The "Chairman, proposing the adoption of the report and accounts, said: optimistic to our annual meeting a year ago you tonly be feeling a, distinct sense of disappointment at the result of the past year's working, ud certainly there was nothing hen to indicate that the nett re-ult of the following 12 months'
rading would show such a falling: away us has proved to be the ease. We had last year to decide on the disposal of $17,422.75 nett profit and whilst, as the year progressed, it became obvious that we should not reach that level, it was very pointing to find when the audited accounts were completed that the balance came on the wrong side to the extent of $2,705.74, The accounts are presented to you in the usual form and the Aigures for many of the items are 0 very approximate to those in the ast statement that they call for no special comment, It is in regard to the figures appearing on the credit side of the profit and loss account such as "balance from general working ageount" that you will like to have some explanation, since this item is the nett figure' resulting from various other accounts which do not appear in the report, shows only the meagre sum of $728.19 ax against $20,889.12 last year.
Text read from the printed page and cleaned; old type leaves the occasional error.