SUCCESSFUL YEAR.

Auckland Star, Volume LXV, Issue 144, 20 June 1934, Page 3

SUCCESSFUL YEAR.

DEVON PORT FERRY CO. RESTORATION GF " CUT." DECLARATION OF DIVIDEND. In moving tlie adoption of the report ami accounts at the 39th annual meeting of shareholders of the Devonport Steam Ferry Company, Limited, tlii.s morning, the chairman of directors, Colonel W. D. liolgate, said that the result of the year's operation*; had been satisfactory, considering that business was still ali'ected by the depression. Dealing with the profit and loss account, tlie chairman said that after providing for depreciation of the company's fleet and property there was a net profit of £7072. The balance brought forward last year was £400, making the total £8072. An interim dividend at the rate of per cent per annum for the half-year ended October 31 last was paid, absorbing £37."i0 and leaving a credit balance of £4322. The financial position was such that the directors had no hesitation in recommending the payment of a dividend of 2} per ccnt for the half-year, making, together with the interim dividend already paid, a total of 5 per cent for tlie year, and leaving a balance to be carricd forward to next year's, accounts of £572. "At tlie last annual meeting I reported that the company's revenue had been (seriously affected by the falling oIT in the number of passengers carried and the drop in revenue for the year ended April 30, 1932. and also for the year ended April 30, 1933,'' continued Colonel Holgate. "Shareholders should be gratified to learn that indications "point to our business being now stabilised, even although for a time it may be on a lower basis than formerly. This coincides with my forecast at the last annual meeting. Restoration of Cut. "The agreement with the employees expired during the financial year, and a new agreement for a term of two years was entered into in April last. In view of the serious decrease in revenue at that time, the employees agreed to accept a 5 per cent reduction under the old agreement. When the terms of the new agreement were under consideration, your directors considered, in view of the improved conditions, that they were justified in restoring the cut made under the old agreement." The steamers had been maintained to the highest possible standard. The company's operations had been free from accidents and damage to steamers during the year. Chiefly on account of the recent coal "war," Tunning expenses had been considerably reduced, but with the cessation of tlie coal "war" the benefit previously obtained had now ceased. In respect to the North Shore Transport Company, Ltd.. a subsidiary company, the revenue received and passengers carried, although improved as ajrainst last year, -were still lower than the figrures of years before the depression. Tlie plant—'4s buses—had been kept in a high state of efficiency. { Pirate Shippe Enterprise. Up to the present, said the chairman, the Pirate Shippe had been run as a subsidiary company, but it had now been decided by the directors to liquidate the subsidiary company, and the business would bo taken over and run by the Ferry Company. There was no doubt that the last year had witnessed a considerable revival of business confidence generally. The company's shares were now worth par value. The report and balance-sheet were adopted, and Colonel Holgate, the retiring director, was re-elected.