Document Qg69RbJxondq2QyKORkOqqrpo
Cleveland l4, Ohio
R0T2S FOR AKKUAL MESTCHO DECEMBER 12, 1957
d e c b ms s t
December 4, 1957
Acquisitions
5/1/54 Msund
City
3/22/55 Zapon
Total
Paid for Inventory h Receivable* Property <1 Equipment
$442,690 116,250
$ 876,712
Total Paid
$558,940
$ 876,712 $1,435,652
Sales 12 Mo. 1957
$854,011 $2,017,973 $2,871,984
Ret Profit 1957
$ 84,261
$ 154,439 $ 238,700
Return on Assets
17*
Personnel Still With Us
10 33 43
In brief--in 1957 ve earned 17 on $1,435,000 invested in Jfound City and Zapon.
Bale or Closing of Divisions
Annual Sales Avg. Last 3 Yrs.
AVg.
Profit (Loss) Last 4 Yrs. Operated
Profit
or (Loss) on Sale or Abend.
After Tax Cash A Assets
Freed Up Average
Last 4 Yrs.
Haiaaond 7/16/51 Oakland 10/25/54 peed uni 8/10/54
Portland 9/18/52 Cambridge 7/ 1/55 Yadkin Jojaba - Costelle
Barytes Mines Buena Park 8/31/56 Eastern Marg. k
Salad Prod. 2/1/57 Total
Xst. Elmhurst 6/31/57
Grand Total
$ 3,263,152 1,069,667 5,345,555 2,062,974 1,666,291
4,455,954
asm
$27,776,381
$ (373,225) 39,296 15,608 13,771
( 9,537)
-
( 67,338)
$ (796,005)
$ 142,235 96,376
(290,471; ( 19,369 ( 6,542 ( 8,149,
50,597 m
(253,580)
$ 1,988,490 960,471
2,527,389 1,094,040
612,754 58,673
125,640
11,679 1,774,518
138,540
1.437,714
$(330,967) $12,839,968
Since 1951 ve have freed up and node available for other utilization alaost $13,000,000 In cash which vas not asking aoney. Ret loss on abandonment and sales
GLD019500
B0T23 FOR AfflfUAL MEETHO DRCBMBSR 12, 1957
2
Deeenber V, 1957
refleets book lot* of $330*967, which is substmtially bclov the average one year loss the disposed of operations wore produoing. The book loss is substantially belov one year's interest on Money freed up. Furthermore, vhile the books reflect
a loss, after tax cash flew profit dollars of $1,055,779 vere produced in claiming these book losses.
Hove of Elahurst
During fiscal 1957 ve closed Elmhurst and moved refinery operations to Louisville
and coownced movement of C a C to Bethlehem. Shutdown and moving expense Incurred
to date arsi
Total
Fiscal
8cpteaber through
October
Shutdown Unburst
Moving Refinery Moving C A C and Start-up
2,089
100,767
Total lon-Becurring Oper. Costs
Loss on Elmhurst Eo,uip. Abandoned or Sold
1553
At Bethlehem vs haves Investosnt nev Equipment
Building Alterations A Installation Annual Rental Cost Lease Ten
$336,391 (does not inel. bldg, alterations)
362,756 67,500 20 Tears to Aug, 1, 1977 option for 10 ore years at $54,000/year.
When the Moves ere completed and full operating benefits achieved, ve anticipate annual cavings in operations in Refinery $871,000 end in 0 A C $296,000 or a total annual operating cost savings of $1,067,000.
Sale of Eastern Margarine A Salad Products
Xorvalk plant end business end Iron Street business sold to Miami Margarine on 2/1/57 M*con plant and business sold to J. H. Filbert on 3/1/57*
Aaounts Received for Bldgs. A Equip. Bldgs. A Equip, attained
Plant Asset utilization A oath
Book loss on sale Abendoaaent A vritedown
Total Book lose A abandonment _____
Total Cash A Asset Utilisation 1 Average Inventory Freed Up Avenge Receivables Freed Up Average Other Assets Freed Up Total Fluid
Cash for Plants Cash Tax Recovery on Loss A Abandonment
Total Cash Freed Assets Transferred to other operations
Total Cash A Asset Utilization
Jforvalk Iron 8t nb 3^i &
123,800 $ 512,718
$ , (8,771)
$ (ll2,254)
Macon $406,965
--0$406,965 $(68,340)
$(60,340)
$ 426,218 469,103
nfcS
388,918 58,377 $1,W,5W> 123,800
$1,512,386
$146,216 139,929
406,965 r 35,537 $736,214
-0$736,214
Total $ifc5,B83
123,800 VW,3 $ (77,m) r.(103,493 $(1851665)
$ 572,434 609,112
795,883 $n2,124,000
123,800 $2,248,600
CLD019501
Horn TOR ANNUAL KRETCHO DBC3HBKR 12, 1957
-3-
December 4, 1957
Ac the recult of this move the Company actually enjoyed a tonnage increase at our refineriesi
Increased Refinery Sale# Tonnage Lacs InteniivicioD tonnage to our plants in comparable period
last year.
