BUTTER POOL BONUSES.

New Zealand Herald, Volume LXIV, Issue 19808, 1 December 1927, Page 9

BUTTER POOL BONUSES.

NEW ZEALAND COMPANY. PAYMENT ALREADY MADE. [BY TEXEGEATH.-—OWN COBILESPONDENr. I HAMILTON. Wednesday. An explanation of the position regarding the payment of surpluses by the Dairy Control Board io dairy companies is given by Mr. H. H. Sterling, general manager of the Nc;w Zealand Co-opera-tive Dairy Co., Ltd,, in Jitis monthly statement to suppliers. Mr. Sterling said many of the company's shareholders appeared to he under the impression that a furt her was to be made by the company in respact of these sums. The fact Was, he said, that wlien the compaay'ai balance-sheet was made up at the end of last year, and the bonus which Was paid at the end of August was calculated, everything was "cleaned np" the end of April, as had been tLi custom in previous years. This included payment to suppliers for but ter made to the end of that month and included in the Control Board's No. 2 pool. All this butter had not then been sold, and the company was accordingly standing out of a considerable sum of money. The directors were able to meet the position, however, and to avoid the necessity of keeping the .suppliers out of their money.

PUBLIC TRUST OFFICE. STATEMENT FOR OCTOBER. Following are particulars of the loan transactions of tin; Public Trust Office and new business reported during October :—The amount ipaid out in settlement of new loans was £133.662. making a total of £1,621,589 since the beginning of the present financial year on April 1. Further new loans to the amount of £77,725 were granted, making the total of now loans awaiting settlement £697,230, while offers of loans less than the full advances applied for amount to £125,360 —a grand total of £720,640. Applications ' for additional new loans amounting to £200,332 are receiving attention.. The new business for the month was very satisfactory, estates to the value of £576,736 having been accepted for administration, making the total of new business for the seven months, £3,601,442. This amount is greatly in excess of the new lousiness for the sa.ne period during the previous year. New wills deposited for safe custody by testators numbered 457, and the total now held is 56,136. THEATRE COMPANY'S YEAR. .DIVIDEND OF 10 PER CENT. [BY TELEGRAPH.—-OWN COEBESPON-DENT.I WELLINGTON, Wednesday. Tno annual report of the Wellington Queen's Theatre Company, Ltd,, for the year ended Ortobor 31, states that the Miit profit was £1313, as against £ISOO last year. With £1076 brought forward, the amount available for distribution is £2389. The dividend of 10 per cent, absorbs £I2OO, leaving to be carried forward £llß9. During the year the mortgage on the company's property was reduced by £SOO to £6060. •'

WELLINGTON BUILDING SOCIETY. DIVIDEND OF 6 PER CENT. [BY. TELEGRAPH.-- OWN COItBESt'ON DEIST. ] WELLINGTON, Wednesday. The animal meeting of the Wellington Permanent Building Jjociety was held today. . The chairman, Mr. W. M. Wright, said iie anticipated the wiping out of the whole o? the preliminary <?>;- penses during the coming year. The company would then be in a position to pay an exfcya 1 per cent, dividend next year, The report and : balance-sheet, which were adopted, 'showed that at November 8 fixed capital had increased from £25,730 to £53,110, and it was proposed to continue! the issue of A shares. Loans on mortgage amounted to £58,986, an increase of £29,576, while deposits showed an increase of £26,231. The net profit, together with a small! balance brought forward from 1926, wais £194!) 10s 2d. The directors recommended that a dividend of 6 per cent, be declared on the paid-up capital and also 6 per cent , on the B Shares, which v/ill absorb £1378 4s sd; that £432 be written off the preliminary expenses; and that the balance of £l3O 5s 5d be carried forward. THE WELLINGTON EXCHANGE. RE-ELECTION OF CHAIRMAN. . ! [BY TELEGRAPH.—OWN CORRESPONDENT. ] WELLINGTON. Wednesday. The annual meet ting of the Wellington Stock, Exchange was. attended by a large 'number of members. The report and bal-ance-sheet -for the year ended September 30 showed that in all respects the exchange, is in a sound .position. Mr. R. Wynn Kirkby, who has been chairman for the last eight years, was again re-elected. Mr. W. F. Sloraan w&s re-elected vice-chairman. The other members of the committee are Messrs. G. Thorne George, A. ,8. Macshane and 8. R. % Hornabrook.

CAPITAL FROM OVERSEAS. AUSTRALIAN TAXATION. It is gratifying to note that the CoraQjomveaUh Government is ivi last recognising the benefit that must accrue ito Australia hv residents, outside of the Commonwealth interesting themselves financially in Australian sec unfits and undertakings, Messrs. J. B. Were and Son remark in a recent letter from Melbourne. Hitherto, in its diligent search for etll. possible sources of raising mossy by taxation,. the Government has insisted that all. interest and dividends received on Australian investments by persons residing outside of the Commonwealth axe subject •to absentee -tax and it has even tried to compel Australian companies to become its agents in becoming responsible for the collection of such taxatioia. Now, however, the Federal Treasury Dr. Page, has brought in a bill providing, among other things, for "the attention of capital into the Commonwealth from outside sources by repealing the present provision of the law which renders " an Australian borrower indirectly liable to pay to the commissioner the income tai: payable by the absentee lender when the borrower har, no means of recovering the lax frpm the absentee, and by refraining from compelling a company carrying on business in Australia indirectly to pay the income tax payable by an absentee shareholder on a dividend received from the company;" Dr. Pago said the object of these amendments was* to attract capital into Australia by way of 'investment in shares of companies carrying on business in Australia, or in debentures of such a company, or by way of deposit with the company for use in Australia. At present, he continued, a company found itself in the position of having to pay income tax on interest paid to absentees in addition to paying its proper tax on its bona-fide profits. This was a penalty on the company for having introduced outside capital into Australia .for the purpose of deriving income from Australian sources, on which it pays ordinary income tax. .. o „i., The bill would remove this anomaly. It provided that a company should not be called upon to deduct from dividends to absentees any income 'ax payaWe hy the absentees It, howeAW.theabsenc.s had their dividends collected f °* ™ e "V Australia by an agsnt, the under the present law, responsible kmt rendering -retains of the income and pay> mcnt of tax thereon*