Our investments increased during the year by $147,506.12 and stood at the close of the year at a total cost value of $1,007,74082. There is a fairly good margin in our favour in the jiclual market value of our hold~ Ings' as against the book cost. This margin. in values together with our Investment Reserve of $230,000.00 and Exchange, Fluctuation" Reserve $40,000 should be ample to tak. ware fof any exchange and/or market fluctuations. The character of our Investments had been strengthened by new purchases of first class securities during. the year.
Tin view of the uncertain prospects, your dircelors have thought it Wwise not to recommend a dividend this year, except to set aside $10,000 from our profits to our Staff Fund, Together with' the "unappropriated Profit Balance brought forward Jour, and. after giving effect to the above recommendation "and pa; our usual Directors' and Supervisors' fees, We carried forward into our present year's account an unappropriated profit balance of $43,954.89.
Our Funds now stand ps follows:
Paid Up, 0.00009 nce" Fin 1 inaaeem nui: "Bas fiaurance Pund':: coos-43
3 reserve Fund 35100.60 it Fund een) Prot a Loss A&eouini Balance 4.95485
Text read from the printed page and cleaned; old type leaves the occasional error.