DEVONPORT FERRY CO.

Auckland Star, Volume LXVII, Issue 136, 10 June 1936, Page 4

DEVONPORT FERRY CO.

RESULTS HAVE IMPROVED.

DIVIDEND 5 PER CENT. STRONG FINANCIAL POSITION. Further improvement is disclosed in the latest accounts issued by the Devonporl Steam Ferry L'cl for the year ended April 30. In their report, to be presented to .shareholders at the annual meeting on June 124, the directors state: —■ The net profit, after mnking allowance for depreciation on steamers, plant, etc., and payment of directors' feeis, amounts to £19,ii18. This with the balance of £602 'Drought forward makes a total of £20,340. An interim dividend at the rate of 5 por cent per annum for the halt year ended October 31, 103.), was paid, which absorbe.! £3750, leaving a. balance of £1(3..390. Allocation tor income tax provision. writing down debentures and shares, and ; writing off the cost of the Milford swimming pool, absorbe the sum of £11,852, ieavinji an available balance of £473!). 'The directors recommend a linal dividend of Vh per cent, leaving £089 to be carried forward. The 30 per cent wages wit was restored to employees at the end of April. j The report states that with the object of improving the holiday traffic to the North* Shore the directors had authorised the erection of a swimming pool at Milford. This project was almost completed and next summer would be quite ready for the bathing season. It was expected that the pool would greatly improve tile attractiveness of the district and would prove a great asset to the company in it«a carrying trade. During the year Mr. E. M. Coleman, on account of ill-health, had vacated his seat on the directorate, and Sir Cecil Le.vd had been appointed to the position. As j Mr. Coleman would have been the retiring ! director at this period, Sir Cecil Leys had ! been nominated for re-election in ni.s j place. Past Years Compared. The following table shows the results of the company's operations during the past nine years:— Year Net Dividends. Reended Profits. Hate. Amount. serves. April HO. & £ *- 1028 .. 11,285 "J 11,129 21,003! 11)20 .. 11.1257 7i 11,250 22.421 103(1 .. 11,243 7i 11,250 lili,i>ll2 1031 .. 11,230 7J n>2so 22,3!12 1032 .. 7,203 71 11.250 21,185 1033 .. 7,581 5 7,500 21,700 1034 .. 10,477* r> 7,500 U.'i.SM'.i 3U35 .. 17,717* 5 7.500 10.55!) 1030 .. 10,048* 5 7,500 10,80(1 ♦Since 1034 the accounts have been con-j piled In different form to comply with j conditions of the Companies Act, ami writing off of assets, apart from ordinary depreciation, has been made before net profits have been declared. Balance-sheet Items. The following table shows the principal movements in balance-sheet items over the past two years:— LIABILITIES. 1035. 1030. Paid capital 150.000 i.">o.uoo Reserve 10,807 10.8U7 Steamer insurance 13,150 13,150 Accident Insurance 3,0(10 3.0U0 Boiler renewal 3.000 3.00U Income tax 5,000 0,000 North Shore Transport . 1,020 _ 03" Sundry creditors 4,411! 5,3101 ASSETS. J Steamers, plant, etc. ... 79.113 713,530 Property, mortgages, etc. 28,032 24,330 Shares and debenture's . . 08,000 00,040 Sundry debtors 737 780 Government stock 8,500 12,0-8 St ock 3,278 3,300 Cash 12,306 17,80!) Income tax certificate .. 4,018 4,010 Total assets 105.404 105,702 The latest balance-sheet discloses an improvement in the liquid position, as investments in Government stock and cash show a combined increase of £10,000. It would appear that substantial sums have been written off the fixed assets, which have been reduced by over £10,000. Revenue for the year has evidently been quite satisfactory, the balance from the j trading account, £27,050, being nearly £1000 higher than in 1935. The ownership of the North Shore Transport Company is still assessed at the original value of £50,000, and, so far as can be judged by external appearances, should be well worth the money. The company carries out an important trans- j port service for Auckland City and marine | suburbs, and maintains its fleet of vessels I and buses generally in first-class condition. | The auditors' report states that there is a I profit in the accounts of the subsidiary j company, but this has not been shown in , the accounts of the parent company. The move on the part of the directors in endeavouring to further popularise the Milford district by providing a swimming pool shows commendable enterprise. Its action in paying the cost out of the current profits is thoroughly sound finance, and in keeping with its past record. SANFORD, LTD. ANNUAL BALANCE DATE. A circular hae been issued to shareholder* in Sanford, Ltd., notifying a change of the annual balance date from May 31 to August 31. The directors state that "in view of the changing conditions within the industry, the seasonal nature of the company's business and for convenience in the compilation of annual accounts, it will be to the company's advantage to extend the annual balance date to August 31 each year." PETERS' ICE CREAM. • CAPITAL INCREASE. The annual meeting of Peters' Ice ' Cream Company was held yesterday in ' Messrs. Geo. Court's tea rooms, the chair- , man of directors, Mr. P. B. Ross, pre- ' siding. In discussing the annual accounts, which have already been summarised in ■ the "Star," one of the directors, Mr. P. : H. Fergusson, analysed the assets to show that they were conservatively valued. The report was adopted and the dividend of 6 per cent recommended by the directors was authorised. Messrs. W. Illeson and G. L. Thorburn, ' retiring directors, were re-elected, and Mr. L. R. Ross was rcappointed auditor. , Subsequently a special meeting was held and a resolution to increase the capital ' of the company from £15,000 to £25,000 i by the issue of 10,000 additional shares of £1 each was carried. The chairman stated that the additional capital was ' necessary because of the expansion of the company's business, branch factories hav- ' ing been established at Hamilton, Whaka- ! tane and Whangarei, and the extensions j of the premises at Newmarket. The new I shares would be issued at 5/ above par. It was later announced that applications . for over 3000 shares had been received. :