Furthermore, in view of the very satisfactory position as disclosed by the 1939 accounts, it was also decided to recommend that the balance of de-venture underwriting commission, amounting to $186,000 be written off out of surplus profits, instead of writing off, as was done in previous years, only the proportion for one year on the basis of amortization of the total amount over the period of 10 years for which the relative de-venture issue is current.
Although the profits earned would have permitted of a larger distribution by way of dividend, it was deemed appropriate to continue the policy of keeping the company's position liquid, so as to enable it adequately to deal with any unforeseen contingencies which may possibly arise, or to take advantage of any favourable opportunities for investing its surplus profits at remuneralive rates.
I think the only other matter I need refer to is a donation of $5,000 to the Central British War Fund, which is included in the accounts, and you will be asked later on to confirm the action of the Board in affording the company's support to this cause.
Text read from the printed page and cleaned; old type leaves the occasional error.