COMPANY NEWS

Press, Volume XCI, Issue 27666, 24 May 1955, Page 17

COMPANY NEWS

MIDLAND MOTORWAYS’ ACCOUNTS A net profit of £13,842 after taxation, compared with £9969, is shown in the accounts of Midland Motorways Services, Ltd., for the year ended March 31. The balance brought forward was £3698. After payment of ordinary and recommended preference dividends and the recommended transfer of £2OOO to the general reserve—making it £lO,OO0 —a balance of £4lOB remains to be carried forward. As in the past, the final preference dividend recommended for this year will be less social security charge, but the directors announce that thereafter these dividends will be paid at the full 5 per cent. Gross profit from bus operations after charging a total of £29,450 for ordinary and special depreciation on the fleet, plus £1874 in other depreciation, was £35,462, against £29,164 in 1954. Provision for income tax and social security charge absorbed £14,517, against £10,999 in 1954. Bank overdraft was reduced during the year from £60,648 to £46,127. The total of secured liabilities is £65,249, against £80,579 in 1954. Trade creditors total £17,973, against £7701. Total of shareholders’ funds is £104,108, against £101,698 in 1954. Fixed assets total £189,194, against £184,133 in 1954. The directors note that traffic has continued to increase on the company s Christchurch-Dunedin evening service, notwithstanding that during the year New Zealand Railways were granted a licence to operate a service departing from Christchurch at 1 pjn. Increased imports of private cars have been reflected in reduced revenue over some country services, otherwise turnover has been maintained. , , In heavy traffic fees, mileage tax, petrol tax, and registration fees, the company has paid a sum of £15,500 a year which, when added to social security and income tax, makes a total of more than £30,000 direct taxation relating to the last financial year. This total does not Include sales tax on vehicles and materials or any other taxes of an indirect nature. Despite the present shortage of manpower, the company has been able to rflaintain a full staff without any lowering in its high degree of discrimination in recruiting. At the end of the year the company had a fleet of 45 buses of an average age of three years. Mileage for the year was 1,377,500. The twentieth annual general meeting will be held on May 31. OVERSEAS EXCHANGE RATES

Latest telegraphic transfer rates as advised by the Bank of New South Wales are as follows: Buying. Selling.

London—* N.Z. to £100 stg. .. 100/7/6 101 New York— Doi. to £1 N.Z. .. 2.7857 2.7542 Montreal— Doi. to £1 N.Z. .. 2.7452 2.7098 Australia— £A to £100 N.Z. 124/10/9 124 Fiji— £F to £100 N.Z. .. 111/11/9 110/4/3 Western Samoa— £S to £100 NJZ. .. — 100 South Africa— £N.Z. to £100 S.A. 99/14/0 101/5/6 Belgium— Francs to £1 N.Z. 141.69 137.20 Denmark— Kroner to £1 N.Z. 19.64 18.96 France (Metropolitan)— Francs to £1 N.Z. 985 958 Holland— Guilders to £1 N.Z. 10.69 10.43 Norway— Kroner to £1 N.Z. 20.24 19.58 Sweden— Kroner to £1 N.Z. 14.59 14.25 Switzerland— Francs to £1 N.Z. 12.23 11.99 Ceylon— N.Z. pence to rup. 17 29-32 181 Hong Kong— N.Z. pence to dot 14 45-64 15 21-64 India— N.Z. pence to rup. 17 29-32 18 11-32 Pakistan— N.Z. pence to rup. 252 26 25-64 Singapore— N.Z pence to dol. 27 27-32 28 47-64 ManilaPesos to £1 N.Z. .. — 5.48 Paoeete and Noumea— Francs to £1 N.Z. — 171.82 Western GermanyMarks to £1 N.Z. 11.75 11.50