Stock reserve, as you will noric: from the accounts, your directors have considered it expedient to write Jdown stocks by Tls. 27,284.05 thereby reducing this reserve from Tls. 100,415.90 as at December 31, 19: to Tls. 73,131.25 as at December 1925, The Stocks written down are solely cars, and in addition to the amount of Tls. 27,284.05 mentioned, Tis, 5,851.55 were debited to motor garage working account, as depreation on cars, or a total depreciation on curs for the year of Tis.
Your directors regret depreciation was considered necessary, as at our last meeting T expressed the opinion that we had directors are Ratisfied that the staff lof the company has given your business every care and attention, and it is for that reason you will be asked t> vote the members of the staff a bonus,
Text read from the printed page and cleaned; old type leaves the occasional error.