UNFORTUNATE YEAR

Evening Post, Volume CXII, Issue 56, 3 September 1926, Page 6

UNFORTUNATE YEAR

BOOT MANUFACTURING:! COMPANY - r"""^" NO DIVIDEND PAID; ;.' (By Telegraph.) --.-■':"."•". (Special to "The Evening P«t") AUCKLAND, This Day. At the annual meeting of the Northern Boot and Shoe Manufacturing Company, Ltd., Mr. George Winstone, "chairman of directors, jaid that, .while the shareholders ■ might be disappointed at the result of the year's business,.they had to realise the position was a: natural one,! following the decline;in. footwear, values. . ," -'•- -■! The industry had passed" through a difficult year, and, in order' torconsolidate the1 position of the company/ the directors had taken the step of-writing down the stocks of unfashionable goods to.such an extent that there, could not possibly be any further loss on'them. To enable this to be done the directors had recommended that no dividend be paid this year. They were satisfied that under normal; conditions sufficient profit was being made by the_eompa»jr to allow payment of a divideßd_on the capital invested.- - • ..The bad :d?fet account of the company was unfortunately large, but the position would-have been normal had it .not been-for. one . large account. • ...._;...,■> The unfortunate year wasnot;due to any mismanagement on the' part of the staff, but rather -to circumstances beyond their control. The directors look to the current year's business iwitli confidence. The loss for the.year. was £934.'. •' . ' '-• - '■■'.-...