Balunce at Credit thereof need scarcely til you that inasmuch as this losses on vessels trading to. the East. at the
Tls. 3,879.92 fan trade provided abundant employment for expansion and enlargement of our for-where are very serious, that ships only of the present moment, and probably trading else-shipping, that the years 1887 to 1890 were' newest type can be worked without absolute singularly prosperous years for the shippin cash loss, and that, therefore, you will not, L, Warts Dosey, of this country, and that we shared, be very much surprised to heat that. therd Secretary. events to a considerable extent, in that is, I believe, at the present moment, some-Jamus' Witsox, Direatrs, W. W. Dicrssos, py; measure of prosperity. Although we had thing like a' million tons of shipping laid undoubtedly, as we always shall have when a degree of prosperity suddenly becomes in the poste, of Gross Britain because it unable table employment. Now, I have examined the above: Accounts and apparent, difficulties of a serious kind to con-gentlemen, I tell you these' facts sintply be. Balance Sheet to 30th April, 1802, together tend with in the shape of labour, in the form cause they are facts, and, I need. scarcely with the Books and Vouchers of the Company. and find them correct. of strikes both in this country, and more say, from no desire whatever on my part to especially in the Australian Colonies, yet. the throw any discouragement into your minds J. M. Dickrssox, fact remains that the expansion of trade which Auditor; took place in those years, without at the same with regard. to the business: of this cent. 25th June, 1892, pany. We have had enormous fluctuations of time the relative expansion of added this kind to contend with before. We shall greatly to the profits of shippin fe periods have fluctuations of this kind to contend with to which I am now referring, and you will It has been my duty to point out that'
Text read from the printed page and cleaned; old type leaves the occasional error.