CALCUTTA ELECTRIC SUPPLY
LORD MESTON (Chairman of the Corporation) presiding on May 8th at the annual meeting of the Calcutta Electric Supply Corporation, Limited, said that the sales of current in 1938 averaged a million units a day, and would have been larger but for tariff reduction and for recent troubles in the jute industry. The Government had refused the application of the Calcutta Corporation to acquire that portion of the undertaking situate within the municipal boun- daries, so that the question would now lapse for ten years. The Board had represented to the Government their readi- ness to co-operate in any well-devised comprehensive scheme for electrical development. Capital expenditure during 1938 was over Li,000,000 which had been provided mainly by the realisation of temporary investments. The net result for the year was an in- crease of £13,00o in the divisible profits. As for the future they required more capital for completing the development scheme as well as for an important extension to the south of Howrah. They had maintained a to per cent. dividend, but could not hope to recommend a higher figure than 9 per Cent dividend next year. An issue of 475,000 new ordinary shares would be made within the next few weeks, to be offered at part to the ordinary stockholders in die ratio of one new share for every £5 stock held. The report was unanimously adopted.
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