BURNS, PHILP'S YEAR
Gross profits of Burns, PJiilp, and. Co., Ltd., Sydney, increased by £23,080 to £735,587 during the year to March 31 last, but net profit was £15,274 lower, at £203,257. The shrinkage in disclosed profits was due to larger provision for depreciation, bad debts, and losses. Dividend at the usual rate of 10 per cent, takes £130,000, whilst £25)000 will be placed to the reserve, raising it to £975,000, and £20,000 earmarked as special depreciation on the company's copra plantations. A credit balance of £28,083 will be carried forward against £24,826 brought into the accounts. Before striking the year's profit an addition of £10,731 was-made to the insurance fund, raising it to £516,419. Further improvement was gained in the Australian section of the company's merchandise business, sales.agaili skoiying an appreciable increase in volume. > Earnings from shipping services also were, maintained, in spite of the ever-increasing foreign competition. Trading, in Papua and the Mandated Territory was seriously affected throughout the year by a steadily falling market for copra.
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Evening Post, Volume CXVII, Issue 106, 7 May 1934, Page 12
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169BURNS, PHILP'S YEAR Evening Post, Volume CXVII, Issue 106, 7 May 1934, Page 12
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