* * * GAS LIGHT AND COKE COMPANY.
Many of the gas undertakings which have recently pub- lished their accounts show earnings slightly ahead of the 1937 figures. This result seems curious since it comes just after a movement towards higher gas prices, but the explanation seems to lie in the fact that it is the residual products rather than gas itself which have provided the increase in earnings. The figures of the Gas Light and Coke Company, which sup- plies a large part of the Metropolitan area, are fairly typical. Gross takings for the year amounted to £13,650,297, an in- crease of £68,676 over the previous year but neither gas itselt nor the rentals of meters, stoves and appliances played are part in the increase.
Revenue from gas sales actually declined from £8,825,575 to £8,808,386 and rentals of appliances from £1,906,756
£1,868,114. The whole of the increase in net earnings %%as provided by the residual products such as coke, tar and ammonia, and by the revenue derived from rents and fees. Expenditure, particularly on coal, was higher, so that the net revenue for the year showed an advance of only £15,376 9t £2,065,551. The net revenue, although improved, was still insufficient fully to coyer the regular ordinary dividend ot £5 12s. per cent. and a further inroad of £48,778 has been made in the balance carried forward, reducing this item to (Continued on page 243)
FINANCIAL NOTES
(Continued from page 242) 453,598. In the previous year the undivided balance was educed by LI to,801.
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