WOOLWORTHS PROPERTIES

Dominion, Volume 34, Issue 42, 13 November 1940, Page 12

WOOLWORTHS PROPERTIES

Satisfactory Position The directors of Woolworths Properties, Limited, in their second annual report, state that the profit for the year ended June 30, after deducting all working expenses, and making adequate provision for depreciation, was £70,838. After setting aside £20,300 for taxation (current year, £18,990; previous year. £1310), the net profit was £50,538. The dividends on the 6 per cent, preferred ordinary shares, paid in January and July, took £32,538, leaving a balance of £lB.OOl to be carried forward. The report says that in accordance with the arrangement made with Woolworths, Limited, rentals have been received in respect of all the buildings owned by the company, sufficient to cover the dividend, all the expenses incurred during the year, and depreciation of 2 per cent, on the capital value of the buildings and improvements. The affairs of the company have progressed favourably. During the year an issue of 296,697 preferred ordinary shares was made at par, and was fully subscribed and paid up, “with the exception of £134 owing by certain New Zealand shareholders, due to exchange difficulties.” MOSGIEL WOOLLEN CO. Dividend Unchanged Dominion Special Service. DUNEDIN, November 12. Payment of a final dividend of 6 per eent., 3 per cent, from trading and 3 per cent, from revenue from investments, which, added to the interim dividend of 4 per cent, paid in April, makes a total distribution of 10 per cent, for the year, is recommended by the directors of Mosgiel Woollen Factory Co., Ltd., in their annual report for the year ended October 6. “In order to receive the full benefit of the new rates of depreciation as fixed by the Commissioner of Taxes." the report states, “it has been necessary to write up the book value of the plant to The department’s figure. By so doing a depreciation reserve account has been created and now stands at £45,120/16/7. “Sales have shown a considerable improvement on last year, with a resultant increase in net profit." After payment of the interim . dividend of 4 per cent, on April 6, absorbing £3815/4/-, providing £45.000 for Government taxation, and £5OOO for depreciation, and transferring £2OOO to reserve, there remains a balance of £24,755/14/8, which the directors recommend should be dealt with as follows: — Payment of a final dividend of 3 per cent, from trading, £2861/8/-,, and 3 per cent, from revenue from investments (making a total distribution of 10 per cent, for the year). £2861/8/-, leaving £19,032/18/8 to be carried forward. Gold Mining Returns The Blackball Creek dredge returned 45 ounces for 95 hours. There was no washup of the Mossy Creek dredge last week because, of the dredge being under repair till Thursihiy The Argo dredge returned 37 ounces for .128 hours from 10.500 yards. (Bv Telegraph—Press Association 1 DUNEDIN. November 12. The Nokomai Gold Mining Company reports a partial washup for a return of 190 oz. IGdwt. from a paddock for an area on the bottom of approximately 9000 yards. Tin And Rubber Prices 'By Telegraph —Press Assn.—Copyrtgii'.t LONDON. November 11. The price of tin is quoted as follows :— I Spot, buyers £258/5/- a ton, sellers £258 I 10/-; forward, buyers £260/5/-, sellers I 1260/10/-.