UNION S.S. COMPANY
PROFIT FOR YEAR, £155,973. ' The annual report of the Union Steam Ship Company states that, after makingprovision for depreciation on plant and other contingencies, the net prolit for the year, including interest and investments and transfer fees, amounts to £155,973 7s 2d. After deducting interest and debentures • and intedim dividends paid in May list, thero is left at the disposal of shareholders l the sum of £119,807 10s sd, which the directors rccommend should be appropriated f as follows: —To balance of dividend and c preference shares, 2fj per cent, oil £1,000,000. making 51 per cent, for the year—£27,soo. To dividend on ordinary shares. 5 per cent, on £1,000,000, making, with interim dividend of 3 per cent, paid' in May, 8 per ccnt. for year—£so,ooo. The balance is to be 1 carried forward to next vear —£42.307. 1 Total, £119,807 10s sd. J The directors further recommend that a bonus of 2 per cent, on the ordinary shares 2 be paid out of the insurance fund. This will i" absorb £20,000, leaving- a net amount at the t credit of the insurance fund of £514,548 15s < 3d. * Assets aro set down as follow: —Shipping j property payments on account of new i steamers and investments in securities, etc., s aro set down at £2.926,535 16s Id: hulks, p lighters, launches, etc.. £55.669 ss; coal \ stores, etc., in stock, £229,119 7s 7d; freehold and leasehold land, buildings, etc., £190.148 19s 6rl: London office remittances, y £34.129 15s lid; sur.drv' debtors, agents, f trade debts, etc.. £376.760 lis lid; cash in I banks. £101.387 7s Id; making a total of ' £3.913.751 4s Id. On the liability side of the balance sheet the sum of £359.227 4s lOd is set down as t a reserve for liabilities not yet adjusted, including provision for allowances on the adjustment of contracts. Imperial, commonwealth. and dominion taxes, extra de- p preeiation. steamers in Government service, T sundry accounts, the liabiltics being sot t down at £551,103 7s IOcL t
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Bibliographic details
Otago Daily Times, Issue 16873, 9 December 1916, Page 12
Word Count
336UNION S.S. COMPANY Otago Daily Times, Issue 16873, 9 December 1916, Page 12
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