AUCKLAND GAS YEAR

New Zealand Herald, Volume LXXVIII, Issue 23879, 1 February 1941, Page 5

AUCKLAND GAS YEAR

FURTHER DROP IN'PROFIT

PROVISION FOR TAXATION INCREASES IN COSTS A net profit of £21,001, against £60.114 in 1939, is sliown by the accounts of the Auckland Gas Company, Limited, for tlio year to December 31. During the year authorised share capital was reduced from £1,500,000 to £750,000 by the conversion of half the share capital into 5 per cent perpetual debenture stock, issued to shareholders in accordance with their holdings, and several adjustments have consequently been made to the accounts. Taxation and costs have both shown substantial increases during the year, and payment of interest on perpetual debenture stock has also been deducted.

As already announced the year's dividend has been reduced from 4£ to 4 per cent. This requires £21,294 and £5095 has been used for income tax, leaving £4941 to be carried forward, against £10.329 brought in. The profit is struck after paying £52,854 in income tax and social security and national security taxes, against £42,272 in 1939, when the national security tax was not operating. To make adequate provision for income tax the directors recommend the following:—£3s3o to be transferred from the share premium account; £IO,OOO from the reserve for the redemption of debentures, thus extinguishing this reserve, and £5095 from the profit and loss account. Added to the existing reserve oi £85,000, this will make £103,625. Ptosults for the past three years are: 1038 1939 1940 Brought for. £10,479 £'0,838 £10,329 Net profit 01,007 60,114 21,001 £72,08(5 £70,952 £31,330 Inc. Tax res. 5.000 10.000 5,095 Div. p.c. 5 4% 4 Amount 56,218 50,623 21,204 £10,833 £10,329 £4,941 Chief balance-sheet movements are: LIABILITIES.

