GUARANTEE CORPORATION, LTD.
IMPROVEMENT IN BUSINESS HEAVY BURDEN OF INCOME TAX (Special to Daily Times) WELLINGTON, Oct. 26. The annual meeting of the New Zealand Guarantee Corporation, Ltd., was Moving the adoption of the report and balance sheet, the chairman (Mr Will Appleton) outlined the sound position of the company. He drew attention to the heavy burden of income tax, and pointed out that there were in the company over 1000 shareholders whose average rate of tax would probably not exceed 2s 6d m £l, but the corporation had to provide for tax in its accounts at a maximum rate of 7s 6d in the £. The improvement in business had been maintained, but the board,, nevertheless, was continuing its policy of proceeding with caution. Sir Thomas Wilford, who seconded the resolution, paid a tribute to the manner in which the company had been guided through the difficult years of the depression by their directors. The recommendation for the payment of a final dividend of 2d per share was approved.
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Otago Daily Times, Issue 23333, 27 October 1937, Page 12
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169GUARANTEE CORPORATION, LTD. Otago Daily Times, Issue 23333, 27 October 1937, Page 12
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