Gentlemen,—the directors' report and statements of accounts for the year ended March 31, 1928, have been in your hands for the preseribed period and with your permission I propose to take them as read. Following our usual practice, we have given in the report and accounts a very great deal of it formation and very little further explanation should be necessary from me to-day.
As anticipated in the chairman's remarks at the last annual general meeting, your directors are not able to report for the year under review a repetition of the very satisfactory results of the previous year, 1926/27. The gross profit' on working account for 1927/28 is but little more than one-third that of the previous year, and the net profit on profit and'loss account is lower by Tls. 63,879.62, but then it must be remembered that our. average selling price in the year under review was lower by 25 centa
Text read from the printed page and cleaned; old type leaves the occasional error.