Torning to the balance sheet you will find at Febroary 28 last under the head of creditors, leone, and interest an item of £50,071. These were tomporary. loans, which were paid off in the following month, The item other creditors contains nothing of an exceptional cbrrearter, and corresponds 2 som of £89,968 in the precedio year. The 6 per cent, Debentares outstanding amounted to £420,000, being a reduction of £10,000' as oom-pared with last year. The item Debentore interest, £4,200, consists of interest aceraed for the two months to Rebroary 26, 1011. refit and item. for the redemption of tures is increased by £10,000, the amount of the anonol drawing, to £81,886 13s. 4d. The reserve for depreciation brought forward was £245,000. This has boon increased by the £35,000 transferred from profit and lors account and reduced by the am of £11,500, the loss on the sale Heiping. The Heipiog taken over by the company at ite form ago. The so-called loss is the difference between the amount realized from the The dnpeet claded in the general reserve for 14 depreciation which we have made year by year, and, consequently, what we speak of as a loss is really only the jaunt of depreciation now ascertained and deducted from the reserve, The other items, exchange account and purchase suspense account, are practically as before.
The first item on the other side of the balance rheet-—cash at bankers and in band—£104,613—shows ao increase as compared with Inst year, when it stood at £81,068. The debtors, show s large increase, the ime being £63.232. This in the character of our basivess, it being found necessary and advantageous in many cases to give longer credit than formerly. This amount must be re-
Text read from the printed page and cleaned; old type leaves the occasional error.