CITY TRADING DEPARTMENTS
The City Council last week considered the balance sheets and profit and loss statements of the trading departments for the half-year ended September 30. Cr Small (chairman of the Finance Committee) moved tho adoption of the balance sheets - . When compared with the corresponding period of the previous year, the general result was extremely satisfactory, and showed an all-round improvement in the net profits; but when compared with the result of the operations for the whole year ended March 31, 1911, the contrast was very striking indeed. For that year the net profit was £21,553, while the net profit for the past half-year was £26,057, after disbursino: for war pay for the half-year a sum of £2113. Cr Small then referred in detail to the various departments. The other operations of the departments were ■.—Expenditure: Extensions, £22,836 6s 8d; increase m floating assets, £9696 4s sd; sinking fund payments, £9976 lft ; paid municipal department, £9020 10s ;—total, £sl 529 lis Id. This absorbed the following amounts: Net profit, £26.067 lis ICd; depreciation. £5539 3s; increase in bank overdraft £19,522 16s 3d;—total, £51,529 lis Id. The net profit for the half year was shown by the report to be £26,067, but there were eharoes to be met out of this, winch were not "taken into account in the profit and loss accounts. These were: Amounts paid over to the sinking fund commissioners £8476 10s and contribution to the municipal a-count £9020 10s, a total of £17,497. Thus it would be seen that the amount available out of the net profit was reduced to £8570. In conclusion. Cr Small said he trusted that a year hence the council would be considering a statement showing a balance for the half year of £50.000.
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Bibliographic details
Otago Witness, Issue 3275, 20 December 1916, Page 58
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292CITY TRADING DEPARTMENTS Otago Witness, Issue 3275, 20 December 1916, Page 58
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