DOMINION BREWERIES.

Star (Christchurch), Volume XLIV, Issue 520, 1 August 1932, Page 2

DOMINION BREWERIES.

Large Sum Contributed in Taxation. The annual general meeting of Dominion Breweries, Ltd., was held at Auckland last week. In moving the adoption of the annual report and balance-sheet, the chairman of directors. Mr H. Reimers, said that production for the year showed an increase of 40 per cent over that of the previous year. Although the company’s turnover was so highly satisfactory, the heavy increase in taxation deprived it to a great extent of the benefits which otherwise could have been expected from the increased business. During the year the company was called upon to find over £38,000 for duties alone. “ It is almost entirely owing to this fact,” said the chairman, ” that the net earnings of the company for the past year are not as satisfactory as they otherwise would have been, and that Ehe directors cannot recommend the >nyment of a dividend to shareholders. After making full provision for land, Income and other taxation, depreciation, bad debts, etc., it is recommended that of the amount available for distribution, viz., £2436, the sum of £IOOO be transferred to reserve, increasing that amount to £4OOO. and that the balance of £1436 be carried forward.”

The principal items in the company’s balance-sheet at March 31 are: Paid-up capital, £77,746: secured creditors, £8000; sundry creditors. £26,098; reserve, £3OOO. Assets include brewery and plant, shares In other companies, and goodwill, £45,235; hotel leases, etc., £3045; stock on hand, £19,858; sundry debtors, etc., £48,541.