Debentures 100,000.00 079,551.57 1924
Overdraft. only 634,160.46
45,891.11 You will be pleased to hear that to'day our overdraft is under the six lakhs.
The amount in Exchange Fiuetuation account last year has beet reduced by $3,858.77, caused by the difference'in the rafe of exchange, 73, at which the Debentures stood our books, and the rate of 71 which our books are kept. Sundry: Creditors also show a reduction of $2,724.12 from last year.
Turning to the "Assets. The value of your land and buildings has been' reduced by $12,708.89 and_ furniture and fixtures by $3,750.00, by the sale of our Kuling. property, which ceased to be a profitable investment, Directors considered it wi to accept an offer to purchase the land, buildings and furniture. The profit made on this transaction has been carried to. profit. and loss included in the balance from working accounts.
Our stocks have been reduced by $92,558.64, while sundry debtors: have been increased by $4,261.62, due to some large contracts still outstanding.
Gentlemen, that is all T have to say, except' a reference to the staff, who have worked well and given loyal support to the business during a very trying period, and although it is not possible to give a _bonus, the Directors wish express their appreciation of the work which has been done. se the first resolu tion: sport and accounts, ay presented be passed." This is seconded by Mr. R. H. Gaskin, but before putting the resolution to the meeting it will be open for discussion, and I will do my best fo answer any questions which may be put.
There were no questions anil the resolution was carried, also were the following That Mr. Leslie J. Cubitt be re-elected a Director: Proposed by Me. A. K, Craddock, seconded by Me. C. E. Shepherd.
Text read from the printed page and cleaned; old type leaves the occasional error.