1 will now turn to the accounts of the company and, if you will refer to the working account, you will find that the total revenue shows an fnerease over Inst year of Tis, 144,175.80. This is slightly Jess thun the increase shown for the year ended March 31, 1927, amounted to Tls. 171,990.75 and is due to a smaller number of Lines being installed during the year as compared with the previous year, The main increase in the working expenses occurs in the operating expenses but this is a normal increase due to the greater number of lines operated during the year.
Owing to the introduction of the automatic system, it has been necessary to engage extra engineers for the purpose of maintaining this plant and this accounts for a part of the increase in maintenance charges. It will be seen that, this year, building maintenance is shown in the working account instead of being deducted from rent revenue in the profit and loss account, The balance on the working account is Tis, 558,242.90 and, eliminating building " maintenance for the purposes of comparison, the amount transferred to profit and loss account is Tis, 61,667.12 in excess of last year's figure, Profit & Loss Account The main increase is interest and exchange. yings up asking for an_ automat entecriber, the operator has to dial the number wanted and this, of course, makes connections slower.
Subscribers ringing the exchange me asked to be ar patient it for a reply continua! singing or congestion All subscribers wish large switch-Joards in their offices have had a placed Lefore their numbers and cathe installation of the automatic plant, interest has been charged until the date of opening, namely November 20, 1927, since when the interest has been chamzed to profit and loss account.
The net profit for the year is Tls. 211,524.51, showing an increase of Tis, 24,8501 ever the proceeding The dissectors have decided to recommend a dividend of Tle, 3.75 per share, which resolution will be placed Uefere yeu later, and to
Text read from the printed page and cleaned; old type leaves the occasional error.