COMPANY AFFAIRS

Wanganui Chronicle, 11 March 1947, Page 7

COMPANY AFFAIRS

Woolworths (W.A.) Ltd.— The fifteenth annual meeting of shareholders will be held in Sydney on April 1, 1947, according to advice received by the Stack Exchange Association of New Zealand. A final dividend of 9 per cent., making a total of 14 per cent, for the year, on th e paid-up ordinary share capital of the company, has been recommended for payment on April 15, based on shareholdings as at March 31. 1947. The dividend last year wa s 12 per cent. Cribb lU'd Foote, Ltd.— An- interim dividend of 3J per cent, is being paid on March 15. Interim last year was 3 per cent, and the final, 41 per cent. Australian . Gypsum,.. Ltd.— An interim dividend of 2 per cent, is payable on March 26 (ex March 19). Last year the interim payment was 11 per cent, and the final, 12 per cent. UNION BANK’S PROFIT An increase of 15tg124,000 in gross profit of the Union Bank of Australia, Ltd., for the year ended August 31 was mostly absorbed by an addition of £stgll2 000 to expenses. The directors explain that expenses rose chiefly because of rehabilitation of employees from the services, payment of a staff bonus, and higher provision for taxation. Consequently, net profits increased by only £12,000. Deposits with tlie bank show an increase of £6,200000, and advances a rise of £7,00,000. BOND'S HOSIERY MILINS SHOW BETTER PROFIT A net profit of £10,561. compared with £8473 last year, is shown in the accounts of Bond's Hosiery Mills (N. Z.), Ltd., for the year ended January 19. After payment of the 1946 dividend, £2522 was carried forward in the profit and loss appropriation account. The addition of the net profit for this year and the transfer of £2900 surplus tax reserve not required, increased the credit balance in this account to £15,983. Out of this the directors have transferred £6OOO to plant renewal and replacement reserve increasing this reserve to £12,000, and have transferred £2OOO to general reserve, which now stands at £14,000. leaving a final credit balance of £7983 in the appropriation account. The directors recommend to shareholders payment of a dividend of 10 per cent, (unchanged), absorbing £5OOO, leaving £2983 to carry forward. The directors, in their annual report state that adequate provision has been made for taxation and depreciation, and plant, buildings, stock, furniture and motor vehicles are valued on a conservative basis. Fixed assets show a net increase of £12,728, representing mainly the new dye house, which is now in use. Substantial additions to factory and warehouse premises are in progress and should h<- con pletcd during 1948, providing space for extensions to plant and machinery when procurable., Floating assets show a corresponding decrease, the figure for 1947 being £61,580 against £73,148 last year. There is still an acute shortage of female labour and this has resulted in decreased production and increased costs. Turnover, which is slightly ahead of last year, has been helped by importations of pure silk hosiery from the United Kingdom.