WAIHI PROFITS LOWER.

New Zealand Herald, Volume LXIX, Issue 21164, 22 April 1932, Page 5

WAIHI PROFITS LOWER.

LARGE TAXATION INCREASE. DIVIDEND MAINTAINED. APPROPRIATION FROM RESERVE. A fall of £31.010 in net profit to £65,471 is disclosed in the results of the year's working of the Waihi Gold Mining Company, Ltd. Gross profits, however, are £11,791 higher at £143,435, the fall in net profit being more than covered by the large increase of £43,146 in taxation, which haj risen to £71,589 for the year. Cabled advice of the results of the ' operations of the company for the year ended December 31 has been received by Mr. Charles Rhodes, Auckland director and attorney. The balance brought into the accounts was £2557. Gross profits were £143,435 and £35,000 has been transferred from the reserve account. Taxation accounted for £71,589, depreciation £6375 and the interim dividend of 3s a share absorbed £49,590 10s. A sum of £53,437 10s remains for appropriation and the directors recommend a final dividend of Is a share, free of tax, payable on May 6. This will absorb £49,590* 10s, leaving £3847 to be carried forward. The dividend is usually paid in English currency. Following is a comparison of the company's results and appropriations for the past three years:— 3929. 1930. 1931. Gross profit .. £117,482 £'131,(1-14 £143,435 Taxation . . 24,325 28,443 71,589 Depreciation . . 7,288 6.720 6,375 Balance . . £85.869 £96,481 £65.471 Brought forward' 15.569 5,257 2,557 From reserve . . £104.438 £101,738 £103,028 Dividend at 2s 99,181 99.181 99,181 Carried forward £5,257 £2,557 £3,847

LONDON WOOL SALES. GOOD GENERAL DEMAND. HIGH SELLING LIMITS. LONDON. April 20. At (lie London wool sales to-day 11,097 hales were offered, including 5872 from New Zealand, and about 6319 were sold. There was good general demand, and the offerings were well cleared to home and Continental buyers at full late rates. There were some withdrawals of Merinos owing to high selling limits. New Zealand clips sold as follows: Greasies: "Mataniro," top price Bad, average 6§d. Hal (bred: "Woodside," 16d and lSjd. FOWL WHEAT IMPORTS. FREEDOM FROM DUTY URGED. LICENCE SYSTEM SUPPORTED, j The proposal of the Grain, Seed ami Produce •Merchants' Association that fowl' wheat, for poultry farmers should ho imported under licence free of duty was supported at the meeting of the council of the Chamber of Commerce yesterday by Mi - . A. G. Lunn. Mr. H. Turner in seconding a resolution to support, this request said such importation would not, he detrimental to the farmers in the soutli because they had all sold their whe'at long ago. There was only it little remaining held bv speculators. The duty was artificially holding tip (he cost of living and only two or fh'reo people in the south could benefit. The motion was carried. DAIRY PRODUCE PRICES. SLOW, IRREGULAR MARKET. The London dairy produce market is weaker. Merchants have received the following cablegrams from their London houses, dated April 20:— A. 11. Turnbull and Company, Limited (W. Weddel arid Company).—Butter: Danish, 113s to 114s; New Zealand, finest salted, 102s to 105s; Australian, salted, 102s to 104s. Cheese: White and coloured, his to 625. The markets are quiet. Loan and Mercantile Agency Company. Limited. —Butter: 104s to 106s. The market is slow and irregular. Cheese:! White, 61s to 625; coloured, 62s to 635. The market ia slow..