and of the year, but most of paid.
Profits and loss account shows a nett profit for the year of Tls. 63,006.44. to which must be added the balance of Tls. 18,540.04 brought forward from the previous year making a total of Tls. 81,852.48 at credit of this account 'a8 on December 31 last.
As you will have seen from the report before you your directors will recommend that this be posed of in the manner therein proposed.
Turning to the assets yo wI! 190 that your land which stands the in the books at Tls. 118,147.17 18 asseaseid at Is. 246,800.00 oF difference in your favour of TIs. 128,757.83.
Buildings stand at Tis, 141, 688.31. Certain additions were made during the year princfpal-Ly in the erection of a new forgo and godown over same, and depreciation on the usual lines has been provided for.
Fornituro and fittings now stand at Tle. 1,610.58 after the usual depreciation has been provided for, bub your Directors propose reducing this item to Tls. 500 by allocating to this counb Tis, 1,110.58 out of the Profits of the past year. Tt may not be out of place to remark that since 1918 reductions on this account have amounted to Tls. 10,500.19 exclusive of the usual depreciation.
Machinery and plant now stands ab Tle 8310.15 and you Will be asked to reduce Tls. 3,000 by. the allocate Tls. 6,310.15 out of the profits of 1023. "Since 1920 there has been written off this account the sum of Tis, 20,660.40.
Electrical fittings stand at Tis 28.05 and you will be requeste to reduce this item to ie nomina al figure of Tls. 100 at which stood at the commencement of 1923.
Telephone shares of which we hold 90 shares show a loss at De-comber 21 last of Tls. 10 the dif foronco between book and market value at that date, General. stocks has been taken item by item by Mesars. Lowe, Bingham & Matthews and. all stocks have been certified by the Igeneral manager, the total of ese for the last throe fears ro2t 496,110.40 Tis.
1992 500,375.58 1923 900.90 and your ticipate these stocks will be still. further reduced during the current year.
Sundry Debtors. Out of the amount of Tis, 157,008.13 general sundry dshtors amount to. Tie. 154,887.20, the difference of Tls. 2,415.88 representing various deposits of which Tls. 1,020 have Since been paid. The above may seem to you very large, but out of this amount December accounts amount to Tis, 75,638.48. Of thes sundry debtors due at December 31, last Tls. 80,481.14 has been collected which" your directors consider. highly satis. factory considering the fact) that Tt is often necessary to sell ears on terms.
T do not think I have anything move to. aay in connexion" with the accounts for 1923, but-T shall be glad to do my best to answer di any question shareholders may wish to ask in connexion with The following resolutions were formally cams Proposed by the Chairman, seconded by Mr. Liddell: That) the. report and accounts og pro-sented hi accepted and passod.
Proposed by, Mr. G. Hi, Purcell, Phot Mr. A. \W. Burkill be re-elected director of the company.
Proposed by Mr. Ri-I: Fearon, seconded by Mr. G. H: Purcell: That Messrs. Lowe, Bingham Matthews be reelected auditors for the coming year.
Pais was all the business of the meeting, which closed with a vote fof thanks to the Chairman, proposed by Mr. Fearon,
Text read from the printed page and cleaned; old type leaves the occasional error.