Gestiemes,—Your Directors bey to lay before you a Statement of Accounts for the half-year ending 30th June, 1887.
AS mentioned in the last report, the system of keeping each year's accounts separate has been adopted. Owing to the heavy losses that took place in the early part of this year on 1886 accounts, the amount carried forward then to meet such losses, has been exceeded.
The Directors regret, that in consequence thereof, they cannot pay any bonus on last year's business, and further they considered. it more prudent to an ad interim dividend of 5% to the bth June last. But, looking to the favorable statement they are now able to present to the Shareholders, the Directors are hopeful that a final
Text read from the printed page and cleaned; old type leaves the occasional error.