In arriving at the profits for the year, we departed from our usual practice of bringing forward the unappropriated profit balance of the previous year into the Profit & Loss Account of this year. We believe, that'this method of set up will give us a more accurate presentation of our operating results.
The provisions for bad debts and furniture depreciation were made as usual We also transferred" $30,000 to the Investment Reserve and set up an Exchange Fluctuation Reserve of $49,000 before arriving at a profit of $17,246.54 for the year
Text read from the printed page and cleaned; old type leaves the occasional error.