SATISFACTORY YEAR

Wairarapa Times-Age, 18 July 1938, Page 3

SATISFACTORY YEAR

ASSOCIATED MOTORISTS’ PETROL CO., LTD. At the sixth annual meeting of the Associated Motorists’ Petrol Company Ltd, the chairman of directors, Mr Charles Todd, said, in moving the adoption of the annual report and balance sheet, that total turnover for the past year amounted.to £953,434, a satisfactory increase compared with £898,270 for the previous year and £464,332 for the first year of the company’s operations. In each year, sales had shown a progressive increase. Total assets showed at £289,122, which was an increase over the previous year of £25,576. Fixed assets showed at £125,149 — an increase of £37,797 over last year. This latter represented the cost of additional plant after provision for depreciation, which, according to the company’s policy was on an adequate scale. The balance sheet disclosed a strong financial position and the company’s properties and assets were now such as to enable a much larger volume of business than heretofore to be handled. Net profit for the year from all sources showed at £23,492 17s 6d, which, allowing for adjustment of profits on other commodities, was equivalent to ,46d per gallon on motor spirit sold. It was anticipated that the benefits of much of the extensive development work of the past year should be reflected in the present and future years’ operations. The balance sheet and accounts were approved and adopted and the following resolution was carried: — “That a dividend at the rate of 25 per cent per annum to ordinary shareholders, absorbing £6,250, and a dividend at the rate of 10 per cent per annum to preference shareholders, absorbing £12,971 19s Id, on the amount paid up on their shares at March 31, 1938, as recommended by the directors in their report to shareholders, be declared, and sanction granted to the directors to pay such dividend.” The retiring directors —Messrs C. Todd, M. H. Wynyard and D. H. Todd were re-elected and a vote of thanks was passed to the management and staff.