LONDON COUNTY FREEHOLD AND LEASEHOLD PROPERTIES
ANOTHER SATISFACTORY YEAR
THE annual ordinary general meeting of the London County Freehold and Leasehold Properties, Limited, was held on May 25th at 114-116 Park Street, London, W.
Mr. Thos. J. Cullen (vice-chairman and managing director) presided in the absence through indisposition of the chairman, Sir William Burton, and moved the adoption of the Directors' report, which stated that the net revenue for the year was £396,101, com- pared with £392,470 for the previous year. The directors recom- mended a final dividend of 4 per cent, and a bonus of t per cent., making the total distribution to the Ordinary stockholders i i per cent for the year. It was the eighth successive year the total Ordinary stock dividend and bonus had been maintained at that rate. The surplus of assets over all liabilities, including preference and ordinary stock, was £t,555,39r.
The income from flats let at inclusive rentals for varying terms of years must of necessity suffer the incidence of increased outgoings until the rents could be adjusted, and, in view of the substantially increased burdens which property let at inclusive rents now had to bear, the result of the year's work was, in the opinion of the directors, satisfactory. Unrest of whatever kind had its effect in diminishing the number of prospective tenants willing to enter into relatively long-term commitments, yet their void percentage at March 31st last was still lower than the average percentage at that date for the past six years.
The company had acquired the site of Nos. 421-429 Oxford Street, and it was proposed to erect a really outstanding and efficiently planned building. Certain portions of the new building would be occupied by the company as its Head Office, and the remainder would be let to commercial interests on attractive terms. Although the building would not be completed until the autumn, they had already received enquiries from prospective tenants. In their opinion, the new Keysign House in Oxford Street would soon become a well-known landmark and prove of mutual benefit to applicants, to tenants and the company.
The report was unanimously adopted.
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