Before dealing with the Accounts I would like to refer to Broadway Mansions. As notified in the press, this property "and the adjoining garages have been sold to Japanese Interests for a sum of $5,100,000, less. the customary rate. of ' brokerage. Your Board hesitated some time before selling these imposing buildings, bhut in view of all the elreumstances, we eventually decided to accept the offer, being satisfied that it was in the best interests of the Company to do so. This transaction does not, of course, affect the present accounts, bhut the Board feel that Shareholders should be advised of the position. Payment has not yet been received, 4s the necessary legal details are not yet completed.
Now to turn to the Accounts, the Balance Sheet calls for little comment. The overdraft with our Bankers was $1,404,007.10, but this will, course, disappear as'soon as proceeds from sale of Broadway Mansions are received, and the investment of the remaining sum is: now receiving the Jcareful consideration of your Directors.
Mortgage loans are reduced by a sum approaching $400,000, which Jdue to our having taken over a property covering a mortgage in default.
The Working Account reflects 'a reduction of almost $42,000 under the headings of Staff and Compradore
Text read from the printed page and cleaned; old type leaves the occasional error.