The directors report that the nett profit for the half-year ending December 31, 1922, after providing for all bad and doubtful debts, rebate on bills, ete., was Y. 15,015,- 825, inclusive of Y. 4,902,6p4 brought forward from last account. The directors propose that Y. 4,000,000 be added to the reserve fund, and recommend a dividend at the rate of 12 per cent. per annum, which will absorb Y. 6,000,- 000. The balance, Y. 5,015,895, will be carried forward to the credit of next account.
Text read from the printed page and cleaned; old type leaves the occasional error.