WRITE-OFF BY KELVINATOR

Press, Volume CVI, Issue 31084, 13 June 1966, Page 7

WRITE-OFF BY KELVINATOR

H. G. Palmer Debt

(N.Z. Press Assn.— Copyright) SYDNEY, June 9. Kelvinator Australia has written off 259,378 dollars owing by the H. G. Palmer organisation, directors disclosed in the annual report. This represents the full H. G. Palmer debt with Kelvinator. The directors do not state how the write-off was effected. They say it has not been considered necessary to increase the provision for doubtful debts which remains at 400,000 dollars. The total amount of bad debts written off for the year to March 31 was 277,612 dollars, most of which is accounted for by H. G. Palmer. Obsolescene The directors also disclose they have provided a further 100,000 dollars for inventory obsolescence which now stands at 720,000 dollars. The consolidated balance sheet shows Kelvinator was extremely liquid at balance date, March 31. Although its bank balance was down from 279.902 to 126,099 dollars, deposits at call had jumped almost three times from 700,000 to 2,050,000 dollars. The annual report also discloses that there has been an over-provision of 53,536 dollars for income tax for 196566.

HAREWOOD LADlES’.—Nancy McCormick Memorial Foursomes: Mesdames E. Perkins and M. de la Perrelle, 109. 32—77; Mesdames M. Sugden and J. Barron, 109, 31—78: Mesdames S. Jackson and P. Robinson, 104, 26—78. C Grade—Third eclectic: Mrs N Deane, 109. 36—73: Mesdames J. Kerr. 112. 36—76: Mrs J. Macaulay, 114, 36—78.