Loss of income is reflected in the accounts now before you, the amount transferred from Rental Working Account to Proft and Loss being in round figures $50,000 Jess than for the previous year. (I intend quoting round figures throughout my references to the accounts). This is $20,000 less than the reduction in rentals which is accounted for by the reduced transfer of $8,000 to Depreciation and Renewals Reserve, reduced payments for Insurance $2,000, Agents' fees and commission $5,000 and wat $5,000.
To the balance transferred from Rental Working Account to Profit and Loss has to be added interest earned on mortgages and loans, The figure in the Profit and Loss Account represents only actual collections during the year, which is $4,500 less than the amount received last year in spite of he fact th and loan ye bee increased by $171,900 dur e financial year. The overdue inexist outstanding at the end of the t included in the accounts 000 out of which $4.500 has seen collected since the close of the ear. st due to us on the new for the full year i $10,000 a thing due has been zoid in full. The reduced earnings. therefore. are due tp the sums eu fanding on old mortgages. Aft allowing for collections made since the end of the year the amo standing is $8.300, $6,000 bein o us on a property situated in the Eastern District, hich it anticipated will have to be taken over by us in the near future. The balance due on a pro situated in the Central District, which is now being naged by, us.
From the Profit and Loss Account we have transferred $66.600 to Bad Debts Reserve, thus bringing th serve up to $112,000 out of which $85,000 is reserved against our morts and loans, the balance of $27.000 being a reserve against rent de
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