SHOE TRADE LOSSES

Evening Post, Volume CX, Issue 69, 18 September 1930, Page 12

SHOE TRADE LOSSES

'(By Telegraph.) (6|»ecial to" "The Evening Post.") , CHRISTCHUECH, This Day. Sfcelton, Frostick, and Company, Ltd., Report' the year ending 31st July, 1930, as (follows:—The profit and loss account phows an adverse balance of £9477 16s lid, which includes the loss of £3877 5s 6d brought forward from last year. Against ihia there remains an amount of £3343 5s standing to the credit-of stock depreciation and bad debts contingencies account. •Trade expenses were £700 less and 'bad debts £400, less than,the previous year. Interest and discount account £700 higher, and the repairs, and depreciation practically the same.' The volume of business jtcas less than the pvevious year, due to the jiepression existing. "The ■ conditions have been the worst known to the company, as, in addition to the general financial stringency, the importation of footwear has continued,, unftbated and price cutting has been e'xeos- £ ively indulged in by some manufacturers In a,, frantic effort to 'secure business." In.' addition to the debit of £9477 16s Sid standing to the profit and loss account, there is an accumulation of dividends due fo' Difference shareholders of over £5000. Wellington branch is to be closed. The directors recommend that the £2 10s j shares be written down to £1 10s, and ihat preference shareholders be asked to forego dividends to 31st March, 1931.