TRUSTEES EXECUTORS AND AGENCY CO.

Press, Volume LXXXII, Issue 24902, 15 June 1946, Page 8

TRUSTEES EXECUTORS AND AGENCY CO.

LOWER NET PROFIT •• The Press ” Special Service DUNEDIN, June 14. A net profit of £2026 against £2298 last year, and unchanged dividend of 7 per cent, for the year is reported bj the Trustees Executors and Agency Company, of New Zealand, Ltd. Net earnings are the lowest since £2016, reported in 1941, and are £74 short of the amount required to meet the dividend payments. The floating balance (which is subject to taxation) has been reduced from £4baa to £4611. Income from agency commission. interest, etc., amounted to compared with £19.006 last year. The bal-ance-sheet assets show freehold properties at £2L348 (against £20,514), mortgages £23.721 (£23,041), and balances due at £160,563 (£136.403). The reserve account is unchanged at £ 10,000. In the liabilities, balances due by the company are shown at £202,263 against £158,512. RENOWN COLLIERIES HIGHER NET PROFIT • The Press ” Special Service AUCKLAND, June* 14. The net prefit of Renown Collieries, Ltd., for the year ended July 31, 1945. was £2207 higher at £5807. The profit is absorbed in transfer of £2207 to the general reserve and the payment of usual preference dividend of 7 per cent., together with the unchanged ordinary dividend of 3d (2i per cent.). The profit and loss adjustment account is added to the accounts for the year. The directors state that, in accordance with the Waikato Coal Mines Control Emergency Regulations, 1942, the basis of average net profit had been fixed and settlement of the company’s claim made by the Mines Department. The profit and loss account, after allowing £4200 for depreciation against £4528, shows a loss for the year of £7225, which is carried to the profit and loss adjustment account. This loss is added to the value of slack coal supplied to Waikato Carbonisation. Ltd. (£5499), and against the total is set a claim on the Government in respect of the year ended July, 1945 (£27.840). and dividend from the Carbonisation Company of £1333. leaving a credit balance of £16,449, which is transferred to appropriation account. After providing £10,642 for taxation, against £10,318, the net result is £5807. TAUPIRI COAL MINES, LTD. “ The Press ” Special Service AUCKLAND, June 14. An expansion of £1427 in net profit to £15,805 is reported by the Taupiri Coal Mines, Ltd., for the year ended March 31. This includes a sum due from the Government on a conservative estimate in settlement of the outstanding amount of the company’s claim for the last year under Waikato Coal Mines Control Emergency Regulations. The result, which is shown after making allowance for depreciation and taxation, is the best for 16 years. The unchanged dividend of Is 6d a share requires £9750, and the preference dividend of 6 2-5 per cent, takes £l2BO. making a total distribution of £11,030 and leaving a balance on the year’s operations of £4775 to increase the sum carried forward to £20,207. NORTHERN STEAM SHIP CO. “ The Press ” Special Service AUCKLAND, June 14. The net profit of the Northern Steam Ship Company. Ltd., was £5633 for the year ended March 31. a decrease of £22. The usual dividend of 5 per cent, for the .year requires £5650, the carry-forward being reduced by £l7 to £1617. The accounts do not show the amounts provided for depreciation or taxation.