NATIONAL TOBACCO

Wanganui Chronicle, Volume 79, Issue 283, 3 December 1935, Page 11

NATIONAL TOBACCO

NET PROFIT MAINTAINED DIVIDENDS UNCHANGED The directors of the National Tobacco Co., Ltd., Napier, report for the twelfth financial year, ended October 3.1, that, after deducting all charges, writing off £5275 13s 9d for depreciation on buildings and plant and allowing the sum of £lB,OOO for income tax, there is a balance left of £33,955 7s sd, which represents the net prolit for the year. To this must be added the balance of £3993 15s lOd brought forward from last year, making a total of £37,949 3s 3d available for distribution. Out of this directors recommend the distribution of a dividend of 15 per cent, on ordinary shares, and 8 per cent, on the preference shares, absorbing £19452 12s 3d; to transfer to reserve the sum of £15,000, so that_ this account will then stand at £125,000, and to carry over into next year the balance of £3496 Ils. The balance-sheet shows that the stock of raw leaf, manufactured tobacco and material is down by about £29 000 compared with last year’s, but this is partly counterbalanced by the advances made on purchases of leal, and further by the larger bank balance which has risen to £113,034 9s 6d, including iixed deposit earning interest at from 2| per cent, to 3 per cent, per annum. The factory buildings have again been considerably extended, a new wing having been added at the cost ol approximately £11,500, including freehold site. Together with its five bonds, the factory buildings owned and occupied by the company now cover an area of almost four acres. The company’s results and appropriations in recent years compare as follow;

1933. £ Gross profit 129.648 1934. £ 122,999 85,091 3,903 1935. £ 125,888 86,657 Expenses . . Depreciation 90,051 4,571 Net profit • 35,026 34,005 33,955 Brought f’wd 7,313 4,422 3,994 42,339, 38,427 37,949 To reserve . Dividends: 20,000' 15,000 15,000 Preference 8 p.c. 8 p.c. 8 p.c. Ordinary , 15 p.e. la p.c. 15 p.c. Amount . 17,919 19,433 19,453 Carried f ; wd 4,422 3,994 3,496