Sales of gas, etc., were £487,059, against £-567,074 in 1939,t but manufacturing costs rose from £197,849 to £216,070. However, distribution expenses fell from £61,428 to £53,150. The annual meeting will be held on February 12, the retiring directors being Messrs. W. It. Wilson and K. 'B. Myers. Both are eligible for re-election. IMPERIAL CHEMICALS INCREASE IN NET PROFIT PROPOSAL FOR SHAREHOLDERS Net profit of Imperial Chemical Industries of Australia, and New Zealand, Limited, and its wholly-owned sub- | sidiaries for the year ended September j3O was £402.336. compared with | £388,483 for the previous year. In a • preliminary statement, profit of the ! parent company, subject to audit, is j shown at £396.914, after providing for ! depreciation and taxation, against ! £380,720 in 1939. j In the current year, expenditure of £385,000 is expected, including an electrolytic caustic chlorine plant in Sydney. Manufacture ©f phosphorus and phthalic anhydride are to be undertaken by associated companies. The capital expenditure is related to the war effort. A 6 per cent ordinary dividend will absorb £242,118. In order to finance the capital programme, the directors propose to • recommend to shareholders that the dividend be capitalized and distributed pro rata in ordinary shareholders in the fcrin of fully-paid ordinary shares. THE CITY MARKETS VEGETABLES PLENTIFUL Large supplies of apples, tomatoes and Bon Chretien pears came forward at the City Markets yesterday. There was a fair sale for peaches and a good demand ruling for dessert plums. The demand for nectarines was poor and the few strawberries sold realised very fair rates. Potatoes were in heavv supply, those free of rust and blight fetching good prices. Onions were plentiful, with prices a little easier. New season s kumaras, cabbages and cauliflowers were in heavy supply, realising good values. Supplies of" cucumbers were heavy, but were almost unsaleable. Carrots;' pumpkins, lettuces, marrows and beetroot were plentiful. Bates were:— Fruit,—Apples, Albany Beauty. 6s to 113 3d a case; cookers, various, 3s to 4s 3d; Gravenstein. 5s to 30s 3d; pears. William Bon Chretien, 7s 9d io 18s 9d; tomatoes, hothouse, .'is to ss; outdoor, smooth, (is to Ss Gd; crinkled. 3s to 4s; others. Is to 3s t?d; oranges, Australian, 39s to 29s Cd-/ bananas, lis (id to 28s; grapefruit, New Zealand. 12s to 15s Cd; lemons, 9s to 19s 6d: peaches, dessert, three-tray crate, 9s to 33s Gd a crate; Paragon, Is Od to Gs a case; plums, cooking-. 6s to 6s Cd; Doris, Gs to 8s;- Purple Kins, Ss to 30s Gd; grapes, hothouse, Hamburg, extra choice. Is 8d to Is IOVM per lb; others. Is to Is od; passion fruit, 15s to 16s a case; apricots, Oiago, ISs to 21 s; nectarines, Os to 9s; strawberries. Captain Cook, extra choice. Is 3d to 2? id a chip; raspberries, lis to 13s Od a tin. Field Produce.—Beetroot, Is to 3s 9d a dozen; celery, cooking, 3s to 2s a bundle; cles.-ert. 2s (id to 3s; carrots, 5s to 9s a bag, or 2s to 2s Od a dozen; cauliflowers, Gs to 8s a sack; cabbages, 5s to 9s Gd; cucumbers, 2d to Gd a dozen; French beans. 2s; to -is a bag; stringless beans, 5s to lis; green peas. 7s to 13s Od; kumaras, new season's, 4d to 4 :, id per lb; lettuce, 3s Gd to (is (id a case; marrows, 2s to 4s (id a dozen; onions, choice, firm, 5s to Gs Gd a bag; medium. °s (id to Is; potatoes, new, No. 3, 2s (id to Ss: kidneys. 4s to 5s 3d; pumpkins.-choice Red Warren. 30s to 13s a c.wt; medium. Gs to 9s; parsnips. 4s to 7s Od a dozen; radish, Is to 3s Gd; rhubarb, 2s to 4s:. fpinach, 2s to 3s; spring onions, is Gd to 2s_ Gd a bundle; swedes, Ohukune. Js f>d to 5s od a bag; turnips. 3s to Is Gd a dozen. Poultry.—Cockerels, heavy breeds, prime, 5s to Ss each; ucit prime, 2s to 3s; light, prime, 2s to 3s Gd; not prime. 3s M to •>.s Gd; fat hens, heavy, 3s io 4s Od; light, is to is till; lay inn hens, heavy. -Is to light "s to 3s; nullets. heavy, best, 5s to .s; smaller, 3s up; light, best, 4s to ss; smaller, up* drakes, young, prime. 2s to 3s; smaller* 1 s :U1; old, Is Od; (lucks, young, jc to lis; old. Is (id up; geese, Gs; turkey hens, 7s to 30s; gobblers, 355. Eggs and Butter. —Eggs, hen, standard grade 2s l!id a dozen; duck, standard IOV-d.' Farmers' butter, Is, to Is 4d per lb. LONDON RUBBER PRICE LONDON, Jan. 30 Rubber is quoted at 32 19/32 d per lb. MEAT EXPORT SCHEDULE The onlv change in the meat export buying schedule this week is an advance lb for ewes. Rates now obtaining tor ewts on the hooks at, Westfield and Southdown are—Up to Glib, 3%d per ib; over Glib, 2?.,, d. OTAGO WOOL APPRAISAL [nv TKT KGli.vrir PIiKSS ASSOCIATION'] DUXEPIN Friday An offorinfs of 28,112 bales came forward for the third Otnso wool appraisement of the season. The top imeo was 20',d. secured hy two bales of super , Merino, compared with 21 id |> rou^' t | by a. hale of super Merino at the Voi cember appraisement.

Variation f £ Paid capital . 532,318 -592,617t Debenture loans . 792,617 + 592,617+ Loans on deposit 13,SGI -23,570 Inc. Tax pro v. . 103,625 -fl8,625 Sundry cred. 12,147 +4,073 P. and L. acct. 14,257 -21,383 tAccounted for by capital reduction. ASSETS, Cap. expend. 1,101,039 -26,127 Cash and Invest. .. 1 1,123 -8,612 Sundry debtors 51,802 -45,435 Hire purchase sales 54,254 +54,254 Stocks 205,347 -f 4,794