COMMERCIAL.

Otaki Mail, 13 November 1922, Page 3

COMMERCIAL.

STOCK FIRM'S YEAR. i In submitting their twenty-first an- _ nual report and statement of ac- ; counts, the directors of Messrs. Ab- , raham and Williams, Ltd., consider , that, a satisfactory state of affairs is , disclosed, notwithstanding the fact . that it is for a second time deemed . advisable to pass a dividend on the , ordinary shares. The net return for the year, after allowing tor all ex- \ peases 'of management, ' depreciation j of plant and buildings, bad and doubtful debts, etc., amounts to £ll7B 9/8. This amount is tragsjgr- ■ r * r 2' tC uppTuprlaiion account and, added to the sum of £5506 6' brought forward from last year, makes £6684 15/6 available. A preference dividend for the year at 6 per cent, has been paid, and will absorb £4921 4/ less the sum of £79 3/11 lying to credit of dividend equalisation reserve account. Income tax amounting to £14,924 11/7 has been paid; this sum represents the income tax on

the profits made for the year ended 30th September, 1920, and, as taxes reserve account was only in credit £4530 6/, the sum of £10,394 5/7 will | be required to square the account. I The reserve account of £30",000, built up during good years, has been drawn on to the extent of £IO,OOO so that the necessary adjustments can be made. In regard to bad and doubtful debts, the accounts have been most carefully examined, and the directors consider that the fullest provision has been' made in this direction for all possible contingencies. Generally, the outlook for farmers' products is very much better, and the directors confidently hope that trade will now resume is normal aspect. The directors to retire are Messrs. E. H. Binney and P. J. Slede'en, !who offer themselves for reelection. The balance-sheet shows among the liabilities, capital account, £293,290: reserve, £20,500: Bank of New Zealand. £77,691; sundry creditors, £40,746. The assets include property account; £92,401; sundry debtors, £255,380; bills receivable 254,793; goods and merchandise, £15,611';" "plant .account. £9669j_ War Loan, £10,677. There are u<f"comingent" liabilities. _______