The management is and has been for some time endeavouring to effect economies in all departments for there never has been a time in the history of your business when economy was 50 necessary as at present and there never was a time when economy was so difficult to enforce. I also regret to say that in my opinion theft no doubt is partly, {responsible for losses in spite of all efforts to deal with it.
The disruption of business in the different out-ports due to the Civil War has also reduced our turn-over considerably, and in spite of the Nationalist victories it does not appear to me that the end is in sight Judging from the newspaper reports of the jealousies between the leaders of the different factions. It looks
Text read from the printed page and cleaned; old type leaves the occasional error.