AUCKLAND LAUNDRY AFFAIRS

Auckland Star, Volume LXXIV, Issue 53, 4 March 1943, Page 3

AUCKLAND LAUNDRY AFFAIRS

"Having regard to the difficult conditions due to the war, the directors consider the year's trading result satisfactory." said Mr. H. M. Rogerson, chairman, at the annual meeting of the Auckland Laundry, Ltd., to-day. Turnover, which had risen by £10,000, was reflected in an increased net profit from £1275 to £2074, after paying taxation. When it was realised that tax provision on this year's profit was £5000 against £738 last year it would be seen that the Government had received the major share of the profit, which, under present conditions, was unavoidable. Shareholders would no doubt regard it as a necessary contribution to the war effort. Most activities during the year had been devoted to work for the armed forces, including American personnel, which was not so profitable as private work, but the directors considered its essential nature entitled it to priority. It was hoped that service to the public would be expanded as soon as conditions permitted. Mr. Rogerson mentioned that the Government had allowed £1400 additional depreciation in view of added maintenance on plant arising from extended hours. Though it had reduced the net profit, it was a wise provision. A pleasing lea.ture was that bank overdraft had been reduced by £4700. The retiring directors. Sir Ernest Davis and Mr. C. H. Furness, were re-elected, and the accounts (published on February 25) were adopted.