With regard to the company's overdraft, I would refer you to the chairman's speech, made at the last annual general meeting, in which he informed you that special efforts were being made to reduce the amount of the overdraft with their bankers. That these efforts have been successful is clearly shown by the balance sheet now before you, the overdraft being $168,788.79 as compared with $384,108.62 as at February 28, 1998, and I feel sure that you will agree that this is a much more satisfactory state of affairs.
Text read from the printed page and cleaned; old type leaves the occasional error.