It is interesting to note that the soles of planes for the past year amounted' to 405. in number." opposed to the previous year's figure of 200 and was' the largest turnover for the past 13 years. It will be the polly of the board to endeavour to bulld up special trade reputation not only in the Far East but elsewhere in connection with the manufacture of high grade pianos embodying all modern designs" and improvements which can be supplied at een competitive prices, this together with the combination of skilled supervision' and willing labour me spires your board with great hopes for the future. dri this direction I would Uke to mention that our South African connections are slowly developing, and when our instru ments are better known we can look forward to increased business, Ap~ plications have been received' from tone of the pianoforte houses in The Hague, Holland, for the supplies of pianos, as also a firm operating in "As you are all aware, the business carried on by Messrs, Moutrie te Ca.
undoubtedly a luxury business, and although our total turnover compared to other types of business may be small, yet I feel that a change-over from a loss of $87,620 in 1938/6 to a profit of $89,022 in 1086/7 embracing as it does a profit at all branches but one, as against 'a loss last year at all branches but an indication that " business generally in the Far East has at last taken a definite turn for the better.
You will observe that the total amount appearing under the heading of "Investments" is less than Inst year by approximately $18,000, This accounted for by the necessity of providing additional finance for the conduct of the company's increasing, business and since the end of. the year further investments have been sold for the same purpose at a small profit, on book values, As regards the future, I can only state that prospects are now brighter than for many years and: with our coal exchange stabilized at a level beneficial to exports, we look forward to the future with every confidence,
Text read from the printed page and cleaned; old type leaves the occasional error.