It you will now turn to the balance-sheet you will see that net capital expenditure for the year amounted to £41,600. Of this sum £8,000 was spent on the fields, including £1,700 ior geological instruments in connection with exploration work, and the balance of £33,600 relates to the refinery. Intangible expenditure of £2,300 has been met out of the exploration reserve set up in past years, which will continue to be used in this way for the more extensive exploration operations being undertaken in the current year. Materials in use and in stock or transit together amount to £115,000, a reduction of £19,000 on last year.
Debtors, oil stocks, investments, and cash together amount to £1,313,000. and, deducting creditors of £155,000. ihe company's net liquid assets stand at £1,158,000. This compares with £1,045,000 at the end of 1935, and illus shows some increase.
Text read from the printed page and cleaned; old type leaves the occasional error.