In my speech of a year ago J referred to the purchase of a fleet of lighters and towing launches. 1 said then that the transaction could be regarded as highly satisfactory, and the possessioti of this feet has assisted in producing the excellent financial result now before you.
You will see that a reserve for damage and losses due to local hostilities of $50,000 has been set up and debited to profit and loss account. Although such damage and loss cannot be definitely ascertained your board considered it advisable to appropriate that amount which is considered adequate, cover any losses which may upon us.
The accounts include a salvage award and we have ce-operated with our subsidiary, the Far Eastern Salvage Association, Ltd., in several profitable salvage undertakings.
There being no questions, the following resolutions were passed:—
That the report and accounts be presented and adopted:—proposed by Mr G. E. Marden and seconded by Mr. P.
Text read from the printed page and cleaned; old type leaves the occasional error.