UNION S.S. COMPANY

Otago Witness, Issue 3274, 13 December 1916, Page 25

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 profit for the year, including interest and investments and transfer fees, amounts to £155,973 7s 8d - , , , After deducting interest and debentures and interim dividends paid in May last, there is left at the disposal of shareholders the sum of £119,807 10s sd, which the directors recommend should be appropriated as follows: —To balance .of dividend and preference shares, 2g per cent, on £1,000,000. making 5£ per cent, for tho year —£27,500. 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 cent, for year—£so.ooo. Tho balance is to be carried forward to next year—£42.3o7. Total, £119.807 10s sd. The directors further recommend that a bonus of 2 per cent, on the ordinary shares be paid out of the insurance fund. - This will absorb £20.000, leaving a net amount at the credit of the insurance fund of £514,548 16s 3d. Assets are set down as follow: —Shippingproperty payments on account of new steamers and investments in securities, etc., are set clown at £2.926,535 16s Id: hulks. lighters, launches, etc.. £55,669 ss; coal stores, etc., in stack, £229.119 7s 7d; freehold find leasehold land, buildings, etc.. £190.148 19s 6d: London office remittances, £34.129 15s lid; sundry debtors, agents, trade debts, ere. £375.760 lis lid; cash in 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 a reserve for liabilities not yet adjusted. including provision for allowances on the adjustment of contracts. Imperial, commonwealth, and dominion taxes, extra depreciation, steamers in flovcrnmont service, sundry accounts, the I'abilties being set down'at £551.10°, 7s lOd.