CHRISTCHURCH GAS COMPANY

Evening Star, Issue 22248, 28 January 1936, Page 6

CHRISTCHURCH GAS COMPANY

ANNUAL REPORT AND BALANCE-SHEET DIVIDEND OF 7 PER CENT. An improved position is shown in the accounts for the year ended December 31 of the Christchurch Gas, Coal, and Coke Company Ltd., the annual meeting of shareholders of which will be held on Tuesday, February 4. The net profit for the year is shown at £23.905 15s. as against £27,348 in the preceding year, but the. balance sheet shows an improvement in most other respects. Deposits at call and bank overdraft, aggregating £10,033, have been extinguished, and fixed and current deposit accounts show an additional £17.436 in the assets. With the balance of £9,259 brought forward from last year, a total in the profit and loss appropriation account of _ £33,165 is shown. The improved position in the accounts is reflected in an increase in the dividend of from 6 to 7 per cent., the latter rate involving the distribution of £25,160, the balance of £8,005 being carried forward. In 1932 and 1933 the rate was 6 per cent., and for some years before 1932 8 per cent. The directors’ renort is as follows: The sales of gas amounted to 426,649,900 cubic feet, an increase of 1,603,900 cubic feet, which, considering the difficult trading conditions existing, must bo considered satisfactory. Your directors are pleased to state that the cut in wages and salaries was fully restored as from January 1, 1935., This restoration represents an increase of approximately £4,200. Provision for depreciation has been made on the amended scale, as provided for in last year’s accounts, and the profit and loss appropriation account shows a balance of £33.165 10s 2d. Your directors recommend the payment of a dividend of 4 ner cent., which, with the dividend of 3 per cent, already paid, will absorb £25.160 8s 9d: and to carrv forward a balance of £8.005 Is sd. The directors who retire by rotation arc Mr C. P. Agar and Sir Charles Clifford, who offer themselves for reelection. Messrs Walter J. Moore and Son and Mr W. S. Newburgh', the retiring auditors, also offer themselves for re-election. The duties and responsibilities of the directors 'having been considerably increased, the following proposals will be submitted to the shareholders at the meeting:—" That, as from January 1. 1936, and until otherwise determined in general meeting, the directors shall be paid out of the funds of the company for their attendances at board meetings tlie sum of £l.lOO per annum. _ All such remuneration shall be divided amongst the said directors as they may determine.” PRICE CF GOLD Press Association—By Telegraph—Copyright LONDON, January 27. (Received January 28, at 11 a.m.) Fine gold is quoted at £7 0s 9d an ounce.