The result of the year's working is considerably less than that of 1026, Dut, in view of the adverse trading" conditions experienced throughout the period, and taking into account the strikes at our mills during the first half of the year, together with the subsequent short= ime working, I think you will agree ith mie that we have cause for faction. will now proceed to comment briefly on the proposed allocation of profits as recommended In the you.
idend of eight por cent, on the preference shares, absorbing Ts, 72,000, is. in accordance with the terms on which these shares were issued.
T hope shareholders' will approve the proposed dividend of 40, ean-darkens per share on the ordi Shares, which is equivalent to eight per cent. It is gratifying to us to able to recommend. this return as well as the requisite provision for depreciation and additions: to four equalization of dividends fund ial repairs and re-
The sums which it is proposed to write off buildings (Tle, 50,000) and plant and machinery (Tle: 160,000)
Text read from the printed page and cleaned; old type leaves the occasional error.