CHECKER TAXI CAB COMPANY.

Otago Daily Times, Issue 20875, 15 November 1929, Page 15

CHECKER TAXI CAB COMPANY.

(Special to Daily Times.). _ AUCKLAND. November 14. The third annual meeting of the Checker Taxi Cab Company. Ltd., was held today- The acting-chairman of directors (Mr C. Rhodes) presided. Mr Rhodes said the balance sheet disclosed a loss for the year of £3287. which included £2814 written off in depreciation. The rate war had been continued, and “cut throat ’ competition in business persisted up to that moment, although there were signs of abatement. At least one company was operating under a different system than hitherto, but the Checker Company was still faced with competition in a charge _ of two shillings for five miles, at which no concern could make money. “In those circumstances, the shareholders can hardly have great dissatisfaction ■ with the results of the year, Mr Rhodes said. The loss was not as great as it appeared, and a balance sheet might have been presented without allowance for depreciation. The directors, however, considered it better a ow Position as it really was. Although there were items that, under the system by which the company was operating, might not be regarded as assets, such as goodwill and prepaid exP? D f e c’ these were offset by the amount that had been written off in depreciation during the last three years, and the comply® capital was intact in vehicles, sundry debtors, and cash in hand. Now that they appeared to have embarked u Pon a period when " cut-throat ” competition was past, he could see no reasonable excuse why the company should not go ahead and make profits. He believed e could safely say that in subsequent years the company a shares would stand at about their par value.