AUCKLAND TRAMWAYS.
PROFITS FOR THE YEAR.
A SIX PER CENT. DIVIDEND. [FROM our OWN* CORRESPONDENT.] London, April 30. On May 4. the annual meeting of the Auckland Electric Tramways will be field in London. The report for the year ©y<3ed December 31 is just out. The directors state that the total revenue for the s<far amounted to £165,655. The traffic receipts, which amounted to £163,848, show a satisfactory increase of £26,129. After deducting all expenses chargeable to revenue, including £15,718 for debenture and other interest, the rental and percentage of profits payable to the Auckland City Council, amounting to £3771, and setting aside £12,500, compared with £10,000 last year, to the depreciation account, there is a surplus of £32,755, making, with £2165 brought forward, a total of £34,920. The directors recommend placing to the reserve account £10,000, to pay the dividend on the preference shares for the year, to pay a dividend on the ordinary shares at the rate of six 5 per cent, per annum, and to carry forward £3920. The authorised share capital is now £400,000, having been increased by £50,000 in ordinary shares in pursuance of a special resolution confirmed at a special general meeting on November 9. Since the close of the year the new shares were offered to the existing ordinary shareholders, and the whole of them have been taken up. The capital expenditure for the year amounted to £52,611. During the year £50,000 first mortgage debenture stock, being the balance of the then borrowing powers of the company, was issued, making the total amount of the stock r-t the j end of the year £332,387. Under the I terms of the debenture stock trust deed, this sum of £2851 was last year applied in the purchase and cancellation of £2713 of the issued stock. . Mr. R. P. Simpson has resigned his seat on the board, and Mr. W. G. Bond has been elected to fill the vacancy. Commenting on the report the Financial Times refers to the company as a progressive one.
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Bibliographic details
New Zealand Herald, Volume XLVI, Issue 14080, 7 June 1909, Page 6
Word Count
338AUCKLAND TRAMWAYS. New Zealand Herald, Volume XLVI, Issue 14080, 7 June 1909, Page 6
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