MILBURN LIME AND CEMENT

Evening Star, Issue 23370, 13 September 1939, Page 6

MILBURN LIME AND CEMENT

/ NET PROFIT OF £19.828 LOW£R BY £3.922 ON 1938 FIGURE DIVIDEND HELD AT 81 PER CENT. Net profit of £19,828, against £23,750 last year and £16,260 in 1937, is recorded in the. fifty-first annual report and balance-sheet of the Milburn Lime and Cement Company Ltd. for the year ended July 31. Dividend is held at 8$ per cent. . The directors’ report states that the profit and loss account, after writing off depreciation and making provision for income tax for the current year, shows a credit balance of £27,498, including the sum of £7,670_ carried forward from last year. An interim dividend was paid last March, amounting to £7,500, leaving a balance of £19,998 to be dealt with. It is recommended that : this balance should be. appropriated as follows To payment of final.dividend of 5 per cent., £IO,OOO. To provision for new plant, £2,000; and To carry forward, £7,998. The retiring directors, Messrs G. 11. Ritchie and B. H. Nees, offer themselves for re-election. BALANCE SHEET ITEMS. Results over the ipast three years are as follows : „ 1937. 1938. 1939. Net profit ... 16,260 23,750 19,823 Div. p.c. p.a. 83 8J 83 Div, amount 17,500 17,500 17,500 Chief movements in balance sheet items arc:— LIABILITIES. 1938. 1939. £. £. Capital 200,000 200,000 Reserve account ... 25,000 25,000 Doubtful debts reserve 3,000 3,000 Accident insurance reserve ... 10,000 10,000 P. and L. accounts 23,670 19,998 Sundry creds. and liabs. (inc. tax provision) 25,158 21,018 Maikareao plant reserve - 6,000 ASSETS. 1938. 1939. £., £. Properties, plant, etc. .. 116,319 110,327 , Investments 79,218 74,218 Shares in Ewing Phosphate ... ... 10,000 9,000 Bills receivable ... 3,174 4,189 Sundry debts 36,982 37,843 Stock of lime, cement, etc. ... ... ... 39,053 44,629 Bank—current acc. 2,082 4,809 The total of assets is £285,016, against, last year’s figure of £286,828. , TOTANGI NO. 1 BORE [Pan United Press Association.] GISBORNE, September 12. The Petroleum Company advises that the Totangi No. 1 bore hag reached a depth of 5,090 ft. No change in the formation has been noticed. FOREIGN EXCHANGES Press Association—By Telegraph—Copyright LONDON, September 12. (Received September 13, at 1.30 p.m.) New York, dollar to £1 ... 4.02 to 4.06 Paris, franc to £1 1764 Montreal, dollar to £1 4.40 to 4.46 Amsterdam, florins to £1 ... 7.57 to 7.64 Switzerland, franc to £1 ... 17.75 to 17.94, Stockholm, kroner to £1 ... 16.89 to 17.06 Athens, drachmae to £1 ... 540 Lisbon, escudo to £1 1104 Kobe, pence to yen 13J to 14 1-32 Hongkong, pence to dollar ... 15 . Shanghai, pence to dollar 34 to 44 GLUTHA AND MOLYNEUX SHARES Press Association—By Telegraph—Copyright LONDON, September 12. (Received September 13, at 11 a.m.) Share quotations: Clutha River Company—buyers 9d, sellers Is; Molyneux River Company—buyers IOJd, sellers Is 3.R1. •