Turning to the accounts, which are before you, your directors hope you will regard them as satisfactory. Omitting certs, the working expenditure increased Tls. 56,278, chiefly due to the increase in staff necessitating more wages, increase repairs, maintenance, etc.
Receipts in working account show an increase of Tls. 127,322, and the amount carried to profit and loss account an increase of Ts. 71,043 as against the previous year's figures.
The profit and Joss account shows a nett profit of Tls. 935,527.21 as against Ts. 210,298.90 last year. It will be noticed that there is a debit in the account of Tls. 7,483.58 om account of contribution and interest to the Chinese Provident Fund, the creation of which was explained to you Jast year.
Turning to the balance sheet, there is nothing special to draw your attention to, but the accounts are, I think, sufficiently explanatory.
You will note that an item appears this year under the heading of contingent liabilities which represents the approximate value of supplies contracted for, but not delivered on March 31, 1921.
I do not think there is anything further for me fo say but_before proposing any resolution, I shall be glad to answer to the best of my ability, any questions that shareholders may wish to ask.
The formal resolutions were adopted, including one to the effect. that the appropriation recommended by the Board be adopted, viz.
Text read from the printed page and cleaned; old type leaves the occasional error.