MESSRS DALGETY AND CO., LTD.

Wairarapa Age, Volume XXXII, Issue 9689, 13 January 1910, Page 6

MESSRS DALGETY AND CO., LTD.

A SUCCESSFUL YEAR. The twenty-fifth annual report and balance sheet of Messrs Dalgety and Co., Ltd., a copy of which is just to hand, discloses a successful year's operations, ended on the 30th June last. The directors in their report say: —The balance sheet shows that, after providing for bad and doubtful debts, interest on Debenture Stock and Debentures up to 30th June, cost of issue of preference shares, and dividend thereon, and payment of income tax, there remains to the credit of Profit and Loss Aqcount, including the balance brought forward from last year, £225,771 10s lOd. Io May last an interim-dividend was paid at the rate of 6 per cent, per annum, for the half year ending 31st December, amounting to £30,000, leaving a balance available of £195,771 10s lOd. ywhich the directors recommend snould be appropriates as follows: —£30,000 in payment of a dividend at the rate of 6 per cent, per annum, free of income tax, for the half year, making with above payment 6 per cent, for the year; £IO,OOO in paymen of a bonus of I per cent, for the year ended 30th June last, free of income tax: £50,000 to the Reserve Fund, thereby raising it to £320,000; £30,000 to writing down cost of premises- £5,000 to the Staff Benevolent Fund, and £70,771 10s lOd car. ried forward.—Total, £195,771 10s lOd. In December last the Board recommended and the Shareholders authorised the creation of additional capital to the extent of £1,000,000 on 5 per cent, preference shares. Half of this (£500,000) has been issued to provide for the expansion of the business, and the whole of the consequent expenses have been paid out of the profits for the year. The seasonal conditions throughout the greater part of the States in the Commonwealth, and also in the Dominion of New Zealand, may be regarded as very favourable on the whole, while Riverina, which has had to contend with a dry period of exceptional duration, is now enjoying a bounteous season. With a record wool clip assured, and with an excellent wheat crop in prospect, the outlook at the moment is distinctly ecouraghig. On the other hand the f<,,l at in the price of sheep and the low range of values for frozen lamb and mutton in this market luu been a somewhat disquieting factor.