Miaal
Filbert
Total
&,~5i7,5&5# 22,06*,Vtf#
(17,7*8,399) (3,520,156) (21,268,5*5)
Ket Tonnage Oain (Loss)
1,798,568# (1,002,636)# 795,932#
Due to disposition there vas, however, a sales dollar decrease since Margarine re quires adding material, labor and profit dollars to value of oil received from
refineriesi
Sales of Ifergarina k Salad Products in comparable months of 1956 from 2/1 and 3/1/56 to 8/31/56
Increased refinery sales to Miami and Filbert in comparable months of 1957
$5,539,15*
Published Sales Dollar decline due to disposition
$2,0*2,689
The profit and loss effect on 1957 operations vast
Book Profit (Loss) Be fore Taxes
Bet After
Tax Cash Profit (Loss)
Refinery Sales Increase - Profit Royalties Received
Increased Regular Oper. Profits
$ 10,650 *0,105
$ 5$,755
$ 5,U2 m
Shutdown, Idle Plant, Relocation Xxp.
Lots on Sale of Assets ti Abandonment Non-Recurring (Loss) Profit
$(123,278
(l80,6Q* $1303,882!'
$(59,173) r
Bad Debt Close-out Tear 1957 Profit (Lose)
13,918 Hgfogg?.)
6,681 1.&I.7-Q*
In viev of conditions existing in the Margarine and Salad products business after March 1, 1957, ve estimate that had ve remained in the business, our operating losses during the last six months of our fiscal year would have exceeded the v$239,96* non-recurring disposition expense we absorbed. In same comparable period of 1956, the Company absorbed a lots before taxes of $387,209 on the Ifergarine and Salad Products operations sold.
Extraneous expenses Reducing Income 29$ per share
Start-up expenses on new facilities and non-recurring costs arising from relocation and discontinuance of certain operations reduced earnings 29per share.
CLD01950?
BOTES FOB AHSUAL KEST1HO
{BOMBER 12, 1957
4
December V, 1957
Elmhurst Moving, Shutdovn A Loss on Equipment
Marg.-Sal. prod. Lose on Sale, Moving A Shutdown
Buena Park A Other Capital Losses Adrian Joyce 8tart-up St. Joe Construction
Before Tax
$ 652,105
303,882 60,715 168,447 188.184 $1,373,333
After Tax
$313,010
145,863 29,144 80,855 XJ?0,32? $659,200
per Share
14#
6# 1# 4# 4# 29#
Vs had 13$ start-up and expansion costs in 1956 as foLLOVS!
Before Tax
Adrian Joyce Works Const. A Eng.
' $328,890 "
Branch Development Paint
243,720
St. Joe Construction
33,467
Construction Terminal A River Elevators 20,000
$620,077
After Tax
mW 116,986 16,064 ) 9.600 )
|3l5lf
Product Advertising Expense
Per Share
'if 5# 1#
nr
1957 1956 1955-10 Mo.
i To Advertising Sales
3,597,920 1*59 3,372,614 1.87
Promotion
097725 1,518,450 552,208
*To Sales
.67 .30
Total $4,b8u,b^>
5,116,370 3,924,822
% To
Sales SToSjf 2.26
2.17
Total Advertising Eqm decreased $427,51*+* tut Food Mr*rtlting vu down $709,028 dua to Margarine and Salad Product# disposition, to that all other ad vertising effort# were increased in dollar expenditure#.
Mine Exploration
Total Expenditure# le#c Income Less! Billed Government (Hidden Cost Sale of Assets
Pre-Tax $1,202,579
(17i8o 4)
After Tax
$ 577,125 (13,353)
Vet Qlidden Cost 1951-1956
$1,184,775
$ 563,772
Bonus Plan
Original plan adopted 2/6/51, revised 2/14/52. At 1955 meeting Gilbert suggested provision preventing bonus to top officers until certain dividends have been paid.
