FIRST GARDEN CITY, LIMITED
NET REVENUE MAINTAINED MR. ERIC MACFADY.EN'S ADDRESS
ADDRESSING the shareholders of First Garden City, Limited, on December 31st, Mt. Eric 1Viacfadyen, M.A., J.P., the chairman, after referring to the loss sustained by the company through the death of Lieut.-Col. Franklin Thomasson, the last survivor of the original board of directors of the company, said:
My review of the year's activity must necessarily be brief. Property development has been almost at a standstill ; and in common with other similar undertakings the absence of particulars of our public utility services robs the accounts of many details for which interested shareholders have been accustomed to study them ; and comment upon which in normal times constitutes the backbone of the chair- man's speech.
Our net revenue has been maintained in spite of an unprecedented burden of taxation, and after due provision for such taxation we are left with a distributable balance of £12,468 tor. 9d., compared with the corresponding amount of £13,009 13s. 8d. for 1940.
The chief anxiety in war-time of a company carrying on the multifarious activities of ours must be the risks to which its buildings, plant and equipment are subjected. The accounts under review deal with our known liability under the War Damage Compensation Scheme, but Parliament has not yet dealt with war risks to utility undertakings; nevertheless after careful deliberation we have decided that we shall be justified in leaving the future to take care of a contingency which, after all, is a hypothetical one. No company with interest such as ours has more successfully surmounted the difficulties of the war - up to now—thanks to the technical competence and conscientious service of our executive officers—and none can face the futufe with more sober confidence. We have therefore decided to recommend to you the repetition of the 5 per cent. dividend which has been paid with such regularity now for many years.
The report and accounts were adopted.
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