Turning to the statement of counts. it will be seen that veredit balance of $282,081.94 has been transferred from the Working Account to the Profit and Loss Account. and that after allowing for interest. directors' and auditors' fees a balance fof $186,694.51 remain. Upon deducting this amount from the debit balance brought forward from the previous year a debit balance of $93,- 76945 is outstanding in the profit and loss account at the close of the year 1934, which amount will be brought forward into the new account.
Referring to the balance sheet, and considering the liabilities first, your capital remains unchanged at $2,707, 20280.
A sum of $134,217.61 1s owing tothe company's bankers, which debt is secured by a debenture on the com-Pany's assets. Since the beginning of last year, this debt has been re= duced by $84,901.91 and including the current account held by the General managers, the total reduction in your company's indebtedness amounts to $127,141.77. This Is satisfactory In view of the capital outlay on double deck buses and workshop plant during the period under review. Tt might be mentioned that the inter-fest paid on the Loan was at the rate of 65 per cent. per annum, but the same time your company re~ ceived the same rate of interest on. its current account, Such aceommodation is very satisfactory in view the present tightness In the money market.
Text read from the printed page and cleaned; old type leaves the occasional error.