Page 9 Advertisements Column 2

NZ Truth, Issue 1239, 29 August 1929, Page 9

THE WELLINGTON WOOLLEN MANUFACTURING CO.; LTD. ' Condensed Comparative Balance-Sheet, June 30, 1929. '-.- - LIABILITIES 'ASSETS A y: Capital, paid-up .... 300,000 — Land/buildings and Reserves ..' 67,000*2,100 plant*.... 229,840 t 3,905 Profit and loss . 16,020 t 1,455 Stocks ■...'. 216,082 t 72 . Debtors 53,248 f 2,046 Shareholders' funds 353.020 * 645 Unexpired insurances 390 t 6 Creditors 74,499*10,712 Cash 178 t/ 177 Employees' deposits 3,724* 758 O/s dividends 37 f ,79 » < . . -„ Bank 38,458 U3.242 ' -' ' £499,738 t 6,206 £499,738 t 6,206 Note.—* Indicates increase and t decrease compai*ed with last year's figures.' provided out of the undivided pro- vided for depreciation upon the buildfits brought forward from previous ings, plant and fittings, years. The book value of the latter *! \ • three items was £223,407, and it is The point is that the £2000 being upon this valuation that the detranferred to reserve has not been — -J— 1 . ■■ - ' ; earned m the year under review. WELLINGTON WOOLLEN MANUA similar state of affairs existed m FACTURING CO., LTD. 1923, 1924, 1927, and again m 1929. * v . J ..':■' . , -,««,„ Return showing Disclosed Gross Pro•T, he J 1 < r o r ?r C ° F mme^ Ce^ V IG 19 « + 3 y f a * flts > Expenses and Net Profit for with £4225 of undivided profits, but seven year period. ■' these have now shrunk to a mere * v ' £1020. Year For the year under. review the gross ending Gross Profit ; . Nat earnings were £65,467, the lowest m June 30 and Rents Expenses Profit the past seven years. ' £ £ . £ . Compared with the 1928 period they \^% .. .85,468 55,347 30,121 were down by £2134. In addition, the "24 .. 74,322 42,736 -31,586 year's expenses at £34.922 showed an "25 '.. 73,768 43,836 29,932 increase of £527, so that the net re- 1926 .. 72,350 42.897 29,453 suit was £2661 behind the 1928 ie- 1927 ... 69,138 : 39,651 29,487 t U t. ns 192S .. 67,601 34,395 33,206 In face of these Vfigures, the action 1929 ... .65,467 34,922 30,545 of the directors m maintaining alO _, . . ' _ ~" : ~ per cent, dividend seems very optimis- Totals for " ■ .. „„„„„„. nnA . nnn • tic, to say the least of it. years £508,114 £293,784 £214,330 The aggregate figures for the preciation. of £5000 has been pro - _ , ■• . , vided which makes the rate £2 seven years msrely serve to accen- ' 4s peP cen t. tuate the point, and show that the „„ ...... 7 , ' , y ' .. . . , • ■ Whilst- it is unreasonable to dogmagross earnings were disclosed at tise upon the matter of the correct £508,114. rates 'Of depreciation m any given case a full knowledge of the facts Expenses took £293,754, dividends and circumstances relating thereto, one £197,536, and reserves £16,794. cahnot^help commenting that, m this Although the position of the com- instance, • the rate appears to be just WELLINGTON WOOLLEN MANUFACTURING CO., LTD.' Return showing Disclosed Annual Net Profit and the . disposal: thereof . for seven yeair period. ■ Year ended Net V.., Tptal June 30 Profit Dividend Reserve .Disposal - £ '£ ■ ■ ' * ' "£' • - ■ - £. 1923 30,121 28,000 4,000 " 32,000 1924 .-.- .-. .. 31,586 28,096 '■■ 4,000 32,096 1925 , .-. .. .. , 29,932 25,658 4,000 29,658 1926 .. .. .-. 29,453 27,164 2,000 29,164 1927 .. „.-. - .. 29,487 28,704 2,000 30,704 1928 .... .". 33,206 . 29,914 2,000 ' 31,914 1929 .. ... .. 30,545 30,000 -2,000 32,000 £214,330 £197,536 £20,000' £217,536