CHECKER TAXICAB CO., LTD.

Evening Post, Volume CVIII, Issue 119, 15 November 1929, Page 3

CHECKER TAXICAB CO., LTD.

'• .. ' , ♦ t(By Telegraph.) • (Special to "The Evening Post.") AUCKLAND, This Day. The third annual meeting of the Checker Taxicab Company, Ltd.', was held yesterday. The acting-chairman of directors, Mr. C. Rhodes, who presided, said the balancesheet disclosed a 'loss : for the year of £3287, which included £2814 written off in depreciation. The rate war had been continued,'and "cut-throat" competition in the business persisted up to that moment, although there were signs of abatement. At least one company was operating under a different system from that worked on hitherto, but the Checker Company was still faced with competition at a charge of 2s for five miles, at which no concern could make money. Under those circumstances shareholders could hardly have great dissatisfaction with the [results of-tha year, v Mr. Rhodes said the loss was not as great as it appeared, and a balance-sheet might have been presented without allowance for depreciation. The directors,-how- | ever, considered it better to show the position as it really was. Although there were items that, under the system by which (the company was operating, might not be regarded as assets, such as goodwill and prepaid expenses, these were. offset by | the amount that had been written off in depreciation • during the -last three years, and the company's' capital was intact in vehicles, sundry debtors, and cash in hand. Now that they appeared to have embarkedupon a period when "cut-throat" competition was past, he could see no reasonable excuse why the company should not go ahead and make profits. He believed he could safely say. that in subsequent years the company Bhares would stand at about their par value.