The result of the year's working. 1am lad. to. say, shows "a very Substantial improvement "compared swith the previous year, the profit for the year being $409,410.75, which toother with the balance of $37.238.01 Sought" forward. from ast year, makes a total of $440,600.76 at credit Of profit and loss account.
'This is the most successful year the company has yet experienced and it {e"largely due to. our. having' been able {o. produce oat uninterruptedly Itroughot te telve mantis under review.
"Of in former years, ample allowance fof depreciation, amounting in. total {0° so180126, has been provided for in the accounts, where it has been debited to working account. Your {ireetors wil later on recommend in the'form of a resolution that this elance be dealt with as follows:—Pay'a dividend of #021 per hare equal to, approximately 6'per cent. wens §128422.71 Place to reserve against de-'Dreclation of investments. 0,000.00 ince to dewatering reserve 100,000.00 Place to general reserve s.-+ 100,000.00 Carry forward to next count, 5.24405}
'540,066.76
Text read from the printed page and cleaned; old type leaves the occasional error.