Nelson Brothers Limited Report 1905

NELSON BROTHERS LIMITED.

REPORT BY THE DIRECTORS
AND BALANCE SHEET
AT 30TH SEPT., 1905.

NOTICE IS HEREBY GIVEN that the Twenty-second Ordinary General Meeting of the Shareholders of this Company will be held at Cannon Street Hotel, E.C., on Tuesday, the 20th February, 1906, at 2.30 o’clock in the afternoon, precisely, to receive the Report and the Accounts of the Company made up to 30th Sept., 1905, to declare a Dividend, and to elect a Director and Auditors and fix remuneration.

The Transfer Books will be closed from 8th to 20th February, both days inclusive.

By Order of the Board,
W. A. PORTER, Secretary.

LONDON,
5th February, 1906.

NELSON BROTHERS LIMITED.

Chairman and Managing Director.
SIR E. MONTAGUE NELSON, K.C.M.G.

Directors.
R. H. COBB.
FREDERICK NELSON.
W. J. TAYLOR.

Secretary and Registered Office.
W. A. PORTER, I5 Dowgate Hill, London, E.C.

Bankers.
LLOYDS BANK LIMITED
72 Lombard Street, London, E.C.

Solicitors.
DAWES & SONS
9 Angel Court, London, E.C.

Auditors.
CHATTERIS, NICHOLS & Co.
1 Queen Victoria Street, London, E.C.

Report by the Directors to be submitted to the Twenty-second Annual General Meeting of Shareholders to be held at Cannon Street Hotel, E.C., on Tuesday, the 20th February, 1906, at 2.30 o’clock.

The Directors have pleasure in submitting the annexed Balance Sheet and Profit and Loss Account to the 30th September, 1905, from which it will be seen that the year’s trading, including £11,187 9 2 brought from the previous year’s account, has resulted in a profit of
£38,483 1 10

Deduct the Interim Dividends paid on the 15th August last –
On the Preference Shares, 3 per cent.   890 2 0
On the Ordinary Shares, 3 per cent.   12,738 14 5   13,628 16 5
Leaving a balance of   £24,854 5 5

Your Directors now recommend the payment of a Final Dividend –
On the Preference Shares of 3 per cent. (making Six per cent. for the year)   890 2 0
On the Ordinary Shares of 4 per cent. (making Seven per cent. for the year)
(free of Income Tax)   16,984 19 2   17,875 1 2
Balance to carry forward   £6,979 4 3

The value of Live Stock in the Colony was maintained at a high figure throughout the past year, which adversely affected the profits of the Company, as the market for Frozen Meat here did not realise expectations.

The current Season has opened with a comparative absence of speculative buying, and there is a prospect of a lower range of values being established. This change would be very welcome to the trade here, especially in view of the increased competition to be expected from Australia as well as Argentina.

The markets for Wool and other produce have continued favourable, and the returns from the Farm properties of the Company have been very satisfactory.

Our Manager reports that the past Winter in the Colony was exceptionally wet, but no damage was sustained beyond the inconvenience caused by a backward Season.

The Directors announce with deep regret the death of their colleague, Mr. J. W. Margetts, who had been associated with them for the past eleven years.

Mr. Rhodes Hawtyn Cobb has been appointed to a seat on the Board, and his election is recommended to the Shareholders.

The Auditors, Messrs. Chatteris, Nichols & Co., are eligible for re-election.

15 DOWGATE HILL,
LONDON, E.C., 5th February, 1906.

E. MONTAGUE NELSON, Chairman.

NELSON BROTHERS LIMITED.

BALANCE SHEET at 30th SEPTEMBER, 1905.

Capital and Liabilities.
£   s.   d.
Capital £480,000 in 480,000 Shares of £1 each, of which there have been issued 424,624 Shares, fully-paid   424,624 0 0
20,000  6 per cent. Preference Shares of £10 each, of which there have been issued 2,967 Shares, fully-paid   29,670 0 0   £454,294 0 0
Debenture Stock bearing Interest at 5 per cent., and redeemable at any time at the option of the Company, at £110 per cent.   148,290 0 0
Reserve Account   40,000 0 0
Advances against Shipments   178,272 3 3
Debts Due by the Company   55,693 7 10

Profit and Loss Account:
Amount brought forward from last year… 11,187 9 2
Nett Profit for the year… 27,295 12 8
Deduct – 38,483 1 10

Interim Dividend on 6 per cent.
Preference Shares for half year to 31st March paid 15th August, 1905   890 2 0
Interim Dividend on Ordinary Shares at 3 per cent. (free of Income Tax) paid 15th August, 1905   12,738 14 5   13,628 16 5   24,854 5 5
£901,403 16 6

Property and Assets.
£   s.   d.
Freehold Land   £145,972 10 2
Buildings, Machinery and Plant   £102,557 7 9
Investments –
Consols, £20,253 2 4 at £85 per cent.   £17,215 0 0
Trading Investments   304,113 0 0   £321,328 0 0
Stocks on Hand and in Transit   £186,911 19 8
Live Stock   £56,890 12 4
Shipments on Joint account   £17,060 6 11
Materials and Stores   £13,139 10 11
Charges Paid in Advance   £1,665 13 5
Debts Due to the Company   £30,472 12 5
Cash on Deposit, at Bank and on Hand   £15,405 2 11
Securities in Hands of Trustees for Debenture Holders   £10,000 0 0
£901,403 16 6

PROFIT AND LOSS ACCOUNT.

£   s.   d.
To Debenture Interest   7,419 10 0
To London Expenses for Income Tax, Salaries, Office Accommodation, Auditors’ Fee, Cablegrams, Stationery, &c.   3,650 0 To Directors’ Fees   687 10 0
To Balance carried to Balance Sheet   27,295 12 8
£39,052 12 15

By Profit on Working, after providing for Colonial  Charges, Repairs and Depreciation   £23,560 16 8
By Dividends and Interest on Investments   £15,491 16 2
£39,052 12 10

In accordance with the provisions of the Companies Act, 1900, we certify that all our requirements as Auditors have been complied with, and we have to report to the Shareholders that, having audited the above Balance Sheet, it is in our opinion properly drawn up, so as to exhibit a true and correct view of the state of the Company’s affairs, as shown by the Books of the Company; and the Accounts and Inventories received from the Colony. The Investments are taken at cost or under, but are subject to depreciation.

E. MONTAGUE NELSON,
W. J. TAYLOR, Directors.

W. A. PORTER, Secretary.

LONDON, 29th January, 1906.
CHATTERIS, NICHOLS & CO., Auditors.