TRUSTEES, EXECUTORS AND AGENCY.

Wanganui Chronicle, Volume 84, Issue 191, 15 August 1940, Page 3

TRUSTEES, EXECUTORS AND AGENCY.

After providing for income tax estimated at the higher rates now prevailing, a profit of £14,005, is shown by Trustees Executors and Agency Company, Ltd., of Melbourne. The profit is arrived at after providing £l4OO to write down furniture. In the previous year a profit of £10,305 was shown after providing £5OOO to write clown freehold property. Dividend is unchanged at 8 per cent, and requires £11,200. A sum of £3OOO is transferred to reserve, increasing it to £126,000, and £10,321 is carried forward against £10,515 brought forward.

Amount at credit of estates controlled by the company is £31,379,997, an increase of £1,096,851 on the year. Paid-up capital is £140,000.

PROFITS OF EDMENTS, LTD. Profits of £8845 is shown by Edments Ltd., chain store proprietors, Melbourne, for the year ended June 30, compared with £7764 in 1938-39. Dividends of 6i per cent, preference shares require £2843, and ordinary dividends at unchanged rate of 10 per cent., requires £5250. A sum of £443 is appropriated for writing-off, preliminary expenses, and. underwriting commission, leaving £4667 to be carried forward, against £4358 brought in. The latest profit is struck, after providing £4500 for taxation, including new wartime company tax, against £2OOO last year. SILVERTON TRAMWAY, CO. The Silverton Tramway Co., Ltd., reports a profit for the year ended June 30 of £53,915, which, with the balance brought forward, £33,352, makes a total of £87,26 r / Dividends 147 and 148, paid on August 30, 1939, and February 29 last, took £50,000. There is a transfer of interest to reserve accounts of £BB6, and further provision of £5OOO for income tax, leaving a balance of £31,381. From this balance the directors have appropriated £25,000 for payment of a dividend on August 28. The directors report that income taxes paid were on a higher scale and provision for the expected heavier imposts during the ensuing year has been made. For this reason the usual appropriation to reserve for repayment of capital has been omitted for this year. Tonnage of all commodities carried, except wool, shows a decrease. This was in part due to a strike on the New South Wales railway which retarded the flow of interstate traffic, but mainly to smaller loadings of concentrates attributable to the effect of the war on overseas shipping and markets. There had been a reduction in working costs commensurate with the reduced tonnage, after taking into consideration the upward trend of the basic wage. Profit of £53,915 shown this year compares with £62,755 last year, and £59,481 in 1938.