NORVIC SHOES

Press, Volume C, Issue 29497, 26 April 1961, Page 19

NORVIC SHOES

42 Per Cent. Rise In Profit llet consolidated profit of Norvic Shoes (N.Z.), Ltd., rose £3945, or 42.0 per cent., to £13,328 in the year ended January 19, 1961. The previous year profit was steady. Th'’ latest result is reached after provision of £4502 (up £192) for depreciation and £13,414 (up £3949) for taxation. Dividend, as previously announced, has been raised from 6 per cent, to 7 per cent, and requires £7OOO. Carryforward after deducting £BB9B profits of subsidiary before acquisition, is reduced to £18.253.

Gross trading profit rose £11,078 to £63,888. Directors report that improved demand for footwear enabled the company to effect many economies in manufacture. The consolidated balancesheet shows that trade creditors have been reduced from £17,493 to £9BlO. while the secured mortgage has been reduced from £27,090 to £25.612.

Bank credit account is down from £3595 to £2206

and debtors are up from £33.507 to £40.499.

Stocks are up from £49.543 to £55.222. Shares in other companies have risen from £2OO to £1677 and last year’s holding of £5OO in Government stock has disappeared from the balance-sheet.

Fixed assets have been written down from £80.500 to. £75,680.

Rio Tinto.—The Rio Tinto Mining Company of Australia, Ltd. has agreed with Jawoth Industries, Ltd., for a joint entry into the hot-mix bitumen paving market In the Sydney area..

Swan " Div. Steady,— Directors of the Swan Brewery Company, Ltd., Perth, state they expect to maintain the increased dividend rate of 12J per cent, after the proposed one-for-seven bonus issue. Books will close for the bonus issue on May 5.

Unit Trust Quotes. —April 21: First New Zealand Unit Trust, buy 4s Bd, sell ss; New Zealand Income Trust. 4s lOd, 5s 2d. Exchange Rates The £ lost ground to the United States and Canadian dollars last week. Other changes were mainly small and adverse to sterling. Altered telegraphic transfer exchange rates, as advised on Monday by the Bank of New South Wales, are as follows: £ New Zealand cn— New York: buying, 2.7910 dollars (compared with 2.7942 dollars on April 17); selling. 2.7594 dollars (2.7826). Montreal: 2.7537 dollars (2.7637): 2.7230 dollars (2.7279). Austria: 73.01 schillings (73.073); 71.53 schillings (71 Jt). Belgium: 141.93 franC« (142.03); 137.40 francs (137.50). France: 13.80 francs (13.81); 13.42 francs (13.43). Italy: 1738 lire (1741); 1702 lire (1706). Netherlands: 10.12 guilders (10.15); 9.87 guilders fW). Norway: 20.23 crowns (same); 19.57 crowns (19.56), Sweden: 14.54 crowns (14.56); 14.20 crowns (14J2). Switzerland: 12.11 francs (12.12); 11A6 francs (11 M). Western Germany: D M. 11.10 (1112); DMIOAS (1048). Japan: 1012 yen (1015):-MB yen (980). Property Sale: Livingstone , and Company sold Monday < last No. 358 Worcester street • tor £5050. Advt