Chairman of S'hai Loans on Stagnant Local Market by our Auditors Statement, the sum of $15,462.57. This is our surplus for the year, as shown by our statement 0f operations under debt reserve $12,- 00000 and surplus $3,462.57. It is noted that the year 1935 showed a deficit of $50,407.58 and 1936 showed a deficit of $24,932.38, an improvement of $25,575.20 in the twelve month period. Yet the year 1937 shows even greater improvement by turning the 1936 deficit of $24,932.38 into a surplus of $15,462.57, a total improvement in our position for the year of $40,304.95,—no mean achievement in view of conditions as they prevailed during the last half of the year.
Text read from the printed page and cleaned; old type leaves the occasional error.