COMPANY NEWS

Press, Volume LXXXVI, Issue 26121, 25 May 1950, Page 6

COMPANY NEWS

MIDLAND MOTORWAYS ACCOUNTS

The accounts of Midland Motorways Services, Ltd., for lhe ydhr ended March 31 disclose a net profit from trading of l £19.162 after writing off £19,247 by way of special and ordinary depreciation. For the previous year the figure was £22,635 after £16,784 had been written off as special and ordinary depreciation. The net profit for the year after providing for taxation is £13,317, against £11,898 for the previous year. The directors recommend a final dividend of 2J per cent, on the preference shares, absorbing a total of £1734, making 5 per cent, for the year, and it is noted that dividends totalling £BOOO have already been paid on the ordinary share capital. Eleven of the old units of the company’s bus fleet have been sold, and because of the very satisfactory prices received from their sale, it has been necessary to write back into the year’s accounts £12,320 of depreciation charged in earlier years’ accounts. This figure, added to the net profit from trading, gives an amount of £31,482 on which taxation is payable. A sum of £18,165 has been set aside for taxes and the balance of £13,317 has been carried to the profit and loss account, out of which the directors recommend that £4OOO be transferred to a general reserve. The balance carried forward to next year is £3554. . The total of current liabilities is £42,362. . as against £23,368 the previous year. Secured liabilities are £35.897 (£35,426), and shareholders’ funds total £85.054 i (£79,942). The balancing total is £163.313 (£138.736). Current assets are shown at 1 £20.849 (£17,668), investments £2150 . (£2388), and fixed assets £140,314 (£118,680). Gross profit from bus operations, less depreciation, is shown at £35,069 (£38,412) and salaries and overhead expenses absorbed £17,358 (£16,618). The total mileage of the fleet of buses for the year was 1,387.450. and the number of passengers carried 1.775,000. Buses number 47, and their average age i is 3.7 years. The company employs a staff of 129* Wellington Gas Co.—An interim preference dividend of 2£ per cent., less social security charge is payable on June 15. i (P.A.) Alloy Steel (N.Z.), Ltd.—lncreased profit of £6250. before providing for taxation. is shown in the accounts of Alloy Steel (N.Z.). Ltd., for the year ended March 31. 1950. against £5003 in the previous period. Taxation, however, takes £3231 against £2322, leaving a net balance of £3019, compared with £2681. Gross profit showed a rise from £12.628 to £14.586 on manufacturing account, other receipts swelling income to £14,807, against £12,803. Proposed final dividend of 3J per cent, makes 7 per cent, for the year, requiring in all £1750 and proposed bonus of Is a share adds a further £1250 to the distribution. Dividend and bonus are the same as last year. Carry-forward will be £9O against £7l brought in. Consolidated Zinc.—Consolidated, profit and loss account of Consolidated Zinc Corporation lor the period from February 2 (the date of incorporation) to December 31. 1949. was announced in London recently. Trading profits of subsidiary companies were £3,360,714. Taxation, including deferred taxation in respect of initial allowances, totalled £2.077,727. The sum of £262.074 was placed to general reserve. Dividends absorbed £493.195, and the balance is £183,303. The chairman stated that the influence of the United States stockpile of lead and zinc added fresh speculative impetus to markets whose price levels have always been somewhat volatile. "We may continue to expect a level in prices which' will bring a reasonable reward to all our enterprises," he said. He could not stress too strongly the fact that the company's prosperity must still depend greatly on the American economy.—(P.A. 1