JASON INVESTMENT

Evening Post, Volume CXXVIII, Issue 131, 30 November 1939, Page 16

JASON INVESTMENT

DECREASE IN REVENUE

The directors of Jason. Investment Company, Melbourne, report, for the financial year ended September 30, net revenue, after providing for all known charges, £2959 6s lOd, to which is added the balance brought forward from the previous year, £86 17s Bd, leaving available for distribution the sum of £3046 4s 6d. The directors recommend payment of a dividend at the rate of 3 per cent, per annum for the year; £2250, transfer to general reserve £600, and leaving a balance to be carried forward of £196 4s 6d. The net revenue shown in the revenue account represents a return of 4 per cent, on the paid-up capital as compared with a return of 5.5 per cent, per annum on paid-up capital actually employed for the fifteen months' period ended September 30, 1938. "The period undef review has been one of continued international tension, culminating at the beginning of September in the outbreak of hostilities. This had the effect of dislocating,,for a period, the stock markets of the world. The decrease in net revenue has occurred mainly in underwriting commission earned during the period, and, to a lessfer extent, the reduced dividends received from American holdings." The assets and liabilities in the balancesheet are expressed in Australian currency throughout. . In pursuance of their general policy, the directors recommend that a further sum of £600 be added to general reserve from revenue available1. This reserve will then stand at £1000

The book value of investments at close of accounts, September 30, was £114,140; whilst at the same date the value, : calculated on market prices then current, was £94,999, or £19,141 less than the book figures, showing a-de-preciation of 16.8 per cent, on cost or 25.5 per cent on capital, as compared with a depreciation of 20.8 per cent, on cost' and 29.8 per cent, on capital at September, 1938. ' ■; Investments number 186 and the percentage basfed on. cost price according to location of share registers is as follows:—Australia and New Zealand, 64.1 per cent.; Great Britain, 4.5 per cent.; United States, 29.5 per cent; Canada, I.9.per cent. Distribution is preference shares 15.7 per cent, ordinary shares 84.3 per cent.