DALGETY AND CO.

Wairarapa Daily Times, Volume LVI, Issue 8625, 6 December 1906, Page 5

DALGETY AND CO.

*. Directors' Report

The Directors have the pleasure of submitting their twenty-second annual report and balance-sheet, showing the results of the Company's operations during the twelve months ended 30th June last.

The annexed balance-sheet shows that, after providing for bad and doubtful debts, depreciation in value of securities, interest on debenture stock and debentures up to 30th June, and payment of income tax, there remains to the credit of Profit and Loss Account, including the balance brought forward from last year. £165,380 17s Sd..

In May last an interim dividend was paid at the rate of 6 per cent, per annum, for the half-year ended 31st December, amounting to £30,000, leaving a balance available of £135,380 17s 81, which the Directors recommend should be appropriated as follows :— £30,000 in payment of a dividend at the rate of 6 per cent, per annum, free of income tax, for the half-year, making with above payment 6 per cent, for the year; £10,000 in payment of a bonus of 1 per cent, for the year ended 30th June last, free of income tax; £35,000 to the Reserve Fund thereby raising it to £200,000; £5000 to the foundation of a Staff Benevolent Fund, and £55,380 17s 8d carried forward.—Total £135,380 17s Bd.

The London manager, Mr E. V. Reid, is now on his way home after a tour of inspection of alt tho branches. The directors feel sure that the knowledge he has thus acquired, both of the company's business in Australasia and of those who have the management of it, will be of material advantage in the future.

The season which opened dry in some parts of Australia may now, thanks to the copious and general rains which have fallen, be considered fully assured.

In accordance with the Articles of Association E. T. Doxat, Esq., W. O. Gilchrist, Esq , and the Hon. E. W. Parker retire from the Board, but, being eligible, offer themselves for re-election.

The auditors, Messrs Gerard Van De Linde and Son, offer themselves for re-elec-tion.—Edmund T. Doxat, Chairman. —96, Bishopsgatestreet-within, 15th October, 1906.