TAXES REDUCE PROFITS

Dominion, Volume 35, Issue 51, 24 November 1941, Page 3

TAXES REDUCE PROFITS

Trend In Australia

In a review of recent company earnings in Australia, the Sydney Stock Exchange Bureau states that improved purchasin ß power has been reflected in a stronger demand for goods and. services, and the majority of companies report a larger volume of business this year. Taxation and other costs, however, have expanded more than proportionately.. The figures of a number of representative companies indicate that from 1939 to 1941' gross profits have improved 19.4 per cent., but tax provision rose more than 121 per cent., and net earnings receded by approximately 11J per cent. .

FOREIGN EXCHANGES Position Of Sterling

(Bv Telegraph.—Press Assn.— I'ol'vright, ’LONDON, November 21.

♦Dealings suspended. •LONDON, November 21. Silver.—Standard, 27 7-16 d. an ounce; fine. 25 5-16 d. Gold.—£B/8/- an ounce, fine. . Gold Mining Returns

(By Telegraph—Press Association.) GREYMOUTH, November 22. The Snowy River dredge returned 90 ounces for 118 hours from 24,000 yards. The Price Of Tin

(By Telegraph.—Press Assn.—Copyright.) LONDON, November 21. The price of tin is quoted as follows: Spot, buyers £257/15/- a ton, sellers £258; forward, buyers £2bo/15/-, sellers £261. Stock And Share Indices

(By Telegraph.—Press Assn. —Copyright.) LONDON, November 21. “Financial Times” stock and share indices, with previous quotations, are (October 15, 1926, equals 1000) ' Govt. Home Indus- Gold

Dow Jones Averages

(By Telegraph —Press Assn.—Conr right.) NEAV YORK, November 21. Dow Jones average (11)26 equals 100) and turnover on the New York Stock Exchange compare as follows: —

Clifford Love, Ltd. Clifford Love, Limited, foodstuffs manufacturers, of Sydney, show’s for_uie year to September 30 a profit of i—,oi4, a decrease of £5338. Profit is struck after providing £25,000 for taxation, an increase of £B5OO, and or prcciatiou, a decrease of ±oJB. unchanged dividend of 10 per cent, requires £22,ISS, and £3OOO is allocated to reserve, leaving £14,408 to carry forward, against £17,022 brought in. West Australian Gold Yield The AYestern Australian gold yield for October was 123,3150 z., valued at £l,319,475, against 58,5790 z. in the previous month, and 125,2780 z. in> October, 19-10. Ten months’ yield was 925,2150 z„ compared with 1,010,7340 z. in the corresponding period last year.

Asbestos Products Loss A loss of £5607 incurred by Asbestos Produets, Limited of bydney, for the year to June 30, after anowing £1234 for depreciation, increases the debit balance to £18,125. It compares with losses ot £360 for 1939-40 and £8739 for IJ3S-3J. Four years’ preference dividend arrears amount to £4200. The directors report that the year's loss was caused by increases in costs of laoour and imported raw materials without any increase in selling prices. A proposal for financing future operations has been ratified by 86 per cent, of each class o*. sharcholdcis. Assoc. Newspapers Profit Net profit of Associated Newspapers, Limited, Svdney, for the year ended September 28,- was £189,071, w th £'■>o9 334 for the previous year, urinn ary and preference dividends are reduced to £5/8/6 per cent, (from 6 per cent.), the preference rate bmng thus subjected to the full statutory i-ediicuo n - amounts required are £05,199 and *SO,Jffi> respectively. Other allocations arc £•>s 000 to reserve. £5OOO to provuienr fund, and £lO,OOO to create a sa.e* promotion fund.

The following mean closing rates on foreign exchanges were current touay. — Par. Nov. 21. New York, dollar . to £ 4.S66 4.03 Montreal, dollar .. to £ 4.S66 Paris, francs .... .to £ 124.21 Geneva, francs .. S't’holm, kroner . .. to £ .. to £ 124.21 23.43 16.90 .. to £ 100 110.25 Milan, lire ,. to £ 92 Athens, drac. ... .. to £ 375 346 Rio de J., d. to mil .... Buenos Aires, d. to pesa 4.49 57.62 17.043 Monte Video, d. to pesa 51 Calcutta, d. to rupee ... .18 IS 3 1-61 Shanghai, d. to dol. ... —■ Hong Kong, d. to dollar 15 Kobe, d. to yen 24.582

Rails. trials mines. Feb. 4 . 112.3 43.9 88.5 173.4 112.3 42.3 85.6 170.5 Apl. 3 . Mar. 2 , .... H3.2 45.2 85.4. 173.9 .... H3.2 45.2 84.3 167.3 ..... 113.1 45.1 87.4 170.0 .Inly 2 . .... 113.8 47.3 88.3 168.5 ..... 113.5 49.0 93.3 171.8 Sept. 2 Oct. 1 ■ Nov. 1 < .... 113.6 52.4 96.7 176.2 ..... 114.0 .... 114.1 51.5 50.9 98.1 99.7 177.8 172.5 Nov. 14 . Nov. 17 < .... 113.9 .... 113.9 51.5 51.7 101.5 101.8 176.3 177.3 Nov. 19 .... 113.9 52.0 102.8 177.8 Nov. 20 . .... 113.8 52.2 103.6 179.9 Nov. 21 .... 113.7 53.2 104.6 180.9

20 Railroads. 30 Industrials. Shares sold. Jan. Mar. Apr. May 6 ...» 2S.40 132.83 720,000 3 .».» 27.32 120.88 330,000 2 ...» 2S.97 123.47 450,000 2 ...» 28.51 115.72 400,000 2 .... 27.56 116.18 260,000 July 2 .... 28.45 123.58 390.000 1 .».. 30.88 128.22 680,000 Sept. Oct. 2 30.17 128.31 520.000 1 .... 28.S3 126.85 370.000 Nov. 1 .... 28.32 118.11 240.000 Nov. 14 .... 27.46 116.81 840,000 Nov. 1 o • • ■ • 27.51 116.72 350.000 Nov. 17 .... 27.59 116.20 630,000 Nov. IS .... 27.61 115.87 6SO.OOO Nov. 19 .... 27.92 116.6S 800,000 Nov. 21 .... 28.42 117.05 S50.000