LOSS ON WORKING

Evening Post, Volume CXXVI, Issue 134, 3 December 1938, Page 12

LOSS ON WORKING

MANAWATU KNITTING MILLS

A loss of £166, compared with a net profit of £3703 last year and £5079 in 1936 is shown in the fifth annual accounts of Manawatu Knitting Mills, Ltd., for the year ended October 21. Full provision has been made for depreciation.

The directors did not advise payment of an interim dividend and regret that they cannot, under the prevailing conditions, recommend any dividend for the year. Last year a distribution of 10 per cent, was made. The period had proved a most difficult one from a trading point of view and the directors had become very concerned at the excessive imports. During the year a knitting company's plant, for which the directors held favourable prospects, was purchased in Auckland and removed to Palmerston North. DISPUTED INCOME TAX. The balance brought into the ac-. counts was £4335, from which had to be deducted £246 for staff bonuses and £1366, which represented a further income tax assessment. This had been paid under protest and was being disputed. After allowing for the year's loss, £2556 remains to be carried forward.

Shareholders' funds at £44,092 compare with £47,370 a year ago.' Bank indebtedness has risen £3215 to £12,189, while creditors are £1686 lower at £1898. In assets, stocks are down £8582 to £25,063.