1 will_ now deal with the balanes sheet. The amount standing to the fvedit_ of profit and loss. aceou including balance carried forward From 1927, is Tis, 283 some Tis, 3,000 more than the corresponding figure last year. This result as T have already said can be considered particularly satis factory and has been brought about by increased. vepaie turnover ant material reductions in overhead charges, is proposed with your sanetina to pay the preference dividend of 8 per cent, which will absorb Tls. 120,000, and a dividend of 8 cent, on the ordinary shares, calling for a further Tis, 84,000. "OF the balance, it is recommended that Thx, 009 be Lransferred to deprecin~ tion fund and to carry forward Tls. 5A879.08 ty our next account trast, gentlemen, you approve of these recor for, although the profits are creased, your dirvetors feel that, with the continual increase In the ties, it ix necessary assist in providing the increased working capital eeesxary to the acrowth of the company's business, ah On the assets sie of the balance tion ox it, the company having sok during' the year, on advantageous terms, a small strip of land adjacent to our residential property, which was of no use to us.
Tuildings, plant, machinery, steam and-motor Taunches show a revducion of some Tls. 19,000, brough! about bythe sale of a certain amount of obsolete plant and which vided space for more modern equipment as and when it is found necessary to buy.
Dock account stands at Tls. 518,- 267.94, which is the same figure appeared im last" year's balance sheet, Plant and dock have bea Kept in first class repair, the cost of which has all been charged against revenue.
Stocks in hand and works progress, lo talments ceotnt, she crease of Ti. about by heavy buy' to provide the re company's ineveasing husiress, and Investment account remains the pains as lage year, the great I ie. Williamson
Text read from the printed page and cleaned; old type leaves the occasional error.