COMPANY NEWS

Press, Volume LXXXIIi, Issue 25214, 19 June 1947, Page 8

COMPANY NEWS

N.Z. BREWERIES’ YEAR COMMENT ON EXTENT OF TAXATION ** The Press ” Special Service WELLINGTON, June 18. The year under review had been a successful one. said Sir William Perry, chairman of directors of New Zealand Breweries, Ltd., at the annual meeting of shareholders to-day. * “Although all forms of trade expenses and charges continue to increase, ne said, "the continued close pursuit or ’sound economies and the _ easing of war taxation have reduced outgoings. It is gratifying to have to record a reduction in taxation, but the directors feel bound to express very strongly the hope that this year will see still further reductions. „ . “During the year we installed new plant which had been on order for a number of years. Owing to continued building restrictions, it has not been possible to proceed with the rebuilding scheme outlined last year, which included plans for rebuilding certain of the company’s hotels.” . A Excise duty on beer still remained at the high war-time figure, he added. The amount of excise duty and sales tax on a gallon of beer was about 4s, compared with Is 5d in 1939. During the financial year the company and its subsidiaries had been the medium of paying £3,824,540 into the Consolidated Fund by various forms of taxation. Although the bulk of this amount consisted of excise duty, which was. in turn collected from the public, it was of interest to note that this huge amount was nearly 24 times larger than the dividend payment to shareholders. SLAB HUT GOLD COMPANY A net loss of £2836 for the year ended December 31, against a net profit of £5020 the previous year, is shown in the report of operations by the Slab Hut Creek Gold Dredging Company, Ltd. The net return an ounce of bullion won was 3.7 d against 6d the previous year,- and - yardage treated was 696,535, against 815,530, these being reported as factors contributing to the loss. Working hours were reduced from 4775 in 1945 to 4099 last year, the two main causes being an increase of 373 hours in repair work on the plant and 744 hours lost in salvaging the dredge after its sinking in July last year. The decrease in the value of gold won was £9575, increased costs were £163, savings £lBB6, and decrease in sundry receipts £4, making the net difference in the two years’ results £7856. The report states that the company’s area has about 12 to 18 months’ dredging life, and that the directors have been negotiating with the owners of adjoining land with a view to working it on a profit-sharing basis, a motion on which subject will be put to the shareholders vote. The report expects the current year s operations to be handicapped as the dredge was unable to work from February 22 to April 26 because of the drought in the Reefton district. Retiring directors eligible for ‘re-elec-tion are Messrs A. A. Boon. Christchurch, and A. Vickery, Sydney.