In June the restoration of the 10 per cent. reduction in salaries made Guring the leaner years was agreed to and with it pay was drawn' at current rates of exchange.
Before I leave the subject of accounts I want to read to you a telegram the General Managers have Feceived this mornin, On behalf of over 100 customers holding preferred and deferred we protest against depreciation charge following 1934 write-down—Emorhhareo London, This telegram 1 suppose to be sent by a firm of stock brokers represent. ing a hundred of our shareholders.
When the ships were written dow! laid down, and depreciate Lack of profits, and depletion of general reserves which were almost Used up in 1934, prevented us doing ble' to make this. pro Had this money not gone to depre-lation for 1935 it must have been transferred to veneral reserve.
Depreciation is really intended provide for replacement of wast assets, in our Case ships, hulks ete. We have to-day no liquid reserves meet those replacements and have to Yorrow from the bank.
The extent of this borrowing you Kenow and you now know too that more ships are required.
Without further evidence. cannot suppose that this telegram implies a request for a dividend, however the Company has no money. to pay id ends and would, in fact, have to Lorrow to do so.
T now propose that the Report and Statement of Accounts as presented adopted, that £120,000 be trans ferred to general reserve and the LOSER. be carried forward to the' year 1938,
Text read from the printed page and cleaned; old type leaves the occasional error.