Finally, I wish to draw your atten tion to the dewatering reserve of $100,000 recommended by your directors in the appropriation of this} year's profits.
T do. not think, gentlemen, the average shareholder realizes what a colossal undertaking we are commited to. In a normal year our elec-trio pumping installation removes. approximately 2% million tons of water from various levels. We have proximately 4 million tons. Therefore, should we meet with an abnorm-_ wet year, our costs of produc-would be increased considerably, owing to the cost of running our pumps. This de-watering reserve will enable us 10 equalise the cost Jof our production to a certain extent, }so that, should a dry year, such as ]wo experienced last year, be followed jby a wet year and consequent excessive flooding, we can by utilising this "reserve prevent the cost of production from being too heavily hhandieapped by the additional cost lof de-watering.
Text read from the printed page and cleaned; old type leaves the occasional error.