'The interim dividend paid 'Seplember 25 last absorbed $821,375.90 Teaving available towards the' final dividend which we now recommend the sum of $757,72347. This sum is short '$260,211.88 of, the amount required to meet the dividend. Tu addressing you in March of last T pointed out that, owing to "our Yoluetanee, at that time of severe depression, {o submit any proposal to the Municipal Council which would have the effect of increasing charges our consumers, we would have 0 prepared to face the fact that the net prof for this year would be in-sume lent to cover dividend requirements and consequently that the de-felt would have to be made good by utilizing a portion of the reserves provided for that purpose.
Accordingly, to the balance of pro-is available we add the amount of the shortage, to be made good transfer from equalization of dlvidands reserve and thus have avallable for distribution $1,026,995.02 which we recommend be disposed of by: paying full final dividends as set out In your directors' report attached to the accounts now before you.
On extra-agreement and shipping consumers' account we have a net! profit of $00,073.77 as compared with. $103,498.94 for 1935, This decrease is. entirely due to a somewhat sharp note and let us hope that during 1997 nothing untoward may happen fo mar what at the moment certainly ook like brighter days ahead of us.
The Resolutions The following resolutions were then passed unanimously, the meeting coming to an end with a vole of thanks to the chairman and consulling committee, proposed by Mr. Ellis Hayim and carried unanimously:—
That the report and accounts, a8 pre-ids Bria mar use ation Seinded ay stret wazuin Die, Fan, ChisG-poo, gnd Chun, Bing-him Sind elineratons as or 19 7 pany for Jing. eae at the Jdoctine In the revenue; again, less water hag been sold to shipping and there Is no doubt that' the loss of revenue from extra-agreement con-sumners, the bulk of whom reside in the northern area, is to a great extent attributable. tothe various disturbances that occurred in that area dur-{ing the year. The dividends that we recommend on this account are 2/4 per "A" share and 1.4¢. per "B" share exchange 1/218 per dollar:
With one exception there is little alteration in the balance sheet figures cal estate has been increased slightly by the purchase of a small piece of Jand in the Eastern district. "Capital expenditure at $522,000.15 is relatively small, more than half has bern ex-ended on mains, investments have Denefiited by the recovery in security. prices but generally the balance sheet Compares quite closely with that as at December 31, 1935,
Text read from the printed page and cleaned; old type leaves the occasional error.