Mortgages total $9,741,043.56, representing 32 per cent. of the assets, In each of the past four years the amount of interest paid in cash on the mortgages has exceeded the total interest falling due, so that for four years in succession the amount of interest overdue has been reduced and is now only $1,122.74, less than one eighty-sixth of 1 per cent. of the mortgage principal Payments of principal instalments have been well maintained, and as has been our experience throughout, delays permitted by moratorium legislation have seldom been resorted to.
Text read from the printed page and cleaned; old type leaves the occasional error.