when the report and accounts (an outline of which I have given in a previous letter) were adopted und voce. The Chairman congratulated the meeting on the increased profit and increased dividend, and hoped the policy adopted of making a liberal allowance for depreciation would be endorsed, as it was desirable to place the company in a strong position to meet any possible competitions The working showed an increased expenditure mainly owing to the high cost of coal, but they were introducing the Meldrum furnaces with a view of reducing this outlay.
Text read from the printed page and cleaned; old type leaves the occasional error.