We have given careful thought to the prospects of our company and to try and form some idea of what, the future holds in store. It seems to us that we are approaching the point where we should seriously consider whether it would not be better for us voluntarily to liquidate the business whilst it is still in a position to return to the shareholders most, if not all, of their invested capital, or whether, on the other hand, some reduction of the capital should be made, so that the business might eventually be placed on a profitvearning basis. After Icoking at the matter from all points lof view, we have come to the conclusion that our position is still sufficiently sound to warrant our carrying on for another 12 months, but if it is still no more hopeful when we meet again next year, I feel bound to say that your directors may then think it the wisest course to recommend you to take some Jdrastie step before it is too late to be useful.
Text read from the printed page and cleaned; old type leaves the occasional error.