Department have been able to mar~ ket nearly all the stocks through the usual channels, at. satisfactory prices. The largest item of our costs is, you will remark, our Intelligence Department. Tu justi ation, I have to point out to yo that this is really the foundation of our business, for it is due to the foresight and energy of our Inteligence Offzers that we have not! only been able to maintain our high average of successes, but also to avoid danger of failure Proposaly Turned Down The fact that our Special Committee have examined more than 15 proposals*during last month and only carried out three major operations ig a proof of the care exercis._ ed by them in the interests of the Syndicate. You will notice that we still carry a small amount of old stock of Hostages. These will be' disposed of in due course, as the' able bodied ones usually prefer to Join our organization whilst the useless ones will be disposed of in the usual manner.
T.am gleg to be able to assure you that our relations with our! Correspondents at the _prineipa' coastal ports remain unchanged. 1 regard this connexion as a very valuable one,'as the gentlemen who are 0 acting, are amongst the most well known and respected of their various' cities, and I need. hardly remind you that it is due to- their'
Text read from the printed page and cleaned; old type leaves the occasional error.