Company's Sound Position
p. 86 · Read in the full issue
Morris Hedstrom Ltd.
PROFIT falls” was the heading given by Australian newspapers to the re view of Morris Hedstrom Ltd s ac counts for the year ended March 31. thus suggesting that some sort of decay had fallen upon the old firm. Actually, all that has happened is that the company s profit (£176.667) was down by £30,000 com pared with 1938, which was a “boom’ year- but it is better than the average of the three previous years. The accounts show the same usual steady volume of sound trading during the year.
The net profit was £52,867, to which has been added £13,000 transferred from inner reserves, making £65,867 for the shareholders, compared with £82,099 in 1938 and £70,384 in 1937. The ordinary dividend remains at 6 per cent. The suo scribed capital is £739,613, and reserve funds include £120,000 of general reserve and £55,026 of funds accumulated for in surance. On the assets side there are:— Land, buildings, plantations, stock and plant (including capital value of branches, £84,034) £725,534; sundry debtors; £157,270; cash and investments, £184,493. A very sound position.
The vacancy on the board of this com pany caused by the death of Sir Henry Marks was filled by Mr. J. Dowling. Other directors are: Sir Maynard Hedstrom.
Messrs. R. Crompton, P. A. Morris, H. E.
Snell. R. A. Crompton, B. H. Marks.
This company contributes regularly to an employees’ pension fund, which now amounts to £72,258.
Mr. B. Sherman flew from Rabaul to the Morobe goldfield recently to take up a position with New Guinea Goldfields, Ltd., at Golden Ridges.