Our assets are the same as at tà? end of 1936, with the exception of the item of $364,424.36, under the heading of investments, which shows an increase of $107,925.46, as compared with the figure appearing in the previous year's accounts, These investments are part of the Company's surplus earnings which have been invested in fixed interest bearing securities, and the value of which, as you will note, at the end of the year under review was slightly in excess of cost.
It is proposed again to write off an amount of $36,000 in further reduc-n of the debenture underwriting mission, which amount represents the proportion for one year on the basis of amortization of the total amount over the period of ten years, for which the relative debenture issue is current, and to continue the Policy adopted in previous years of limiting dividends to 10 per cent., per annum, which is the figure recommended for the year under review.
Text read from the printed page and cleaned; old type leaves the occasional error.