The report of the directors for the half-year ended September 30 states that the gross profits of the company for the period amount to Y.4,798,785, out of which there has been deduct-
Yen. Depreciation of the company's fleet and property 1,152,030 Insurance Fund... 670, Ships' Structural Repair Fund 702,600
Total. Yen 2,525,145, leaving a balance of Y.3,248,279, cluding Y.974,639 brought forward from last account. The directors now propose that this surplus be appropriated as follows rps of bui "From. th 'Y.2,034,597 the propose that Y.110,000 be allowed as the directors' and auditors' fees, and recommend a dividend at the rate of 10 per cent. per annum, which will absorb Y.1,100,000, leaving a balance of Y.8%,597 to be carried forward to next account.
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