T.F. CORPORATION

Wanganui Chronicle, Volume 71, Issue 290, 7 December 1928, Page 8

T.F. CORPORATION

SATISFACTORY TURNOVER SLIGHTLY LOWER PROFITS. f Per Press Association ) AUCKLAND, Dec. 6. The directors of the Traders’ Finance Corporation, in their annual report, state that the turnover for the year was satisfactory; but, owing to competition, rates were reduced, and net profits for the year were £.11,461, compared with £12,576 last year. Accounts referred to last year as unsatisfactory had not yet been finalised, and it was estimated that by writing off £9900 this year provision would be made for contingent losses, and this had accordingly bean done. The directors recommend the payment of a dividend of seven per cent, on preference shares, on whish an interim dividend has already been paid, and carrying forward a balance of £293. Tho directory continue: “ ‘Preliminary expenses’ is now a most unsatisfactory item in the balance-sheet, and this in the ordinary course would have been eliminated this year.” Under the circumstances, the directors recommend that ordinary shares be reduced 2s fid, each of which, if approved by the shareholders, should enable the payment of dividends on all shares to be resumed ia the coming year, and a reserve Io be accumulated.