the year review under has been one more of consolid-_ tion than profit, the rather poor showing of return in rents has been more thi com: pensated for, and con the conditions we should congratu-Into ourselves for not having had a debit balance in this account. The political situation of the country:—particularly the May 30 incident and the consequences which followed in its wake was very largely responsible for our rental returns being so disappoi A very unusual happen class of property was the defaulting of a few hitherto good tenants, brought about mo doubt through circumstances beyond their control, This coupled with _expenditures incidental to the eallingcapital and the acquirement new properties have considerably; reduced the earnings expected when we last met together. The posit'on- is now much—more promising and a better return in rents for the ensuing year can be! safely expected.
The credit balance of Tls. 6,195.06] standing in the profit, and loss account will be carried forward to the new account.
Repairs. The company's _propertion being almost new the item under this heading is only Tls. 906.96.
Mortgages. Turning to the item of mortgages you will observe this now stands at Tls. 194,000.00, _but in the acquirement of the" new! property just mentioned (which bringe the total holdings of the Company up to Tis, 802,371.48) your directors, in order to farther' consolidate its' finances, are now contemplating a scheme to obtain a loan by the issue of debentures. The Company's holdings will, without doubt, form excellent securities, to justify this step.
Ladies and Gentlemen: This is! all T have to say and I shall be pleased to answer. any questions you may have to make regarding the balance sheet.
There being no question _asked, 'Mr, Cumine. proposed the adoption of the directors' report and the statement of accounts which: Mr.
Bojesen seconded. The resolution was passed unanimously.
Mr. Cumine moved and Mr. Tomlin seconded that Mr. C. K. Greaves be re-elected" as a director of the Company; the motion was carrie unanimously.
The resolution _re-appointing Messrs, Thomson &—Ca. company's auditors for the e year as was proposed by Mr. Bojecen and seconded by Mr, Greaves, was carried.
The proceedings then minated,
Text read from the printed page and cleaned; old type leaves the occasional error.