WAIRAKEI, LTD.

Evening Post, Volume CXVI, Issue 79, 30 September 1933, Page 12

WAIRAKEI, LTD.

LOSS FOR THE YEAR

The 14th annual accounts of Wairakei, Ltd., Auckland, for the year ended June 30, adopted at the annual meeting of shareholders, held in Auckland -on Thursday last, showed that after writing off £634 for depreciation, the year's transactions resulted in a loss of £430.; This compares with a loss of £306 in the previous year and £290 in 1931. The loss lias been deducted from the balance at credit of profit and loss account, reducing the balance to £4695. The report stated that Wairakei still retained its popularity, and last year the number of guests exceeded that. of the previous year by over 100. The reduction, in the tariff, however, which was operative throughout the period, represented a decrease of £800 in the earnings. Reference was made to tho death •of • Mr. Arthur Cleave, chairman and managing director of the company, mainly, through whose enterprise Wairakei was.developed. Messrs. J. A. Gentles and G. L. Thorburn were recently elected to "the board and the former was appointed chairman of the company. The retiring directors, Messrs. K. Rutherford and J. Grainger, were re-elected nt yesterday's meeting. The paid capital of the company is £33,983. There is a mortgage liability of £6960 and £3174 is owing to the bank, as against £3169 a year ago. The bank also holds a debenture of £8000. Sundry creditors are owed £1059, a reduction of £-774. Assets total £49,828, a decrease of £1921. and include property £32,038, against £32.758, and buildings, £10,588, against £10.936. A dividend was last paid in 1929, when '8 per cent, was distributed out of profits totalling £2817.