SATISFACTORY YEAR

Wairarapa Times-Age, 2 July 1938, Page 9

SATISFACTORY YEAR

MASTERTON PICTURE COMPANY. DIVIDEND OF EIGHT PER CENT. The following is the report -of the directors of the Masterton Picture and Entertainment Company for the year ended March 31:—The balance sheet discloses another satisfactory year of business, the net profit being considerably in excess of the previous year’s, including, however, the proceeds of the Wurlitzer orgar r which had been written off over past years. During the major portion of the year, your Company has been operating in a three-party pool, consisting of the Regent, State and. Cosy Theatres, but since the beginning of March this arrangement ceased, and the Regent and Cosy are now operating jointly apart from the State. A dividend at the rate of 6 per cent, as authorised by the shareholders at the last annual meeting, was distributed in July last, and from the money made available in connection with the Majestic Theatre investment, a distribution of 4s per share was made, so a total of £3900 was paid out to shareholders during the year. From this year’s profit we recommend the payment of a dividend at the rate of 8 per cent. This will absorb £1240, and we recommend adding the balance, after the payment of directors’ fees, to the reserve account. The articles of association provide that the directors shall receive such remuneration as the shareholders shall decide, but the matter was overlooked at the last annual meeting, and no di- *>.. rectors’ fees have been paid or reserved in respect of the year under review. Under the articles of association, Messrs J. H. Mason, G. H. Perry and A. W. Press are the retiring directors, but, being eligible, offer themselves for re-election. Mr G. W. Sellar, the retiring auditor, offers his services for a further term. —For the Board, A. C. Davis, Chairman of Directors; P. R. Cook, Director.