The increase in rolling stock account 1s due to the construction of twelve double deck buses of which seven were completed by the end the year; the installation diesel engines in six single deck buses previously petrol operated; the Yeconstruction of several single deck bus bodies in aluminium, and. the cost of twelve unused diesel engines debited to rolling stock.
The addition of $15,494.72 to.the plant account has resulted from the cost of installing a lubricating all Altering plant, and special machinery necessitated by the increased construction al activities of your come pany. It is anticipated that the all tering plant will reduce Jubricating oil expenses by about $1,000 per month during the present yea Certain small necessary" additions have been made to running equipment and furniture and tings Stores stock has dropped $39,500.95 which is" very satisfactory in' view of. the increased activities of your company.
'Sundry Debtors and debit balances have largely been liquidated, provision having been made for' sundry small doubtful debtors.
The Resolutto No questions were asked and the following resolutions were passed:
the "year That the statement of Accounts for yirn be. re-elected. directors of the compeny—Proposed by Mr. HE. Armheld, and' seconded by". Chun That Messrs, Lowe, Bingham te Mat~ thews be re-elected a and seconded by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.