FERRY COMPANY'S RESULTS.

Evening Post, Volume CXI, Issue 142, 18 June 1931, Page 14

FERRY COMPANY'S RESULTS.

The fiftieth annual general meeting' of the ' Devonport ' Steam > Ferry Company, Ltd., Auckland, was held on Tuesday. The Hon. E. W. Alison presided. He said that owing to the prevailing depression it ■would be necessary for the company to adopt a course of extremely careful and methodical finance and' administration. - "Considering the present conditions, the report and balance-sheet must be consid-, ered'" fairly satisfactory," he said. After making allowance for depreciation on steamers and plant, net profit, for the year was. £11,230 5s 6d. To this sum was added £04413s 5d brought forward from last year,: making £11,774 18s lid.- An interim dividend of 7% per cent, per annum was paid, absorbing £5625, leaving £6149 18s lid,, which gum. .the directors recommended be disposed of by the.payment of a dividend-to the-'half-year ended ;30th April,'l93l,. at the. •same-:rate, -amounting to £5625, leaving £524 18s lid to be carried forward. .-■- . B .'•• •■.■.'■'■:'''. "I am'sorry-to inform-you-that, owing, to the 'prevailing depression, there has been a. marked-falling off on each; of the company's lines of .trade during the .past four months'. ' tlntil. a ' return of more prosperous times,,it, will therefore be ■ne-cessary,-consistent with a continuance of efficient public/service, to adopt, a. course of■• extremely careful and methodical finance and administration.of the company's affairs,"- Mr. Alison concluded.