COMPANY AFFAIRS.

Auckland Star, Volume LXXI, Issue 14, 17 January 1940, Page 4

COMPANY AFFAIRS.

HIS MAJESTY'S ARCADE. DECLINE IN NET EARNINGS. BURDEN OF TAXES AND RATES. A fall or £907 in earnings is shown in the accounts of HLs Majesty's Arcade and Theatre Company, Ltd., for 1939. Net profit at £2284 compares with £3281 a year ago, and is struck after allowing the usual £600 for depreciation of buildings. The annual report (the 37tlj) of the directors draws attention to the burden of rates and taxes, the total under this heading for the year being no less than £3469, which shows a marked increase on tlie former already very heavy charges. Heavy expenditure also became necessary for repairs on the Queen Street verandah and the modernising of two shop fronts. To pay the usual preference dividend of 5 1-5 per cent and a 6 per cent dividend on ordinary shares, it has been necessary to draw on the amount carried forward from the previous year. The social security charge at 1/ in the £ will be deducted from the dividend payments. Gross revenue for the year was £9162, as against £8091 in 1938. and expenditure totalled £6,878, as against £5700. The retiring director, Mr. R. P. Towle, is available for re-election. Following is a comparison of the company's results and appropriations for the past three years:— 1037. 1038. 1030. e c s Brought forward .... 714 f>os (101 Net profit ~ 2,921 3.281 2.284 3,635 3,876 2,045 Dividends — •Pref., 5 1-5 p.c. .. . 1,040 1,040 1,040 Ord.. p.c »i 6J C Amount 1,800 1.050 1,800 To reserve 200 225 — Carried forward 5J)5 061 247 ♦Reduced from CJ per cent under statutory provision.