TAXES UP 70 PER CENT.

Evening Post, Volume CXXX, Issue 130, 28 November 1940, Page 14

TAXES UP 70 PER CENT.

MEAT EXPORT COMPANY

Mr. David* Allan, chairman, Wellington Meat Export .Company, stated at its annual meeting that items in the accounts calling for mention were a reduction of £1600 on the amount allowed hy the authorities for depreciation, and an increase of £3250 in taxation, this being 45 per cent, more than was paid last year. Taxation has increased 70 per cent., he said. Works, buildings, and plant at Ngahauranga were maintained in good order, and during the past season had dealt with their greatest output on record. •Subsequently Mr. Allan remarked: "Although the capital position has been, immensely improved, your directors are still of the opinion that it would be inadvisable to pay a dividend to ordinary shareholders until the debit balance in the appropriation account has been eliminated. Unfortunately, the very high rate of taxation will have the effect of delaying the clearance of this debit."

The Kakariki works had been leased to the Government for the duration of the war. The works have been idle for a period of years. The Government expressed its gratitude and is at present carrying out alterations and renovations to fit the premises for emergency storage of dairy produce in particular.

Since the financial year closed, a subscription of £6400 had been made to the war loan.

Comparing the position of the company as at September 30, 1940, with September 30, 1930, Mr. Allan said that in 1930 (ten years ago) the works stood in the books at £247,625. Now the works are in better order and stand in the books at £145,920, a decrease of £101,705. In 1930 mortgage and bank overdraft amounted to £ 104,449, but "these items have now disappeared, and we have a cash balance of £84,650, an improvement in the cash position of £199,099. Moreover, in 1930 our appropriation account was in debit £58,947, and two years' dividend on preference shares were in arrears to an amount of £14,022. These two amounts .oeant that our appropriation account was really £72,969 to the bad. The debit in the appropriation account has now been reduced to £16,726, and the preference dividend paid up to date. The improvement in the account is, therefore, £56,243."

I SILVER AND TIN. '(By Telegraph—Press Association—Copyright.) LONDON, November 26. Price of Silver.—Standard, 23 l-16d per oz; fine, 24 7-Bd. Price of Tin.—Spot, buyers £258 per ton, sellers £258 ss; forward, buyers £259 15s, sellers £260. NEW GUINEA GOLD SHARES. (By Telegraph—Press Association—Copyright.) LONDON, November 26. New Guinea gold shares, Is 10£ d.