UNSATISFACTORY YEAR.

Press, Volume LXIII, Issue 19178, 8 December 1927, Page 9

UNSATISFACTORY YEAR.

NATIONAL ELECTRICAL AND ENGINEERING CO.

[THE KRESS Special Service.]

DUNEDIN, December 7,

In their twentieth annual report the directors of the National Electrical and Engineering Co.. Ltd., state: —"We regret; to have to report an unsatisfactory result for the year's operations. The profit and loss account for the twelvo months shows a profit of £1976 7s 7d, and after deducting £lO 19s 5d (being net amount brought forward from iast year, after deducting £3003 10s 6d, income-tax for previous year, paying a final dividend of £4730 15s on December 18th last, and transference of £2500 to reserve) there remains the sum of £1965 8s 2d, out of which provision must be mad for income-tax, which is estimated at £155. The directors recommend the payment of a dividend of £3 per cent., absorbing £3548 2s. To enable this to be paid, and to provide for income-tax, it will be necessary to take £1737 13s lOd from the roserve fund. In ascertaining the profits for the year no credit has been taken for the amount of orders in hand.

"The decreased profit has been due principally to the Dominion-wide depression, which has caused all Power Boards and public bodies to curtail their operations. This, in turn, has intensified competition for the restricted | business offering, increased the expense of selling, and so depressed the net profits. With the passing of tho depression the directors anticipate considerable improvement in tho company's business, apart from which active steps have.been taken to reduce expenditure."