Furthermore, in view of the very satisfactory position as disclosed by the 1039 accounts, it was also decided. fo recommend that the balance of de-venture underwriting commission, amounting 10 $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 ihe total amount over the period of 10 years for which the relative de-Denture issue is current, Although the profits earned would have permitted of a larger distribu. Yon by way of dividend, it was deemed appropriate to continue th policy. of keeping the company Position liquid, so" as to enable it Adequately to deal with any unforeseen contingencies which may po sibly arise, or to take advantage of any favourable opportunities for In-
munerative rates, vesting its surplus profs) at.
1 think the only other matter 1 need refer to is a donation of $5,000 tothe 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.