Steam Ferry Presents Accounts For Three Years

Press, Volume CII, Issue 30056, 14 February 1963, Page 19

Steam Ferry Presents Accounts For Three Years

(N.Z. Ptsm Anociation) AMCKLAM), February 13. With compensation payable by the Auckland Harbour Bridge Authority settled, the Devonport Steam Ferry Company, Ltd, has now presented its accounts for the 1960, 1961 and 19® financial year*. A cash dividend of 16 per cent, to -be paid from revenue reserves, is recommended. The directors say the dividend is equivalent to 8 per cent, for each of the last two years. It will take £26,000. ' Payments totalling 12} per cent were made in respect of the 1960 year, but none has been made since.

The company was swarded £180,554 in compensation for the loss incurred through the use of the harbour bridge. It had claimed £341,715. The compensation and ferry assets realisation account shows that the compensation figure is now reduced to £138,027. The loss on sale of ships and spares is shown at £52,115; Legal expenses were £9OBO. The accounts for the years ' ended March 31, 1960, 1961 J and 1962 show het profits of 1 £5883. £4242 and £3900 1 respectively. In the 1959 year, the last full year of operations, net profit was 1 £27283. Apart from two months' ferry operations in the first : year, all revenue is from : interest and dividends. i The 4i per cent, interest on the compensation money <

totals £24,343 over the three yean. Tax Prevision Taxation provision was £BBl, £4406 and £2630 in each of the yean, but with the sale of the company's assets no depreciation was required. The balance-sheet at March 31, 1962, shows paid capital at £162200. Reserves, including the compensation, total £145.368, making shareholders’ funds £307,868. compared with £218,808 in 1960. Current liabilities, including provision for the 16 per cent, cash distribution, total £40,716. Current assets of £329.490 include £73.025 cash at bank as well as £214,898 in compensation due, plus accrued interest Shares invested in public companies, at cost, are

£19,094, compared with £33212 in 1960. The 1969 entries of £96,940 In fixed assets and £8638 for shares in the subsidiary company have been eliminated with the sale of assets. Clients of our office are interested in advancing money on Motor Vehicle and approved securities. SMITH. BOYD and KNIGHT, 143 Hereford street Christchurch. —Advt.