SATISFACTORY.

Auckland Star, Volume LXXI, Issue 144, 19 June 1940, Page 10

SATISFACTORY.

DEVONPORT FERRY CO.

YEAR'S ACTIVITIES.

PETROL RESTRICTIONS.

i Bad weather conditions during the holiday season, with little patronage of the beaches, was responsible for a falling off in the holiday .traffic, but notwithstanding this and other factors, the year was financially not an altogether unfavourable one, said Sir Ernest Davis, chairman of directors, at the annual meeting of the Devonport Ferry Company, Limited, to-day. Aβ with other large undertakings the company had experienced difficulties inseparable from war conditions and restriction of the use of petrol had largely reduced the number of car owners travelling on the vehicular ferries. Because of the war and petrol restrictions, the construction of the new vehicular motor vessel, the material for which orders had been placed, had been deferred until conditions alter.

Sir Ernest sakl that after providing a reasonable amount for depreciation on the company's fleet, plant, etc., making a larger provision for income and social security taxes than last year, and paying the usual interim dividend for the half-year ended October 31, 1939, there was left to the credit of profit and loss appropriation account a sum of £4908 12/2. The directors recommended the payment of a dividend of 2i per cent for the half-year ended April 30, 1940, which made a total of 5 per cent for the year. With regard to income and social security taxation, that for the year under review, an additional amount was required to meet the total charge of £10,500. "Twin-headed Dragon." "Difficulties which would be magnified in time of peace have no relative place in a period of crisis such as we are now passing through, ,, said Sir Ernest. "Our only concern should be the direction in which we as individuals can help the Empire to carry on its inspiring fMit for the freedom of civilisation. This is a great and all-embracing testing time. We shall not fail, providing each and every member of the British Commonwealth plays his part in the war effort, regardless of self, possession or sacrifice. Defeat is inconceivable; victory for right and justice must be the outcome. This is not the place for elaboration of all the grave issues involved, but I am constrained to reiterate my conviction that the twin-headed dragon of barbarism and aggression will be subdued so long as the modern ht. George represents unity in its most sublime form."

Sir Ernest referred to the loss bv death during the year of two directors. Colone W. D. Holgate and Mr. Edward Kusaell. A resolution expressing svmpathy with their relatives was passed The annual report and balance-sheet previously published in the "Star," were adopted.