Working Expenditure at $2,200,800.86 shows a decrease of $89,752.73 as compared with 1034. The decrease Is primarily due to the higher value of the dollar In terms of sterling which prevailed for the greater part of the year and which resulted in a redue-{Won in the cost of Imported materials fand in the cost of salaries, Demand hag again for all practical purposes: remained stationary being only. 18, per cent, below that for 1934, and Dumping costs have again been re= duced.
In the Profit and Loss Account the amounts charged in respect of Interest, Depreciation, and Rates and Tax: find Insurances" show Increases off solling to a large extent the reduc lon in Working Expenditure, The interim dividend paid on September 27 last, together with the final dividend now recommended. will absorb §1,043.721.58 of the not profit eaving available for transfer to] Equalization of Dividends Reserve on. account of 1085 exchange differences the amount of $103,495.30.
On Extra-Agreement and Shipping Contumers" Account we have anal profit of $103,498.04 as aguinst $104, 540.64 for 1994, Although the revenue fon this account has dectined, a rotion in working expenses has been effected which leaves the not prof substantially the same as last yeas The dividends, however, that we are able fo recommend on this account 2/0°per "A" share and 1.05 pence per mi share are. unfortunately reduced owing 10 the considerably lewer rate fof exchange.
Turning to the Balance Sheet you wil see that_ additional capital. expenditure on Buildings, Works, Mains, fle, amounted to $005;30807, a substantial reduction on that of last year when. there was comparatively heavy expenditure on meters, The! biggest single item nas been the ea stuetion of a battery of ten' rein-foreed conerete rapid. gravily alters. The amount deducted under the heal= ing "Assels disposed of" represents the cost of old plant and equipment which has been fully depreciated and Serapped to make room for more modern and economical plant. You will notice that the gute of Sundry Debters and Debit Balances to which T drew attention last year is again maintained" at ils low revel which' indicates satisfactory collections.
Text read from the printed page and cleaned; old type leaves the occasional error.