PICTURE COMPANY

Wairarapa Times-Age, 12 July 1941, Page 8

PICTURE COMPANY

ANNUAL REPORT PROFIT ON YEAR’S OPERATIONS. A DIVIDEND RECOMMENDED. The following is the annual report of the directors of the Masterton Picture and Entertainment Co., Ltd.:—We continue to operate in conjunction with the Regent Theatre on a rental and profit and loss sharing basis per medium of Masterton Amusements Limited, During the year your directors decided to carry out some much needed renovations to the Cosy and at the same time make certain structural alterations which have considerably improved the appearance and comfort of the theatre. The work in all cost £ll5B, of which £644 was of a Capital nature. The net profit of £452 is, of course, much below last year but this is accounted for by the renovations mentioned in the preceding paragraph together with an increase in taxation provision and the deletion of the interest on the mortgage from the Carterton Company. This mortgage as shareholders will remember was paid off in March of last year and £2250 was distributed.

We recommend the payment of a dividend at the rate of 4J per cent on the paid up capital of the company. This will absorb £675, of which £672 is available in Revenue Account and £3 can be taken from the Reserve. Under the Article of Association Mr G. H. Perry is the retiring Director, but is eligible and offers himself for re-elec-tion. Mr G. W. Sellar. Auditor, offers his services for a further term.