The Virectors beg to submit their report and audited statement of account to June 30, 1908. On December 31, 1907 the 8 per cent. debenture issue of Ts, 450,000 (part of authorised issue of is. 500,000) wax pid off and replaced by anew Issue of Tle. 750,000 at 7 per cent., all of which has been taken up by the public at par. The directors the revenue from local ferably larger than falling off in iting the port, ix the soure from which the derived, has been so heavy that, in spite of economies in rections, the balance at credit of working account amounts to only $44,318.18 against $123,181.91 on June -0, 1907. The directors have! pursued the policy as heretofore in ing off large am wants for deprecia-we, the accounts treated in every respect as in years prosperity, and although the result, is to show a debit in profit, approve of the action in this respect. A detailed statement amounts spent on maintenance repairs anger various headings charged to working account, and further amounts written off for depreciation since the formation of the company, was appended to the report. It showed that $401,928 had been written off in seven years.
Dingcrouats.—Mr. Jas. N. Jameson resigned his seat on December 31, 1907, which remained vacant until the end of the financial year when Mr. Duncan McNeill was invited to joi the Board. His appointment. requires the confirmation of the shareholders. Mr. Leslie J. Cubite retires by rotation bat, being eligible, offers himself for relection.
Avprrons.—Messrs. A. R. Leake and G. H. Thomson retire, but are willing to continue in office if re-elected.
Text read from the printed page and cleaned; old type leaves the occasional error.