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The following are premises acquired, built, or renovated during our first four years £ s. d. Appleby Hotel in 1944-45 : Cost of land and building 2,500 13 0 Bars only. A venal Hotel in 1945-46 : Cost of land and building .. 5,000 0 0 Bars and accommodation for eighteen. Cecil Hotel in 1945-46 : Cost of land and building .. 30,006 0 0 Bars, shop, and 21 bedrooms. Clyde Hotel in 1944-45 : Cost of land and building .. 7,122 0 0 Bars only. Deschler Hotel in 1945-46 : Cost of land, building, and furniture .. .. .. .. .. 16,000 0 0 Bar, shop, and 38 bedrooms. Grand Hotel in 1944-45 : Cost of land, building, and furniture .. .. .. .. .. 51,250 0 0) Grand Hotel and Federal portion in 1945-46 : Land and and 69 bedrooms. building .. .. .. .. .. 11,000 0 0J Kelvin Hotel in 1944-45 : Cost of building .. .. 6,227 11 6 Bars only. Rugby Park corner in 1946-47 : Cost of land and building 3,000 0 0 Shop and bottle-store. Southland Hotel in 1946-47 : Cost of land and building 16,573 18 9 Bar and 12 bedrooms. Tyne Street Store : Cost of land and building .. 6,488 1 3 \ Bottle-store and mainWaitaki Store : Cost of land and building .. . . 3,000 0 0j tenance depot. Newberghs Buildings in 1944-45: Cost of land and building 43,750 0 0 Offices and trust headquarters. Brown Owl Restaurant and Elmwood Gardens in 1944-45 .. .. .. .. .. 21,200 0 0 Hall, restaurant, milk-bar, cake-shops, cabaret, and banquet-hall. Two houses in Gala Street: Cost of land and building .. 2,590 0 0 Site for new hotel. St. Andrew Street house section : Cost of land and building .. .. .. .. .. 1,853 10 0 Site for new hotel. Lind and Twinen : Cost of land and building .. 10,520 0 0 Shops and restaurant kitchen. Finance As at 31st March, 1948, the balance owing the bank is £293,533 3s. 2d. Book value of assets stands at £388,457 3s. and if licence value taken on a turnover of £352,189 ss. 6d. is considered, our assets should be worth at least £600,000. Turnover for the year 1946-47 was £319,288 19s. 3d. The taxable profit for the year is £19,205 2s. lOd. After allowing for income-tax (estimated) £10,312 3s. lOd. ; social security charge £1,400 7s. 9d.; and special depreciation on plant and buildings £10,072 os. Bd., the net profit left is £5,722 17s. 2d. The proposed debenture issue to cover the Trust's present and future indebtedness is still under consideration, but some members are of the opinion that the issue should be withheld until at least another hotel has been erected. During the year £67,956 9s. lOd. has been paid in wages to staff and £914 lis. Id. to staff superannuation. Wage increases as from October last amounted to £75 per week, and these, with other rising costs, have resulted in very little more profit than last year, although the turnover has increased considerably. Southland Brewery This brewery is now in a very flourishing position, and the Trust, as well as being a large shareholder, takes the bulk of their output. Members await with interest the outcome of the Licensing Commission's report regarding control of breweries. Members are of the opinion that before Trust control can be impartially judged, sole distribution of sales of liquor in the Invereargill area should be under one management. Distribution of Profits As the term of the proposed debenture issue has not been decided, members are apprehensive about distributing any large amount of profits in the meantime. Some members consider that liquidation of the Trust's indebtedness should not be attempted

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