Your directors have explored every avenue for economy, and with the ce-operation of the staff, who loyally accepted a cut in salary, your business has now been placed on a footing where economies in working expeuccs should enable the firm in future to run on a profitable Tt is with much regret that your Directors have to report a loss of
Jcember 31, 1933, which perhaps is $16240036 for the year ended De-misleading in' that, as" you. will realize, much of this lose is the direct result of trading in previous years.
Strenuous efforts to collect outstanding accounts revealed that many of them were uncollectable due to general depression and bad trading, Jand as a result a sum of $29,897.64 was written off. Tt was also found that the system of paying salesmen commission before collections had been effected had resulted in many salesmen leaving the company in debt to it to a considerable extent. The system of paying salesmen has een completely reorganised, but it has been necessary to make a reserve of $12,820.78 against these accounts, most of which arose from essential cancellation of business booked but not displayed, and if displayed not paid for, directly due to the local'
Text read from the printed page and cleaned; old type leaves the occasional error.