"Your Directors do not recom: mend developing this site immediate. ly, but they are satisfied that this property is a real acquisition to the Dockyards and when times are better and the trade of the port becomes formal again we shall have added facilities for expansion and a value able deep water frontage, "On the other side of the Balance Sheet we see that the val land has. of course, been by the purchase of ihe Cosmop Dock site, The values of buildings and wharves have increased due 10 improvements made at_our International and Tungkadoo Docks, Tung kadoo Dock is now ready to care for those coastal and river vessels which, prior to local hostilities berthed in the vicinity of this site, "This dock is now practically, self-contained, with fan efficient machine-shop of its own, id, Tam glad to be able to report I'vessels have docked here past few months, book value of installation of 1 Dock which has replaced the old wooden one built some forty years This new caisson has proved to a reduction in the wor of this Dock,
Text read from the printed page and cleaned; old type leaves the occasional error.