NEWTON KING LTD.

Hawera Star, Volume XLVIII, 15 July 1924, Page 3

NEWTON KING LTD.

ANNUAL REPORT. The report of the directors of Messrs Newton .King, Ltd., which is to he presented at the annual meeting of shareholders, states: The statement covers the company’s operations for the twelve months ended April 30,. 1924. The profit and Joss appropriation, account, including £287 Is 7d brought forward from last year, shows a credit balance of £17,664 17s sd, from which has to be deducted the preference dividend due April 30, 1923, which was paid in February 1924, absorbing £11,338 8s 9d leaving a balance of £6326 8 S Bd. Out of this the directors have written off the balance o{ flotation expenses, amounting to £5963 12s, leaving a balance of £362 16s 8d to be carried forward. .The directors regret that the net profit is not sufficient to enable them, in addition to overtaking the accumulated arrears, to make payment of the dividend on tlm preference shares, which fell due on Abril 30 last. They also -regret that the ordinary shareholders will again receive no return for their investment. They have, however, to report that the trading results for the last two- years have, been distinctly good, but that the financial condition of a section of the farming community has been, and still is, far from satisfactory, but the directors feel confident that all losses which may be reasonably anticipated have been provided for. The managing-director, Mr. Newton King, left in February last on a business visit to England and America, and from latest advices expects to arrive back in New Zealand about the middle of August next. The directors feel assured that substantial benefits will accrue to the business of the company as a result of Mr. King’s efforts abroad.