CLAUDE NEON YEAR

Auckland Star, Volume LXXIII, Issue 290, 8 December 1942, Page 5

CLAUDE NEON YEAR

PROFIT AGAIN REDUCED

Net earnings of £1025 for the year ended September 30, compared #vith £2559 last year anti £8530 in 1940, are shown in the accounts of Claude Neon Lights of New Zealand, Ltd. The result is reached after providing for all overhead charges, depreciation and taxation. Gross revenue from trading w#s £36.(509, against £5(>,117. The net profit has been added to the amount brought in, making a total of £12 851 which has been carried forward, no dividend being recommended. The last payment to shareholders was 5 per cent two years ago. Amortisation or signs, maintenance, loss on sale OI war loan and administration, etc.. absorbed £34.116, compared with £47.858 last year. Tax provision was £868 against £5100. and directors' tees were unchanged at £600. The report points out that while the blackout exists no profit can be expected from Neon signs. Bank overdraft had been further reduced from £ 15,469 to £9041, and stocks had increased by about £7000. The value of contracts, which stood at £216,403, had been reduced to £161,561. as during the greater part ?L ■ e». nO . new rental contracts lor signs had been entered into, and the company nad not been required to finance their installation. Certain essential materials for fluorescent lighting had not come to hand. The profit on £ realisation of the company's interest in its subsidiary. British Neon Corporation. Ltd. (in liquidation) was £2710, and further assets were still to be liquidated. The company had purchased from the receiver of Rayneon (N.Z.). Ltd.. its entire stock, plant and furniture, and had agreed to collect their rents and maintain signs. Since April 17 last the company had been declared an essential undertaking, and all its efforts were devoted to the installation of fluorescent lighting in war production factories. The retiring directors, who again offer their services, are the chairman, Mr. V. j. Lamer, and Mr. A. Q. Lunn.