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APPENDIX XVll—continued Utilization Branch—Rotorua Conservancy: Statement op Operating Accounts for the Year Ended 31st March, 1949 (Showing Also Figures por the Previous Year) —continued Profit and Loss and Appropriation Accounts 1947-48. 1948-49. £ £ The net profits of the individual unite as shown in the Operating £ £ Accounts above were—--22,770 Waipa Sawmill .. .. .. .. .. 19,229 Kaingaroa Sawmill .. .. .. .. .. 3,584 27,751 Waipa Box-factory .. .. .. .. .. 19,602 1,831 (loss) Waipa Wood-preservation Plant .. .. .. 4,113 48,690 This gives a profit over all for the year of .. .. .. 46,528 Against this profit has been made a charge for interest on the 13,728 capital employed in the undertaking of .. .. .. 19,265 34,962 Leaving a net surplus for the year of .. .. .. 27,263 The net profits brought forward from operations in previous years (after a total of £116,715 had been charged for interest) 42,711 were .. .. .. .. .. 77,673 Thus giving a net profit since the inception of operations (after £77,673 charging of £135,980 for interest) of .. .. .. £104,936 Note. —Assuming the undertaking to have been operated by a company working on 60 per cent, of share capital and 40 per cent, of loan capital, the appropriation of the over-all profit for the year would have been—--5,760 Interest on loans .. .. .. .. .. 5,760 24,685 Income-tax .. .. .. .. .. .. 23,360 (8-4 per 18,245 Available for dividend .. .. ~ .. .. (8-1 per 17,408 cent.) cent.) £48,690 £46,528

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