DOMINION PICTURES

Wanganui Chronicle, Volume 80, Issue 257, 29 October 1937, Page 11

DOMINION PICTURES

DRAIN OF TAXATION PAYMENT OF 9/6 IN POUND In a preliminary statement of the accounts of Dominion Picture Theatres Company, Ltd., a profit of £lBl5 was announced, and an unchanged ordinary dividend of 3i per cent, for the year was recommended. The directors have now issued the complete accounts. The report states that rentals show an improvement, but provision for land and income tax has also increased. Representations have been made to the Government regarding the present method of assessing land tax, with special reference to its effect upon the company s operations, but so far without result. Out of the year's profit, £1629 has to be reserved for land and income tax. This represents a payment of 9s 6d in the pound on a profit of £3444, leaving only £lBl5 as the return to shareholders, who have contributed £45,000 capital. Reference is made to the death of one of the company’s directors, Mr. R. T. Michaels, who had rendered outstanding service over a long period of years. The retiring directors, Messrs. Thornton Jackson and S. Reid, are available for re-election. The company’s results for the past three years compare as follows: 1935 1936 1937 £ £ £ Brought forward 2,754 3,132 2,911 Net profit 2,665 1,549 1,815 5,419 4,681 4,726 Dividends — Preference 6 6 6 Ordinary 5 3? 3? Amount 2,287 1,770 1,770 Carried forward ... 3,132 2,911 2,956 Assets total £76,873, an increase of £625. A further rise in cash from £ll3B to £2489 is primarily responsible, properties, plant and debtors being lower.