As our finaneia? year closed on September 0, this, great improve. ment in the industry is only reflected in the accounts to a very moderate extent either in receipts or in output. The highest price we obtained for Sheet was $1114 and for Scrap $0.94 while our, export allowance of 248,246 Ib. amounted to only just under 60 per cent. of the standard production. For the last nine months of the year we were delivering three tons a month at $0.605 per Ib. under a contract made in October, 1924, for the whole of 1925. This appeared to be a very desirable contract at the time and I am still of opinion that in making it your directors were justified, but it explains to some extent the low average of $0714 per Ib. realized for the year.
The report, which I will take a read, contains very full informa. tion as usual and I will pass on -to the accounts. These are made up on the same lines as in recent years with one rather Important exception. Hitherto it has been our custom to value stocks of rubber
Text read from the printed page and cleaned; old type leaves the occasional error.