ihe credit balance of thi is Tis, 202,118.33 as against Tls. 119,648.77 for the previous year, an increase of Tls. 80,631.23, This is Jehiefly due to a decrease in the amount of depreciation written off. Previously we have depreciated aerial plant, subscribers' equipment, automatic exchange construction and instruments at the rate of 10 per, cent. per annum, but in view of the extended period' granted us by the mew franchise agreements your dircetors consider that these rates can. safely be reduced, and this year, aerial plant, subscribers' equipment id automatic exchange construction' have been depreciated at 75 per cent. land instruments at 5 per cent.
The amount of Tls. 86,416.37 strike emergency expenses has been met by transferring this sum from the general reserve account.
Text read from the printed page and cleaned; old type leaves the occasional error.