" Owing to the omission on the part of the former secretary to pro duco to the auditor an estimate of out standing liabilities there waß a loss actually amounlbp; to over 1500-of which 1330 15s lid was for milk and wages dua in September, 1901, Lloolß* 2d stock on hand at commencement of ye?r, add other amounts due for matoii* als, etc In view oi this, it was thought advisable to make up the balanco-sheet attached to embrace the two years of the company's operations. This state ment has been carefully ohecked, aud every liability allowed f<r. Tbe bal ance at debit of profit aid loss arises from tho before-mentioned omissions in last year's statement, atd ala > from the heavy bonnes p. i 1 to nil {.suppliers who were shareholders, tm unting to about LCSJ; and tie ba'ane d the deficiency nw bo accounted lo j a arising from tlio cf pital being mncb. to > small, necessi a'ing the payment o' interest on money advauced to carry on the company's business, and also of double commissions on the- sale of a por tiou of its produce. With regard lo this last item, a new arrangement is I proposed, which ic is anticipated will sa\o at least oie>balf of the expendi ture, and with several other changes initiated by your directors it is con fidently anticipated that a profitable re nlfc will er su'.
