WILSONS CEMENT, LTD

Sun (Auckland), Volume II, Issue 360, 22 May 1928, Page 12

WILSONS CEMENT, LTD

NET PROFIT OF £88,245 A net profit for the year of £85.245 is shown in the 10tli annual report. and balance-sheet of Wilsons (N.Z.) Portland Cement Co., to be presented to the annual meeting of shareholders scheduled for Juno 11. This has been arrived at after making ample provision for depreciation, bad debts and taxes. The balance brought forward from last year was £57,420 ISs 2d, and of this amount £30.000 was absorbed in the payment of the interim dividend, leaving £115,566 5s 7d available for appropriation. The directors recommend that this should be disposed of as follows: —Payment of a dividend at the rate of ILO per cent, per annum, absorbing £60,000, less the interim dividend of £30,000 distributed last November; transfer to reserve account, £25,000, leaving a balance of £60,666 5s 7d to be carried forward. Items on the balance-sheet are as follow, corresponding figures for the previous year being given in parentheses:— Assets: Land, limestone deposits, buildings and plant, £406,911 (£422,57«<: stocks of cement, lime, stores, etc., £66.132 (£27.360): sundry debtors, £56,950 (£96,237); Wilson Collieries, Ltd., and Government inscribed stock, £317,264 (£271,611): cash and bank balances, £19,133 (£47,130); total assets, £866,391 (£565,216). The liabilities include:—Capital, £600,000 (£600,000); creditors, including provision for income tax, £70,358 (£104,039); marine insurance account, £30,367 (£23,756); reserve, £50.000 (£25,000). Following is a comparison of the company’s results for the last three years:— 1925-26 1926-27 1927-28 £ £ £ Brought forward 52,801 54.212 57,421 Net profits . . . 56.411 85,20 S 85.245 £139,212 £142,421 £145,666 Dividend, 10 p.c. CO.OOO 60,000 60,000 To reserve . . . 25,000 25,000 25,000 Carried forward .... £54,212 £57.421 £60,666 The retiring directors are Messrs. T. Simson, G. Winstone and H. B. Williams, who are eligible and offer themselves for re-election.