CITY TRADING DEPARTMENTS

Otago Witness, Issue 3275, 20 December 1916, Page 58

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.