Morris, Hedstrom, Ltd.

Profit Higher

A NET profit of £82,098 (being an increase of £11,714 over the pre vious year) is shown in the accounts of Morris, Hedstrom, Liimited, Suva, for the year ended March 31.

The dividend was increased to 6 per cent, from 51 per cent, and in addi tion a bonus of 2h per cent, on ord inary shares was given in commemor ation of the 70th anniversary of the foundation of the firm.

Results for the past three years are as follows:

Total assets have risen by £43,017 to £1,067,831.

In his report, Sir Maynard Hed strom, managing director, stated: “The increase in the profit earned is due to generally favourable conditions. The production of sugar for the year ended December 31 was slightly less than that for the previous year; also, there was a slight fall in the production of copra. Expenditure in the mining areas continues to stimulate general busi ness.

“Although prospects for the current year are reasonably good, the directors do not anticipate that it will be pos sible to achieve as good results during this period as have been obtained dur ing the period just ended.

“The financial position is very sound.

Cash on hand and at bankers has in creased by over £37,000, and, while debts and liabilities show an apparent increase of about £3,600, this does not represent any actual increase in out side liabilities”.

1936. 1937. 1938. £ £ £ Brought forward 40,425 54,764 62,073 Net profit 53,512 70,384 82,098 93,937 125,148 144,171 To reserve — — 20,000 Dividends— Pref., 6 p.c. 13,152 13,152 13,152 Ord., p.c. 5 52 6 Amount .. 26,021 29,923 31,224 Bonus, 2 h p.c. . — — 13,010 Pension fund . — — 5,000 Carried forward 54,764 62,073 61,785