FERRY OPERATIONS

Sun (Auckland), Volume III, Issue 675, 29 May 1929, Page 13

FERRY OPERATIONS

PROFITS OF COMPANY DIVIDEND OF PER CENT. The operations of the Devonport Steam Ferry Company al'e reviewed in the 34th report of the directors, to be presented to the annual meeting at Devonport on Thursday, June 13, at 2.30 p.m. The profit and loss account, the directors say, after making allowance for depreciation, and placing £250 to the steamer insurance account, shows a net profit for the year of £11,257 8s Id. The balance brought forward last year, after payment of dividend, amounted to £546 Ss lid, making a total of £11,803 17s. An interim dividend at the rate of 1% per cent, per annum for the halfyear ended October 31, 1928, was paid, which absorbed £5,625. This left a balance to credit of profit and loss account of £6,178 17s. The directors recommend that a dividend at the rate of 7£ per cent, per annum be paid to shareholheds for the half-year ended April 30, 1929, which will absorb the sum of £5,625, leaving a balance to be carried forward to next year's accounts of £553 17s. In accordance with the articles of association, Mr. Sidney Thorne George is the retiring director, and, being eligible, offers himself for re-election.