The profit for the year was £00,873. which when added to the amount of £23,744 brought forward, produces a total of £84617 compared with £105,044 for the preceding year. ance of £49,617 "As these are suitable times and elreumstances in which to draw on four reserves for the purpose of Sugmenting the amount available for distribution in the form of dividend, the sum of £20,000 has been trans: ferred from reserve account to profit and loss, appropriation account, which brings our disposable Balance up to £09,017.
Your Directors now recommend that a dividend of 8 per cent, be paid which will absorb $3,600 Jeav: Ing to be carried forward to the new account the sum of £16,017.
October last, careful consideration was given to the wisdom oF otherwise of paying an interim divide fend in accordance with our usual practice, but having regard to the Fesult of our operations for the rat six months of the year, and to all other circumstances, It was felt that the prudent course would be to leave the matter of dividend over until the position could be properly viewed the light of the annual accounts.
With regard to the Balance Sheet, there is nothing on the liabilities side requiring explanation to which 1 have not already referred. On the Assets side the gute for stores own compared with last year by £21,383 due entirely to the substantial fallin exchange. Sundry Debtors are also down by £4,438 almost wholly for the same reason, Rolling stock and plant have been maintained at the usual high standard.
With regard to the future, your directors take the view of reasoned optimism and this has already been demonstrated in the form of additionfal capital outlay In respect of the ow trolley bus route put into opera tion last year and will be further em. phasized in the Rew route projected for the current year.
In conclusion would like to take this opportunity of expressing our thanks to the General Manager, the Secretary and the Staff for their royal and eMlclent work during a year hot free from difficulties.
Text read from the printed page and cleaned; old type leaves the occasional error.