UNION S.S. COMPANY

Dominion, Volume 10, Issue 2948, 7 December 1916, Page 9

UNION S.S. COMPANY

PROFIT FOR YEAR., £155,973,

The annual report of the Union Steam Ship Company states that after making provision for depreciation on plant and. other contingencies, tho not profit for the year, including ■' interest and investments and transfer fees, amounts to £155,973 7s. Bd. •

After deducting interest and debentures and interim dividends paid in May last, there is left at tlie disposal of shareholders the sum of £119,807 10s. 5d., which the directors recommend should be appropriated as follows: —To balance of dividend and preference shares, 2$ per cent, on £1,000,000, making 5} jjcr cent, for the year—£27,soo. ' To dividend on ordinary shares, 5 per cent, on £1,000,000, making, with interim dividend of 3 per cent, paid in May, 8 per cent, for year —i£so,'Goo. To balance 1 to be carried forward to next year—£42,3o7. Total —£119,807 10s. sd.

The directors further recommend that a- bonus of 2 per cent, on the_ ordinary shares be paid out of the insurance fund. This will absorb £20,000, leaving a net amount at tbo credit of the Insurance Fund of £514,548 16s. 3d. Assets are set down as follow:— Shipping property payments on account of new steamers aud investments in securities, etc., aro set down at £2,926,535 16s. 1d..; hulks, lighters, launches, etc., £55,669 55.; coal stores, etc., in stock, £229,119 7s. 7d.; freehold and leasehold land, buildings, etc., £190,148 19s. 6d.; London Office remittances, £34,129 15s. lid.; sundry debtors, agents, trado debts, etc., £376,760 lis. lid.; cash in banks, £101,387 7s. Id.; making a total of £3.913,751 3s. Id.

On tlia liability' side of the balancesheet. tlio sum of £359,227 4s._ lOcl. is set down as a reserve for liabilities not yet adjusted, including provision for allowances on tho adjustment of contracts, Imperial, Commonwealth, and Dominion taxes, extra depreciation, stoamers in Government service, sundry accounts; the liabilities being set down at £551,108 7s. lOd.