You will note we have provided out of profit and loss $88,000 for part of the expense of reinstating our properties damaged by hostilities. The balance of $71,000 affects properties which are already fully depreciated in our books and can if necessary be charged to reserve when payment is made. A claim is being lodged for the whole amount of the $160,000 damage with H.B.M, Consulate, and we shall have no difficulty in clearly substantiating our figures, Depreciation has been written off profit and loss on the usual scale.
The balance sheet follows the usual lines, There is of course the new item of "War Damage Claim"
$159,499.10.
The cash position, you will see, is As we had known liabilities on a sterling basis for reinstatement of our properties, and other purposes, a proportion of our deposits was converted to sterling at about 1/2⁄4d, The balance at credit of profit "and loss and available for distribution is $348,928.25 and you will note from the report that the directors recommend a dividend of $5 per share, paying staff a bonus of $10,000 and carrying forward $38,928.25. I hope these recommendations will have your approval, The staff bonus has been well earned. I have already referred to their excellent services during the year under review, Before putting the resolutions I shall be pleased to answer any questions arising-out of the accounts.
There being no questions, the following resolutions were
Text read from the printed page and cleaned; old type leaves the occasional error.