SMITH & SMITH, LTD.

Dominion, Volume 37, Issue 20, 19 October 1943, Page 6

SMITH & SMITH, LTD.

DIRECTORS’ REPORT. FRESENTEO AT THE FORTIETH ANNUAL MEETING. HELD ON SEPTEMBER 29, 19-13.

The Directors report that trading for the voar resulted in a gross profit of £132,885. After meeting working expenses, subsidizing Staff Siiperannmitioii by £63SG and making adequate provision for depreciation, £29.279 remains. This, with £6143 brought forward from. last year, and £4058 dividends received, leaves £39.481 to be dealt with. It is proposed that £24.000 be taken to reserve for current taxes. Also that £7087/10/- he paid as a 7} per cent, dividend upon . Ordinary Slrires This Ordinary Dividend will approximate 3.71 per cent, upon the paid-up Ordinary Capital, plus amount carried forward, and reserves (other than for taxes or dividends). £2250 being 5 per cent, upon Preference Shares, has been paid during the financial year. It is that a similar sum be placed aside to cover payments due in the ensuing year. £Ol 13 will be left to carry forward to Hie next year. The Company’s paid-up capital remains tit £139.500. Reserves (excluding for taxes and dividends), plus amount carried forward. total £96,302. The-Company lias assumed liability for investment of £40.700 in New Zealand Government War Loans; £10,200 of this is held by the Superannuation Fund Trustees. For the Board— BRITON SMITH. Chairman of Directors. —-P.B.A.