WILSONS’ CEMENT, LTD.

Sun (Auckland), Volume IV, Issue 972, 15 May 1930, Page 13

WILSONS’ CEMENT, LTD.

NET PROFITS OF £89,995 SUBSTANTIAL RESERVES A net profit of £89,995, equal to 14.9 per cent, of the paid-up capital of the company, after making provision for income tax, bad debts and depreciation, is shown in the balance sheet of Wilsons (N.Z.) Portland Cement Company, Limited, for the year ended March 31 last. The directors recommend the payment of the usual dividend at the rate of 10 per cent, per annum, and a bonus of 2J per cent. The sum of £IO,OOO will be transferred to reserve account, and a balance of £66,208 carried forward, compared with the sum of £61,252 brought up from the 1929 accounts. Reserves, and amount at credit of profit and loss, after payment of this year’s commitments, will stand at £176,207, an equivalent of approximately 5s lOd for every £1 share. The marine insurance account now stands at £34,657, an increase of £1,827. Last year the addition to this reserve was £2,643, and in each of the three preceding years £ 6,611. Including the balance in the profit and loss account the shareholders’ funds amount to £855,865, an increase of £31,782 on last year’s figure. The only liability is to creditors, including income tax £61,122, which is £2,725 more than last year. The valuation of land, plant and other fixed assets has been further reduced by £49,629 to £297,932. The stocks and stores are lower by £19,216, at £57,719, and sundry debtors have decreased by £3,813 to £72,769. Wilson Collieries shares are unchanged at £49,993, and Government inscribed stock at £336,832 is £ 64,017 more than a year ago. Cash and bank balances at £100,395 show an increase of £41,863. The total amount of assets is £916,987, an increase of £34,507. * The retiring directors, Mr. A. B. Roberton, Mr. John Wilson and Mr. H. B. Williams, offer themselves for reelection.

Following is a comparison of the company’s results and appropriations for the last three years: 1927-28. 1928-29. 1929-30. Brought forward 57,421 60,616 61,252 Net profits .. 88,245 85,586 89,955 £145,666 £146,252 £151,207 Dividend 10 p.c. 60,000 60,000 60,000 Bonus 2i p.c. .. To reserve .. 25,000 25,000 10,000 Car. forward £60,666 £61,252 £66,207