CHECKER TAXICABS.

New Zealand Herald, Volume LXIV, Issue 19730, 1 September 1927, Page 7

CHECKER TAXICABS.

COMPANY'S GOOD YEAR. DIVIDEND OF 8 PER CENT. Successful emergence through the first year of existence as a public company was a feature of the operations of the Checker Taxicab Company, Ltd., upon which the chairman of directors, Mr. T. A. Low, congratulated shareholders at the annual meeting yesterday. Mr. Low recalled that the company was granted a licence to commence business in August, 1926, but for convenience the financial year had been made to end on June 30. Eighteen taxicabs were taken over from the private company, and a further 16 had since been purchased, in addition to three private hire sedans, the total operating fleet now comprising 37 vehicles. " I want to stress the lact that increases in the fleet have been made only as the demand warranted," said Mr. Low, "and not in anticipation of that demand. We are in a position to meet whatever demand may arise, and as more work justifies more cabs we will put them into commission. The policy of the private company from whom we purchased in regard to maintaining cabs and plant in first-class order, employing only the best men and paying them good wages, of valuing stocks on a conservative basis, and making ample provision for depreciation has been followed. During the year we have fitted the most efficient, although the most expensive, form of taximeter made, and the loss on the realisation of the old meters has been provided for." Help had been given to the Rink Taxis in Christchurch in the formation of tho Christchurch Checker Cab Company, in the belief that such a connection throughout the country would be beneficial, added the chairman. Similar connections would be effected at other points, with proper safeguards, from time to time if thought desirable.

The earnings throughout had justified the payment of interim dividends at the rate of 8 per cent, per annum, and that policy, with transfer of surpluses to reserves, would be continued. Amounts had been appropriated for the reduction of preliminary expenses, which stood at only £IOOO, and the stock and plant accounts had been placed on a very sound basis. Very many of the holders of contributing shares had expressed a desire to pay up their holdings, Mr. Low said, but the directors could not profitably use the money, and the requests had been declined. It was proposed to make calls to provide for the purchase of any additional rolling stock deemed requisite, or if and when the building of new premises had to be undertaken.

The balance-sheet showed that the profit on the year's operations, after making provision for depreciation and the payment of interim dividends, was £BBO Ss 6d The payment of a dividend of 8 per cent, for the quarter ended June 30 was authorised. The retiring directors, Messrs. Low, C. Rhodes, H. K Vaile, P, Free, J. Alexander and H. P. Richmond, were re-elected, and were voted a remuneration, their previous services having been given gratuitously. VEGETABLES FOR AUSTRALIA. GOOD MARKET AVAILABLE. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON, Wednesday. Information has been received that vegetables, are very &hort on the Sydney market at present,' and are fetching big prices. The following quotations givo some idea of what Was paid for vegetables upon the market last week: — Beans, Is per lb; cabbages, small, Is; large, Is 9d; carrots, 5d per bunch; cauliflowers, very small, Is; small, Is 6cl; medium, 2s; large, 2s 6d; parsnips, 7d per bunch; peas, Is per lb; turnips, 5d per bunch. The shortage on the market is due to the very dry weather which has been experienced in New South Wales during the last three months, and if this continues it is expected that market prices for vegetables will remain high. The Department of industries and Commerce has been advised that small consignments of vegetables, particularly cabbages, from New Zealand, have been received, but that unfortunately these were of inferior quality, and sold for only 5s to 10s per dozen, against the 1.4s to 16s realised by choice local cabbages. The department considers the matter well worthy of investigation, as good prices should be received for vegetables sent from the Dominion to Australia at the present time. KAIAPOI WOOLLEN CO. INCREASE IN RUNNING COSTS. [BY TELEGRAPH. —OWN CORRESPONDENT.] CHRISTCHURCH, Wednesday. Addressing the annual meeting of the Kaiapoi Woollen Company to-day the chairman of directors, Mr. J. H. Blackwell, said the value of stocks appeared as £285,566, as against £295,089 a year ago. The decrease coincided with the board's policy of a rigorous reduction in the stock of warehouse goods. Owing to the severe depression prevailing in trade, expenses had increased by £5662. Mr. J. Tait said the appointment of a general manager threw a great responsibility on the directors. It was difficult to get a man who had an understanding of all the departments of the business. Mr. W. H. Clark said that if the expenses of running the company were so high, it was impossible to compete with the Wellington company. Mr. A. F. Caroy attributed the running expenses to the number of branches. The report and balance-sheet were adopted. Messrs. I. W. Lewis and G. W. Armitago wore elected directors, in place of Messrs. F. M. Warren and James Tait, the retiring directors. A summary of the company's report and balance-sheet, which proposed a dividend of 6 por cent, on preferential shares, was published in the Herald on August 22. THE PRICE OF GOLD. A. and N.Z.-Sun. LONDON, Aug. 30. Gold is quoted to-day at 84s 10|d per

CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO. Aug. 30. Wheat. —SeptembdV, 1 dollar 33 7-8 cents per bushel; December, 1 dollar 38 cents; March, 1 dollar 41£ cents. SOUTHERN EXCHANGES. [l3l* TELEGRAPU.—PRESS ASSOCIATION.] WELLINGTON, Wednesday. The following sales were made on the Stock Exchange to-day:—per cent. Bonds, 1938, at £96 7s 6d; South British Insurance, 58s; Bank of New Zealand, 58s 3d (two parcels); Wilsons Cement, 35s 3d; Commercial Bank (ord.), 27s 7d. CHKISTCHURCH, Wednesday The following sales were made on the Stock Exchange to-day:—New Zealand Government per cent. Inscribed Stock, 1933, £IOO 15s'; Commercial Bank of Australia, 27s 27s 9d; Westport Coal, 33s 6d; South British Insurance, 58s (two parcels); Now Zealand Breweries, 445; New Zealand Guarantee Corp., 9s 3d. DUNEDIN, Wednesday. The following sale was made on the Stock Exchange to-day:—Bank of New Zealand, 58s 3d (three parcels).