HENRY JONES CO-OPERAATIVE

Wanganui Chronicle, Volume 83, Issue 301, 21 December 1939, Page 3

HENRY JONES CO-OPERAATIVE

RESULTS FOR LAST \ I AR I The directors of Henry Jones C-j-loperative Ltd. in their report lor thi 112 months ended Octobei 31, 1939 state that alter providing for expenseI the income earned within the" Commonwealth of Australia amountc.i ,1157,546 14. s 3d. Adding the ineom earned outside the commonwealth, 1156,650 11s 3d, makes a total of 1211,1197 5s 6d. Deducting the interim dividend ot 6d a share, paid on June 1, | out of the income earned within tnt Commonwealth of Australia, 135.754 Gs 6d, there remains for distribution '1178,442 19s. The directors recommend the appropriation of this amount by payment out of the income earned witnm the Commonwealth of Australia of a dividend at the rate of Is a share on the | paid-up capital, which will absoro 171.IoOS 13s; and out of me income earned 'outside the Commonwealth of Australia payment of an additional dividend at the rate of 9d a share on the paid- ' up capital, which will absorb 103,631 9s 9d; and by transferring the bn.ance of 153,302 16s 3d to general reserve. ' The results of the year's operation, have not, in the opinion of me direc - itors, been materially affected by an.\ I items of an abnormal nature. The volume of trade and protits earned show a satisfactory increase over all (previous years, mainly due to the imiprovement in the sale of jams to { merchant houses in Great Britain. •Under present world condition* however, with the greatly increased duties I imposed by the British Government < approximately 200 per cent.) and ad-

ditional transport and othor charges, it • will be impossible to retain this business, and the directors feel that this j important factor should bfi taken into i account by shareholders in assessing the company’s prospects for the coming year Though it has been . luted that th«- ! company’s bu-iness is likely to obtain considerable benefit from war orders, ; this \iew is not shared by the director.-. it wili be remcmoeied that ciuri ing the 1914-1918 war the company ■ suppl,c i the British War Oiiice wiln 'jams .-t cost, anu it is unlikely that jthere will be any change from this |policy it the c. mpany is asked lor any 'supplies in the coming year. The average yearly profit du. ing those 'years diu not exceed £77.090. “We have, from the inception of the ‘company 30 years ago, frequently icI minued shareholders in our annual ieI port of the strong financial position of jour subsidiary companies, and the consolidated balance-sheet sub tanItiate.s the.-e a.-, urance.--. Cash resou:<- > | may appear large, but the new fruit iseason will quickly exhaust them am compel us to seek the usual accomjmodati a from our bankers. Supplies jot the G.iffere.’t varieties of fruit are j only obtainable ever a pericu of from [three to five weeks, and we arc com- [ pelle.l to purchase sufficient stocks <>f i fruit to supply our needs tor 12 months."