From these calculations we com pute the loss to the company, aris ing from the strike, at Tis.' 250,- 000, This figure ' might easily have been increased, had we taken, into consideration the fall capacity of the works had there been no strike, but Ido not wish to make} the situation appear worse by overestimate, An easy calculation will therefore show you, that from the Aigures I have given you, the loss of Tis, 21,000 would in the ordinary course of affairs have appeared as a profit of nearly two and a half Jahks, which T think you regarded as b Your board has given serious: consideration to the question of dividends. You will have seen that the amount standing to the credit of profit and loss account amounts! to Tls. 65,723.66, made up by, deducting the loss" incurred during the year from the sum. of Tls. 87,349.80 carried forward from 1924, This amount is not suffiefent in itself to meet the payment of our preference dividend, which calls for Ts, 120,000, It is recognized that our preference shares are looked upon in many quarters as something _approaching a debenture or gilt-edged and your board—has therefore,.be asked to approve of the transfer of the sum fon Fund to Profit and Account, which will then place in sufficient credit to Timuch regret to inform you that 1 unable to make—any recommendation concerning the payment of a dividend on the ordinary shares, a3 I do-not consider it would be in the best interests of the company, were we to strain our financial resources too far.
The Balance Sheet Turning to the balance sheet you! will find that capital expenditure has been incurred under land account, vhich figure now stands at Tls. 1,166,385.74, the increase during the year being Tls, 3,009,01, expended on valsing and levelling a portion of our residential land and fencing the property as an endeavour to prevent theft of mud and soil, which was continually going on, Plant, buildings, machinery, steam and motor launches, now stand at Tis, 1,941,037.25, which includes an addition during the year of Tis, 44,320.61. This increase is general-Jy'accounted for by the construction of a new motor Munch and a steam pontoon, and barge for handling our welding plant, necessar to cope with the meres ing demand for this class of stands atthe figure as year, Tls. 452,590, Stocks and works in progress Tls. 1,138,249.38, against I find instalments have Leen received on account of work il, amounting to Tis, 681, debtors wer ut the end of the year, to Tls. 199, rather high amounting of Tls. 9,000, which fully covers the few doubtful debts on the company's books. Most of these "recounts have now been!
Investments, Tls, 18,745.00, is the same figure as in previous' years, whilst cash in hand and at bankers amounts to Tis, 158,609.54,
Text read from the printed page and cleaned; old type leaves the occasional error.