TAXATION BURDEN

Dominion, Volume 31, Issue 41, 12 November 1937, Page 14

TAXATION BURDEN

Sharlantl & Company, Ltd. NET PROFIT LOWER Ac the annual meeting, of Sharland and Co., Ltd., yesterday, the chairman of directors, Mr. A. E. Mabin, reviewed the year's accounts, details of which were printed in this column ou November 3. Stocks were up £9062, and book debts £2278, a total of £11,340. This was consequent ou a considerable increase in trading during the year. The increase of £9938 in amount owing to bank and open liabilities, and reduction of £2OOO in cash on deposit had provided the money for the increase in stock and book debts. In the profit and loss account, gross profits had increased by £3354 as a result of the increased turnover for the year. On the other side, however, expenses had increased by £6056, of which £5509 was due to higher wages, salaries and allied items brought about by recent industrial legislation, and the final result of the transactions was _ that the net profit was lower by £2567. The directors could not help but express disappointment with this showing which was felt keenly by the capable management and staff, who had all worked so energetically and whose efforts were deserving of a better result. Although they were able to maintain the usual dividend and have a small increased carry-over, in these propitious times they should be able to materially increase and strengthen their reserves. The company had a right to look for an amelioration of the heavy company taxation and the graduated land tax, •which together totalled approximately £5OOO, equal to 80 per cent, of what was returned to shareholders for their risk and investment. They got no protection of any moment, from tariffs for their factory products and with increased legislative restrictions profitable trading was very difficult. Thqy had to stock 6000 different varieties of goods in order to give prompt and efficient service to chemists and others throughout the Dominion. They sold their commodities and manufactures at the lowest possible rates and the only alternatives to reduced taxation were either increased prices to the consumer or reductions in staff. Neither of these was desirable, but would need to be considered nevertheless. The company was in a sound financial position, and they hoped for the time when business could proceed on more normal lines. The report and balance-sheet, carrying with it the immediate payment of a dividend of 2J per cent, on both preference and ordinary shares making 5 per cent, for the year, was .\dopted. ( Mr. Mabin. the onlv retiring director, was re-elected. On the motion of Mr. J. VV. Jack, seconded by Mr. W. Watson, juu., a vote of thank's to the directors and staff was carried. FOREIGN EXCHANGES

Position Of Sterling By Telegraph.—Press Assn.—Copyright. London, November 10. The following mean closing rates on foreign exchanges were current to-day compared with those ruling on November 9: Par. Nov. 9. Nov. 10. N. York. dol. to £ 4.860 5.011-10

Price bi Gold. London, November 10. Gold.—.£7/0/2 an ounce, fine.

On New Zealand Currency Basis

The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange yesterday:—

The Associated Hanks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basts. They are subject to alteration without notice. U.S.A. Doi. Canadian Doi. Soiling: iPer £1 N.Z.) (Per £1 N.Z.) T.T. 4.00} 4.0011-10 O.'D. 1.01.1 4.01 J Buying: O.D. -I.oo} ■1.05 J N.Z, Pound Abroad Based on figures quoted by the Bank of New South Wales, the New Zealand pound, compared with its original par value, Is equivalent to approximately:— 16/1 In London. £l/0/1 In Australia. 16/5} In U.S.A. 16/5} in Canada. 18/11 In France. 16/5} in Italy. . 9/8} In Germany. 11/10} In Java. £l/8/1 in Japan.

4.09 15-16 Montreal, dol. to £ 4.866 5.00 4.9911-16 Paris, fr. to £ 124.21 147 7-64 Brussels, bel. to £ 48.611 —— 29.395 Geneva, fr; to £ Amst’dam, fl. to £ 25.225 21.58 12.107 9.02* 9.02} Berlin, mks. to £ 23.43 12.37 Et’bolm, knr. to £ 18.159 19.395 19.10 C’hagen, knr. to £ 18.159 22.40 22.40 Oslo, knr. to £ 18.159 19.90 19.90 Vienna, schga. to £ 34.585 26.50 26.50 Prague, knr. to £ 134.25 : 143.125 143.875 Hel'fors. mks. to £ 193.23 1 226.125 226.125 Madrid, pes. to £ 25 225 .— —- Lisbon, esc. to £ loo' ’ 110 3-16 i 110 3-16 Milan, lire to £ 92 95.375 05 Athens, drac. to £ 375 •547} •5474 Bucharest, lei to £ 813.60 672.50 672.50 Belgrade, din. to £ 276.31 215 215 Rio de J., p. to mil. 4.899 t4i +4i B. Aires, p. to peso 47.02 — M. Video, p. to peso 51 3913-16 3913-16 Calcutta, p. to rup. 18 184 18} Shanghai, p. to dol. 18 146 14 3-16 H.-Kong, p. to dol. —— 15 15 y’hama, p. to yen 24.582 14 .14 Batavia, fl. to £ 12.107 9.01 • Unofficial, t Official. 9.00

New Zealand on Buying. Seiling. London . T.T. 124 124/10/£N.Z. to £stg. 100 O.D. 123/10/. ■ 124/8/9 Australia £A to £N.Z. 100 t.t. O.D 101 100/10/Fiji £ I? to £ N.Z. 100 T.T O.D 90/7/0 b9 New York T.T. •1.0-107 4.0061. Uol. to £N.Z. . O.D. 4.0507 4.0101 Montreal T.T. ■1.0371 4.0047 Doi. to £N.Z. . O.D. 4.0191 4.0087 Austria T.T. —- 20.88 Seligs, to £N.Z. O.D. — 20.89 Belgium T.T. 23.81(1 23.506 Bel. to £N.Z. . O.D. 23.891 23.517 Czechoslovakia ... T.T. — 113.17 Crs. to £N.Z. . O.D. — 113.22 Denmark T.T. 18.203 17.893 Knr. to £N.Z. . O.D. 18.263 17.899 France T.T. — 117.12 ' Frs. to £N.Z. . O.D. • - — 117.10 Germany t.t. O.D. — 9.870 Mks. to £N.Z. . 9.875 Holland T.T. 1 ..ki 111 7.205 FIs. to £N.Z. . O.D. 7.395 7.209 Italy T.T. —- • 76.15 Lire to £N.Z. . O.D. T.T. —— 76.21 Java i ,32i 7.177 FIs. to £N.Z. . O.D. 7.367 7.181 Norway T.T. 10.183 15.S93 Knr. to £N.Z. . O.D. 16.243 15.899 Sweden T.T. 15.789 15.494 Knr. to £N.Z. . O.D. 15.849 15.500 Switzerland T.T. 17.516 17.246 Frs. to £N.Z. . O.D. 17.621 17.251 Noumea T.T. — 115.87 Frs. to £N.Z. . O.D. — 115.91 Papeete T.T. — 11.5.92 Frs. to £N.Z. . O.D. — 115.9(1 Hong-Kong T.T. 18 29-61 .18 53-01 N.Z. d. to Doi. . O.D. 18 27-04 18 53-64 India and Ceylon . T.T. 22J 22 21-32 N.Z. d. to Rup. O.D. 22 11-32 22 21-32 Japan N.Z. d. to Yen . T.T. 17 33-64 O.D. — 17 33-64 Shanghai T.T — 1SJ ■ N.Z. d. to Doi. . O.D. 1.SJ Singapore T.T. 34 23-32 35 13-64 N.Z. d. to Doi . O.D. 3-H 3513-64 Chefoo T.T. — 18 5-32 N.Z. d. to Doi. . O.D. — 18 9-61 Manila T.T. 29 17-32 30 1-32 N.Z. d. to Peso . O.D. 29 7-16 30 1-32