The Waterbury Democrat., 1933-03-04

.. "We have leased and will soon ,, have in operation small factory .@ in England which will serve cus-
 toners in Great Britain with goods
 now being manufactured in To-
 ronto, Canada" states Edward O..
 GoS, president of the Scovill
 Manufacturing Company, in his s report of the firm ending Decem- Der 31, 1892.
 The combined financial condi- stion of the company and it's suo- ~ salaries continues to be sound,
 with no bank loans. Current as-
 sets at the close of the year were
 $12,S35,731.89 compared with cur
 rent liabilities of $S73,060.69 or
 ratio of nearly Is to 1. The num-
 Der of stockholders was 5000 on December 31, 1892 as against 3,O03 z the year before.
 A few of the annual statements
 of the company as of December s31, 1882, taken from Mir Goss's re- 4e port which was released to-day ? follow:
 The net income from operations # for the year 1892 applicable to de-
 benture interest, before charging 2 off depreciation, amounted to
 s528,258.10. Interest paid and ac-
 crued for the year 1882 on the , Fifteen Year Convertible Gold De-
 bentures was $854,150. This de-
 duction, together with allowance for depreciation of our fixed assets anG amortization of debenture dis
 count, brings the total charge to the surplus account from opera
 tion., for the year 1882 to $1,322'-
 332.96.
 During the past IA years, the
 Scovill Company has had penang with the federal government the :. settlement of it's corporation taxes : for the years 1918 and 1913. Tn s- the year 1882, a settlement was ef- % fected on a satisfactory basis. The q result called for a readjustment or = the book values of buildings and . machinery as follows: the gross s value was reduced by s3,029,7o5.2o due to the allowance of amortlza. ton and other adjustments, and the Reserve for Depreciation was x reduced by $3,774,222.33 for the .ssame reasons. These changes caused an increase of $744,517.l3 in the net value of these assets
 which amount was carried to sur, 7 plus. The resulting additional taxes and interest were $192,118.02 which amount is carried as cur rent liability and is charged 10 r surplus as being applicable to prlor / years. ~, A study of net plant valuations v .discloses that they are conserVa- D lively stated even on the Dasls or present day costs, and with tnls
 in mind the company has decreas- {. ed our depreciation on macninely a for the year on account or reuuceu '. activities A and idle equipment but 2 at the same time the rates used A on many of our buildings have z been increased. The net book value of our fixed assets after adjustment s for all of the foregoing items ana .+for additions and depreciation TOT the year 1892 was $1S,021, ,243.34 at
 December 31, 1892, compared with
 S1S,2OO,O73.2S at December 3l,
 1881, a decrease of $17S,s29.94. s. Our maintenance and repair work has in no wise been neglected s@though its cost has been reduced @by care, and by reason of lesseneo Operations which in general nave
 averaged about one-third of nor smal. ky Our marketable securities are
 many of them in the category oi Investments in related industries
 and none of them have beer changed during the year, but nave <. been reduced to market quotations / on December 31, 1892 by a charge . to surplus of $271,627.63.
 our practice of previous years
 has been to value each item in the
 inventories at the lower of cost ol
 market, then deduct a reserve on r uniform basis to allow for unfore-
 seen losses and to enable us te carry raw copper and the copper
 constituent of goods in process
 which represents large part thereof, at a price as low or lower than it had been sold heretofore s.This wear we have continued out practice and have used price fol
 copper which averaged $.O4Ss pel
 pound as delivered to the varlou! : plants. For zinc, another large item, our cost was below the marke
 and we used the cost. Items of un
 certain value were eliminated al