for presentation to the shareholders at the thirteenth ordinary general mosting to be he'd at the office of the Goveral Managers, on Monday, 14th April, 1902, at 11 o'clock Annexed we have the pleasure to lay before shareholders a statement of Accounts mad" up to 31s December, 1901.
'The net. profit, including the' amount brought ternard from the previous year, amounts to $111,820.63, which it is proed to deal with " i flows, vi "0 place to Reserve Fund Pay @ Dividend of 10 cent carry forward to next account.
The result is a considerable improvement on the previous year, but deliveries under Tocal contracts have go far not been so large as was anticipated and the factory has therefore not benefited to the full extent by the additional kilns and extensions which were completed list year.
The profit from the Brick Works is smaller as the cost of various improvements has been included in the working. expenses in preference t" increasing the j capital account.
consulting Committee.—Mr. D. Gillies retires on leaving the colony and the General Manazers recommend that Dr. J. W. Noble be invited to fill his place. Messrs. Owens, Chater and D.ckson retire but offer themselves for re-election.
Auditors—Mr. F, Henderson having retired, the accounts have been audited by Messrs. W. H. Potts and T. Arnold, who are eligible for re-election.
SuEWAN Tones & Ca.
Text read from the printed page and cleaned; old type leaves the occasional error.