Govt measures worry Wilson, Neill

Press, Volume CXIII, Issue 33279, 17 July 1973, Page 10

Govt measures worry Wilson, Neill

(New Zealand Press Association) DUNEDIN, July 16. Concern at the Government’s decision to remove venison, fish, and processed meat from the list of items qualifying- for export sales incentives is expressed by the chairman of Wilson, Neill, Ltd (Mr J. A. Valentine) in in the company’s annual report.

Mr,Valentine said this decision would affect substantially the growth of exports o fthese commodities. However, he added, the effect of the decision would be reduced because past sales | of these goods would be removed in calculating the base period used in assessing the amount of qualifying sales to which the incentive related. The company made a group net profit of $260,842, which was $34,510, or 15.2 per cent, above the previous year’s profit of $226,3.32. The net profit represents an earning rate of 27.9 per cent on average issued capi- | tai, as compared with 26.5 per cent last year. The return on average sharehold ers’ funds is 15.3 per cent compared with 15.5 per cen: in 1972. An improved net profit re _ (suit has been obtained be cause of the reduced provision for taxation, which absorbs $71,422 this year i $40,937 less than last year. The reduction in taxation this vear is partly due to the ! effects of the improved export sales incentive deduction, which increases to 20 .per cent (from 15 per cent) |of qualifving increased sales for the 1973 year. In addition, finalisation of taxation assessments for the i 1971 and 1972 years has resulted in refunds totalling ($33,168 which have been

(credited to unappropriated profits after arriving at the profit for the year. The board recommends a dividend of 12 per cent for the year, absorbing $113,027 lof the profit and leaving ($147,815 retained in the business. Last year’s dividend 'was 11 ner cent.