D.I.C. PROFITS

Sun (Auckland), Volume III, Issue 796, 17 October 1929, Page 10

D.I.C. PROFITS

DIVIDEND OF 10 PER CENT. From Our Own Correspondent DUNEDIN, Wednesday. Net profits of the Drapery and General Importing Company for the year ended August, 1929, after making provision for land and income tax, are £45,027 2s 6d, which with £40,920 5s 8d brought forward from last year, make a total of £85,947 8s 2d. The usual 2h per cent, discount on purchases was paid to shareholders. The new Wellington premises were opened for business on February 28 with gratifying results. The building is completed and the office portion is being rapidly filled by tenants. The company’s holding of New Zealand Government inscribed stock has been sold and the profit realised above book value has been added to the reserve fund. On. May 1 an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the halfyear ended February 20, which absorbed £7,500, and leaves £8,447 8s 2d available for division. This sum the directors propose to deal with as follows: —Payment of dividend at the rate of 6 per cent, per annum on preference shares for the half-year ended August 20, £7,500; payment of dividend at the rate of 10 per cent, per annum on ordinary shares, £17,877 11s lOd; addition to reserve fund (which will then stand at £80,000), £7,420 15s lOd; to be carried forward, £45,649 0s 6d. Following is a comparison of the

The ordinary dividend has been 10 per cent, since 1925. The reserve fund has been increased by £IO,OOO, the balance above the appropriation from profits representing the profit on realisation of investments.

DISTRICT STOCK SALES AUCTIONEERS’ REPORTS Auctioneers report on stock sales held throughout the district during the past week as follows: Alfred Buckland and Sons, Ltd.—During the week we held sales at Westfield, AAaioLra, Waiuku, Turua, Helensville, Pukekohe, also a pig sale ua^au - There were full yardings of cattle and we report good sales at all centres. Best dairy cows and heifers made £l4 to £l9; second-grade cows and heifers, £lO to £l3 15s; other dairv cows and heifers, £5 10s to £9 17s 6d~; empty young cows and heifers, £4 10s to £6 10s; store and boner cows, £2 10s to £6; cows witli calves, £7 to £lO 15s; heavy prime fat cows and heifers, £9 to »s; lighta- fat cows and heifers, £6 10s to £8 17s 6d; fat steers, £l2 5s to £l6 17s 6d; forward-conditioned four-year-old steers, £lO 2s to £lO 17s 6d; three to four-year-oid steers, £S 15s to £10; two to three-year-old steers, £7 to £8 12s 6d; yearling to 18-months-old steers, £o 10s to £6 17s 6d; well-bred and well-grown yearling to 15-months-old heiters, £7 15s to £9 3s, the latter price for heifers bred and sold on account of Mr. Bulte, other wellbred yearling heifers, £6 to £7 12s 6dother yearling heifers, £3 15s to £5 15s; heavy bulls, £8 to £lO 15s; sound young herd bulls, £7 7s to £l4 14s; other bulls. £3 10s to £7; fat and shorn forward wethers, £1 3s 6d to £1 6s 9d; store wethers, 16s to £1 2s; hoggets, 18s 6d to £1 2s. A small entry of pigs at Tuakau sold at fully Westfield values. The New Zealand Loan and Mercantile Agency Company, Ltd.—Sales were held during the past week at Westfield, Pukekohe (cattle and pigs), Warkworth, rapakura, Paeroa and Ngatea. There wa ¥ v, a keen for dairy cattle, which sold readily at high values. The demand for store cattle was steadv with late rates ruling. We quote:—Best and heifers, close to profit, £3.4 to £IS ss; others. £9 to £l3 10s: backward springers, £7 to £9 7s 6d • a ?ed cows and inferior heifers, £4 to Ls; bulls, £4 4s to 20gns, according! to breed and quality; store and boner ! f’ to i - 7 5s * yearling heifers, best, I £b to £9 ss; others, £3 to £5 15s; year- ' ling to 18-months steers, £4 10s to £6: 17s 6d: 2 to 21 -year steers, £ 7 to £8 15s- ’ 3 to 3£-year, £9 to_£10: 4 to 4£-years’ ~10 2s 6d to £lO 1i s 6d; grown steers, in forward condition, £ll to £l2 ss. There was a ready demand for all classes of lat and store pigs at Pukekohe, values realised being easily on a par with Westfield quotations. Dalgety and Company. Limited, Auckland. report having held their usual monthly sale at Helensville last Tuesday. An average yarding of cattle was I presented to a good attendance of buy- ! ers. and prices were well up to late rates. Light fat cows were penned in fair num- I bers and sold at late rates. Few spring- j ers were entered and these sold at cur- i rent prices. Empty two-years S.H. heif- ! ers met with good competition and sold ! at late rates. Quotations Springing i COWS, £7 10s to £8 15s; light fat cows, i £± 14s; light killable cows. £5 5s to 1 £5 15s; two-years empty S.H. heifers, j £o 5s to £5 10s; yearling Jersey heifers, ! £6 ss; coloured yearling steers, low eon- j dition, £2 15s.

company’s results and for the last three years: 1927. £ Brought forward 31,904 Net profits .. . . 46,873 appropriations 19 2 S. 1929. 35,981 40,920 42,728 45,027 £78,777 £78,709 £85,947 To reserve .. 15,000 15,000 7,421 Dividends— Pref., 6 p.c. 15,000 15,000 15,000 Ord., 10 p.c. 17,828 17,852 17,877 Carried forward £35,981 £40,920 £45,649