AUCKLAND TRAMS.

Auckland Star, Volume LIII, Issue 296, 14 December 1922, Page 10

AUCKLAND TRAMS.

5"4 PER CENT TAX "FREE. !\\"TNDTN<S UP THE COMPANY. Our Special Correspondent.) LONDON, November 2. "f The directors will submit their report and statement of accounts for the year ended June 30, 1922, at the twentyfifth ordinary general meeting on November 9. The revenue for the year, derived mainly from interest upon the City of Auckland Corporation debentures, amounted to £52,085 16/I'l. After proTiding for all expenses chargeable to revenue, including £11,821 17/2 for debenture interest and £4718 -11/1 in. respect of Income Tax Corporation Profits Tax, there is a balance on revenue account of £33,208 19/10, making, •with £8491 0/1, the amount brought forward from the previous year, a total 'jof £41,699 19/11. The dividend on the preference •hares paid and accrued to June 30 last requires £9000, and the directors now recommend that a dividend be paid on the ordinary shares at the rate 'of 5i per cent for the year (free of Income Tax), -which will Tequire ,*23,625, and leave £9074 19/11 to ibe carried forward to next account. During the year £15,353 of the company's First Mortgage Debenture Stock was bought and cancelled, the average cost to the company 'being approximately £92J per cent. Since the close of the year, a further amount of £2690 of Debenture Stock has been purchased and £124,936 stock has been redeemed iby an exchange for City of Auckland 5J per cent debentures, 'lbe •mount of defbenture stock now out,'atanding has thus been reduced to jEI 04,483. The directors are of opinion that •the time hag now arrived to consider the -winding up of the company and '.they propose to take a favourable * opportunity of realising the assets with '• view to the liquidation of the com- - pany and the distribution of the pro- .' reeds. .Mr. C. Shirreff Hilton is the director Retiring by rotation, and offers himself for re-election. The auditors, Messrs. ; Kemp, Chatteris, Nichols, Sendell and • Co., retire, and offer themselves for re- ' election. (Cabled information Tecelved on No--1 -»ember 27 stated that the company had arranged to realise on the balance of its' 1 Auckland City debentures, which were ■ -underwritten in London at £97 11/0 »nd ' S per cent at £94 10/, both, plus half--1 year's interest to December 31, 1922.]