BADLY HIT

Sun (Auckland), Volume 1, Issue 43, 13 May 1927, Page 11

BADLY HIT

; TAKAPUNA TRAM CO. £40.000 OFFER ACCEPTED SEVERE BUS COMPETITION The sum of £40,000 was the j figure quoted at yesterday’s annual meeting of shareholders in i the Takapuna Tramways and Ferry Co. Ltd., as the price paid j by the Devonport Steam Ferry Co. | Ltd. for its assets, apart from tramway plant and rolling stock. The chairman also mentioned that in face of increasing bus competition the service had resulted in a loss of £19,200. The company, though not in liquidation, is now only in business for the disposal of unsold assets. Messrs. E. Blampied and H. Gilfillan, retiring directors, were reelected, and Messrs. Morris, Duncan, Gyllies and McClurg reappointed auditors. For the financial year 1922-23 the company showed a net profit of £6.930, and for 1923-24 a net profit of £10.065. but in 1924-25 the profit fell to £3,792. The 1925-26 period, however, sharply reflected the effect of bus competition, for the company then showed a loss of £4,640, which figure was greatly exceeded in the last 12 months. LOSS ON STEAMER The profit and loss account shows fares and freights £25,903 17s Id (as against £34,096 12s 9d in the previous year). Working and administration expenses amounted to £ 37,504 5s lid (as against £36,096) so that the loss on working was £11,600 Ss lOd, compared with the previous year’s loss of £ 7s 3d, which was increased by provision for depreciation to £4,641 7s 2d. in addition there was a loss in the last year on the sale of the steamer Britannia of £3,539, making £15,139 8s lOd. With the debit balance from the previous year of £4,061 Is Sd, the total deficit is £19,200 10s Gd. The balance-sheet shows the following liabilities:—Capital, £109,589; debentures, £29,200; bank overdraft. £1,411 14s 8d; sundry credits, £5,202 9s 6d; a total of £145,403 4s 2d. Assets comprise: Cash, £ls; assets, £65,000; guarantors, £5,400: and sundry debtors, £l2 10s. The balance of £74,975 14s 2d represents the debit bilance from the profit and loss account of £ 19,200 10s 6d and “asset depreciation account.” £55.775 3s Sd.