A SUCCESSFUL YEAR

Northern Advocate, 2 July 1935, Page 5

A SUCCESSFUL YEAR

ASSOCIATED MOTORISTS’ PETROL COMPANY, The third annual general meeting of shareholders of the Associated Motorists’ Petrol Company was held on June 11. Mr Charles Todd, chairman of directors, presided. The chairman said: “The result of the year’s trading is most gratifying to all concerned. The outstanding benefit to shareholders and the public of cheaper petrol of very high quality, amply justifies your company’s existence. It is perhaps well to remind shareholders that as a result of the entry of the company into the business, petrol prices are 6d per gallon lower today than the average price prior to the company’s formation. Such a saving amounting to £1,500,000 per annum, to the New Zealand public is a very big achievement. “It is doubly gratifying under such circumstances to be able to present to shareholders what must be regarded as an excellent balance sheet. That such a result has been possible is largely due to the excellence of our product, ‘Europa High Octane,’ a sound marketing policy, efficient and economical administration, and wholehearted support from the company’s re-sellers, shareholders and the consuming public. “The profit and loss account shows the rapid growth present magnitude of the company’s operations, sales for the year amounting to £628,698 2/7. “In your directors’ -report it was recommended that the balance of profit and loss account be distributed by way of dividend to shareholders in accordance with the provisions of the memorandum and articles of association. Your directors now recommend that in view of preference shareholders’ dividend last year being at the rate of 5 per cent, only, an increased dividend at the rate of 10 per cent, be paid to preference shareholders out of the profits for the past year’s trading.”