COMMERCIAL COMPANY

Greymouth Evening Star, 17 October 1946, Page 8

COMMERCIAL COMPANY

Whakatane Paper Mills.—-The accounts of Whakatane Paper Mills, Ltd., for the year ended June 30, show a net profit of £12,339, against £11,279 in the previous year, and £2592 in 1944. The profit is struck after providing £37,568 for depreciation and £22,595 for taxation, against £48,790 and £73,582 respectively in the previous year. The reduced taxation is due to the decreased gross profit of £116,593, against £182,055, and in part to the reduction in the rate of taxation from 14/- to 12/- in the £. The directors recommend that the net profit should be carried forward to increase the balance in the profit and loss account to £14,356. The directors report that a serious electrical failure in the company’s plant adversely affected production ever several months of the year. In addition, holidays had reduced production .time, .while the supply of essential raw materials had continued to be difficult. Production, at 11,605 tons, represented a reduction of 2679 tons from the record figures established in 1945. The value of tonnage delivered, £492,785, while reflecting the reduced tonnage, nevertheless included increases approved by the Price Tribunal consequent upon wage adjustments. Prices authorised by the Price Tribunal had provided a totally inade 7 quate return on that portion of the company’s capital engaged in production, and used exclusively in the cardboard mill section. The directors had continued to press the company’s claims, and the tribunal had now somewhat belatedly granted partial recognition by authorising an interim increase in prices', operative from October 1.

MINING NEWS Gold Mines of New Zealand. —Following are the returns for the first half of October:—Arahura: Ran 249 hours and treated 144,000 cubic yards for a' return of 337 ounces. Ranieri: Ran 237 hours and treated 104,000 cubic yards for a return of 361 ounces.