Of the overdrafts with our bankers in amount of Eh. $1,847,952.64, repre-venting US$406,475.59 and £14,805, has been repaid since the closing of the books. Turning to assets you will see that goodwill now stands at $1.00. The item "Ships Suspense" to which I referred earlier has been- reduced 3y payments made by purchasers by he amount of US$302,487.50, or Chinese $1,163,413. at the balance sheet rate of exchange, and it is anticipated that all monies owed in this connection will be received in the very near future. In the meantime, we have ample security. The balance of the account will represent our own investment in ships which we have every expectation will be profitably employed.
Investments are very little changed whilst of the sums under the heading "Sundry Debtors" which are not due from sübsidiaries and associates only $1,188.—remains outstanding. Loans have been repaid to the extent of £11,204, To conclude my remarks on the balance sheet I would refer to the contingent liabilities to which reference is made thereon. (a) It is not anticipated that there can be anything more than a slight loss in is connection as we are covered by insurance. (b) We have counter-guarantees from others to the same effect.
During the early part of the year under review an opportunity offered to acquire vessels from the U. S. shipping Board fleet and I proceeded io New York to make the necessary arrangements. We were able to purchase six vessels and shortly thereafter accepted an offer to resell them on extremely favourable terms.
Text read from the printed page and cleaned; old type leaves the occasional error.