We have also transferred to Spei Repairs and Renewals Reserve $52.5 which is the estimated cost of repairing the damage done to Estate "X
East Seward Road, Estate "M" on North Chekiang Road and Estates "N" ind "O" on Baikal Road.
These transfers from Profit and Loss Account explain the reduced profit for the year transferred to Profit and Loss Appropriation Account, From the Balance Sheet you will note that the value of buildings has been reduced by $212,700. This represents the original cost of the buildings for which depreciation had been provided amounting to $146.000 which has been deducted from the Depre tion and Renewals Reserve. The balance of the cost of the buildings. amounting to $66,500, has been deducted from General Reserve and thi reserve will have to be built up out of future profits.
Text read from the printed page and cleaned; old type leaves the occasional error.