MILNE AND CHOYCE, LTD.

Sun (Auckland), Volume IV, Issue 1070, 6 September 1930, Page 11

MILNE AND CHOYCE, LTD.

NET PROFIT OF £22,624 DIVIDEND OF 8 PER CENT.

T * et profits for Milne and Choyce, FA', tor tile year ended July 31 amount to «L 4.2,624, after allowing for taxation, depreoiation and providing .£2,500 for start bonuses. This net showing works out at a shade more than I) per cent, of tho paid-up capital. Tho directors recommend that the usual dividend of S per cent, for tho year should be paid on all classes of shares and debenture stock. The report states that, notwithstanding a somewhat difficult period, the volume of business has been well maintained. A considerable increase in the number of sales was recorded throughout the store, although the average sale was of a slightly lower value. Stock of merchandise was in excess of last year, duo to earlier arrival of new goods. It was conservatively valued. Four of the company’s expert buyers had recently returned lrom American and European markets. It was the aim of the company to deal as far as possible within the Empire, and it was interesting to note that more than 80 per cent, of the total merchandise stocked was British. In December last an area of land ad loinmg the present premises was acquired, oil which a new building was in course of erection. That would provide considerable selling space and also muchneeded room for manufacturing purposes. The staff totalled 659 members, as against 651 last year.

In tho profit and loss account, gross profits are shown at £156,759, as against £163,360 last year, and £152,778 in the previous year. Expenses, taxation, staff bonus and depreciation, at £134,135, compared with £139,024 last year. Following is a comparison of the company’s results for the last three years: „ , , 1927-28 1928-29 1929-30 Brought forward . £30,867 £34,768 £39,104 Net profit .. .. 23,901 24,336 22,624 „ £54,768 £59,104 £61.729 Dividend, S p.c. Shares 4,100 4,100 4,100 Debentures .. 15,900 15,900 15,900 Car. forward .. £34,768 £39,104 £ 41,729 The staff bonus was £3,500 in 1928 and £4,000 last year. The company has paid 8 per cent, for 28 years in succession. The retiring directors, Mr. William Elliot and Mr. TT. C. Choyce, again offer their services to the company. The auditors, Messrs. Morris, Duncan and Gyllics, seek reappointment.