New York, June 29.
The daily average gross crude oil production in the United States for the week ended June 25 were estimated at 3084000 barrels, according to the weekly report of the American Petroleum Institute of New York, published today.
This compares with 3,137,000 barrels last week and 3,530,000 barrels for the corresponding period of last year, showing increases. of 53,000 barrels and 446,000 "barrels respectively, compared with the figure for the week under review.—Reuter. fairly well maintained. It will, how-lever, be a long time before we can expect it to return to what it was before the hostilities broke out," said Mr. A. E. Glover, chairman, at the ralsh, mer.
Land and buildings remain at their original cost, while the usual depreciation has been allowed on plant and machinery, and furniture and fix-fures. Sundry debtors also show an increase, which is due to accounts outstanding from customers in the interior, who have been unable to remit, owing to the unsettled state of the country.
Stock in trade is also slightly higher, this being accounted for by the fact that several publications, now in the press, were unavoidably held up owing to the hostilities.
Secretary's Retirement At the end of our financial year, we reluctantly acceded to the wish while shares present or represented of our late secretary, Mr, A. S. de totalled 33,280.
Jesus, to retire. Mr. de Jesus was The chairman said: a loyal and valued member of the The accounts are clearly set out, company, having served us faithfully and I hope you will consider the re-for 28 years. I am sure you will sult satisfactory, in view of the wish to join with me in expressing abnormal conditions which have pre-the hope that he will long be spared vailed, and unfortunately still conto enjoy to the full the leisure his tinue. retirement has brought him.
Your directors greatly regret they The following' resolutions were do not feel justified in recommending passed:—more than a dividend of 50 cents per share at the present time, owing to That the directors' report and ac-Counts for the year ended February 29, the uncertainty of the future. It is 1638, together with the recommenda-however their intention, unless some tions as to the "priation of balance unforeseen reason should ari to at credit of ud loss account as prevent it, to pay an interim dividend Presented, be received, approved and adopted. "Proposed by Mr. A. E. Glover; of 50 cents per share later-in the seconded by Mr. J. H. Searle, year.
That Mr. A. J. Waller and Mr. J. H.
Following our usual procedure, I Searle having retired by rotation, be re-elected directors of the company. Pro-will give you a brief outline of the posed by Mr. S. O. Gregory; seconded year's working, which may be of in-
Text read from the printed page and cleaned; old type leaves the occasional error.