April 15, 1936, £2250 ; 2-7/10th p.C. on October 15, 1936, £1350; £3600. Ordinary shares: 5 p.c. on old capital on July 1, 1936 (equal to 3 4/7th» p.c. on new capital), £12,250. Leaving a balance available for appropriation by the meeting of £56,935/16/1. The directors recommend the declaration of the following final dividends for the year:—

Preference shares: l-4/sths p.c. bonus dividend on preference share capital (making a total of 9 p.c. for the year), £9OO. Ordinary shares: 74 p.c. dividend on ordinary share capital, £25,727/12/6: 5 pc. bonus dividend on ordinary share capital, £17,151/15/-; and propose to transfer to general reserve the balance of £13.156/8/7. After making the above transfer to general reserve of £13.156 87. the amount at credit of general reserve and reserve account will aggregate £108.671 9 4. The directors are pleased to report that the affairs of the company have progressed favourably and that all branches are operating successfully. Branches were opened during the year at Gisborne. New Plymouth, Napier and Hamilton. In accordance with the requirements of the National Expenditure Adjustment Act, 1932, a reduction of 20 p.c. in the annual preference dividend was made from the payment made to preference shareholders on October 15, 1936. It is the recommendation of your directors that a bonus of 1-4 sths per cent, be given to the preference shareholders as set forth above and your approval is required at this meet-

ing. Your attention is drawn to the proposed issue of 34.304 ordinary shares at par in the proportion of one new share for every ten shares held, to the holders of ordinary shares registered on the books of the company on December 15, 1936. It is with very sincere regret that your directors have to report the recent death of Mr G. W P. Creed, one of the original directors of the company, whose interest and activity in the affairs of the company was much appreciated by his co-directors. After careful consideration. vour directors have decided not to fill this vacancy, and your confirmation of their action is desired.

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