Fortunately the book value of raw materials and stocks held in hand at your godowns have stood at an exceedingly low figure when compared with prevailing price on the Market and accordingly it was thought a good opportunity to have them revalued and credit the difference into the Profit and Loss Account so as to enable us to liquidate the above mentioned account. The figure thus acerning amounts to just over five millions as you have noted in the report. Your Auditors have been approached and after their careful investigation they concurred in this; proposition. I am gratified to state that our agents were generous enough to waive their right of claim for commission on this particular profit.
Gentlemen, this is all I have to say but, before placing the Resolution before you, if anyone has questions to ask, I shall be very pleased to answer them to the best of my ability.
No questions being asked the following resolutions were their passed.
Text read from the printed page and cleaned; old type leaves the occasional error.