The Directors' report and statement of accounts for 1922 says in part.
The profit at credit of working account amounts to Tls. 301,925.79 as compared with Tls. 279,595.75 for the previous year, an increase of Tls. 22,330.04.
The net profit for the year amounted to Tls. 265,949.04 against Tls. 235,366.74 for -1921, an addition of Ts. 36,582.30.
The balance at credit of Profit Loss Account, which includes a sum of Tls. 7,284.16 carried forward-after appropriation of Tls, 231,062.03 as sanctioned at the last annual [general meeting, amounts to Tls. 273,233.20, which balance the Directors recommend be dealt with as follows Tis.
To pay a dividend for the year 1922, on 24,000 shares at 7 per cent.=Tls. 3.50 per share 84,000.00- To write off for do-preciation of Build:
ings Tis.
3,901.86 To write off for depreciation of Manufacturing and Distributing Plant. 108,332.22 112,234.08 To transfer to Staff Pension fund 208.14 To transfer to bad and doubtful debts reserve account 20,000. To carry forward to new account 23,790.96
"Tls. 273,233.20
Renewals and Depreciation Account.—Additional repairs to retort settings were undertaken during the year at a cost of Tls. 18,979.70 and that amount has been appropriated from this account leaving a balance at credit, under this heading, for similar purposes, of Tls. 77,652.69.
During the year 457,634,000 cubic feet of gas were sold to private consumers, being a decrease of 7.9 per cent. which is due to the loss in the lighting business. Gas for cooking, heating and industrial uses continues to progress satisfactorily.
There was a good demand for tar, tar oils and sulphate of ammonia. It is satisfactory to note an provement in: the coke market.
There were no additions to Plant but considerable repairs were undertaken in the Retort House and on the creek front. The whole plant and machinery was maintained in first class condition.
Text read from the printed page and cleaned; old type leaves the occasional error.