Stocks have been written down by $8,70427 representing old stocks of Daper, ink and other printing materi als taken over with the old Oriental Press and which are considered of view of the directors desire to Ihave been debited to Profit & Loss account for the year ended December 31, 1933, ar set out in the direc tors' report From this it will be seen that apart from these amounts there remains a loss for the year has lurider review of $41,003.94, The Sundry Creditors account includes Notes Payable on Plant Machinery. As T have already told you, as soon as the sale of Your prop erty on Avenue Edward VII was completed early this year, the full accounts due on machinery were met; fand the printing Rave now Been entirely paid for. In addition all other creditors have been paid.
Included in the balance of Suspense account ate {WO items fOr $8,001.05 fang $1UA'9.96 Doing inveinments an insurance policy on the life of your managing director and an investment in China Technical Develop ment Ca. Ltd. Both of these amounts appear in Investment Account on the asset side of Balance Sheet.
"Taking into consideration all the circumstances, your directors have waived their fees for the year ander review. complish, but, thanks to the efforts of Mr. 'Nazer, a purchaser was eventually found and avery fair rice was obtained, although it was Inecessary to show a loss on the original price paid, ere fortunate in being able' to sell the market has since dropped considerably. This loss way offset to a certain extent by the profit made on the sale of you land on Edinburgh Road, which was. under consideration at the time of the last annual general meeting. The net Fesult of these sales was a loss $22,523.01, which includes building Improverients written off when we moved from Avenue Edward VI.
Text read from the printed page and cleaned; old type leaves the occasional error.