MASTERTON PICTURE CO.

Wairarapa Times-Age, 21 June 1939, Page 3

MASTERTON PICTURE CO.

ANNUAL REPORT. DIVIDEND OF EIGHT PER CENT. The annual report of the Masterton Picture and Entertainment Company, Ltd., for the year ended March 31 last states:—We have to record, with great regret, the loss by his death in January last, of Dr. Cook, who, with the exception of his absence during the War period., had been a director continuously since the inception of the company. His sound judgment and keen interest in the undertaking have been of great value to the company, particularly in its earlier years. Because of the wise policy, adopted during the years of almost unexpected prosperity, of writing off the depreciating assets as quickly as possible, the company maintains its position of being able to show profits and pay dividends in spite of the fact that the picture business generally is meeting with many difficulties. The company is still operating in conjunction with the Regent Theatre, and its main income is derived from renting the theatre to Masterton Amusements on terms which offer a fairly satisfactory return to the shareholders. From the net balance in revenue account, we recommend the payment of a dividend at the rate of 8 per cent. This will absorb £l2OO, leaving £l6O 8s 0d to be transferred to the reserve account. Under the Articles of Association, the retiring directors are the late-Dr. Cook and Mr A. C. Davis. Mr Davis is eligible, and offers himself for re-election. Mr G. W. Sellar, the retiring auditor, offers his services for a further term.