In our plan ve mist earn 12 pre-tax on bonus net capital employed before ve have any income on which to calculate a bonus reserve of 7In 1957 ve had to earn almost $13,600,000 pre-tax before any funds for bonus.
In view of this, ve feel stockholders are veil protected.
Since 1951, with sextans bonus available of $2,363,587, ve have returned to profit $952,087, leaving for bonus pay out $1,411,500. Lowest number of awards made in any year 79, highest 212.
GLD019503
*04X3 FOR AKRUAL KEETISQ
mcsatm 12,1957
5-
Deoenber 4, 1957
Gilbert Also suggested aubaitting bonus plan to stockholders every five years. We do not think this necessary* Only submit when fundamental changes.
Stock Option
Of 100,000 shares of stock set up for option on 2/14/52, all have been used. At 8/31/57, 3,770 shares remitted vhich vers optioned 9/30/57* Options were granted 6/24/52 0 $35*00; 12/27/54 6 $38.00; 11/30/56 0 $37.00; and 9/30/57 0 $37-50 per share.
169 people now hold options. *0 officers or directors have sold this option stock.
Analysis of 1957 Annual Report
Sales 1957 - S ti E Basis 1956
12 No. 1955 - Reconstructed
$225,537,291 226,290,387 217,500,000 Unaudited
Pre-Tax Profit - 1957 - E A E Basis 1958
12 Mo. 1955 - Reconstructed
$ 15,387,437 16,450,737 16,985,000
1I
After Tax Profit - 1957
1958 12 Ho. 1955 Unaudited
$ 7,264,437
8,146,737 8,413,358
$3.16 per share
$3.55 " $3.66 "
Increase Other Incoos - published PAL
The Increase in Other Incom fro* $673,148 to $1,448,679 was due toi
Inerease in Royalty Incase Cleveland Fire Loss Recovery Soya Fire U & 0 Recovery
$486,4l4
$297,815
673,871 wms
$ , .Fire losses were non-recurring income. Total Royalty Income for 1957was 516 018
Depreciation
Depreciation, depletion and aaortlsatlon charges for 1957 totaled $5,046,378 versus
$2,370,339 in 1956* Include rapid aaortlsatlon on grain facilities and "sua-oft
years-digits" depreciation on noet other additions sines 1954. Excess of these
over straight-line depreciation vast
Rapid Amortisation Excess
IS fan
S-Y-D Excess
946\1,]88
While this reduced 1957 Met Inoom, cash earnings vers up.
Ret Zncooe Depreciation A Aaortlsatlon
1957
$ 7,264,437 37a
Per Share
*3.16 2.20
Cash Earnings
$12,310,815 $5.36
1956
$ 8,146,737 g. fro. 339
$11,017,076
Per Share *3.35
1.25
$4.80
GLD019504
NOTES FOR ANNUAL MEETING DECEMBER 12, 1957
-6-
December 4, 1957
Increase In Selling, Administration Expense and General Kxpcnae - Published p & L
Increased In Annual Report $1,221,509, from $31>5>47,320 to $33/168*829* principal increases veret
Salaries - Adntn., Salssnsn, Office Research, Development ft Control Lab*
Rent St. Joe togineerlng ft Start-up
$ 773/675 342/004
183/214 154,717 $1/453/616
Major Capital Expenditures 1957
ADJ - First Unit Second Unit
Chicago Elevator River Bouses Elston Lab ft Office Louisville Refinery Expansion Protein Exp. Indianapolis Terpene Port St. Joe Paint Central Research Lab Reading Expension Cumberland Island
Other Regular Expenditures 1957 Total Capital Expenditure*
Prior
to
1957 $8,768,365 1,480,600
6,253/000 701,800 332/800 298,800 103,000 350,000
854-,600 5,200
1957 $ 216,200
6,032,900
53/700 76,900 27,000
-0116,800 240,800
2,301,400 266,000 168,400 31,000
$ 9,531,206 2,934,200
To Spend After 8/31/57
$ -04,116,200
-*0Q-*
-60
5,172,100 57,400
194,000 75,100 461,300 1,000,000
Research and Development
Research
Development Research ft Development
1956 Actual $ 666,882
$2,157,191
1957 Actual $ 906,785 Ji.4a#,gi
$2,358,000
1957 ftxlget $1,085,660 1,432,664
$2,517,664
1958 Budget $1,290,935 1,522,710
$2,819,649
Increase 1958 Budget over Actual 1957
w&r~ 4.7
19*65^
Control Lab
Total Lab ft Research
897,828 $3,055,019
...
>SSl $3,511,457 $3,974,909
10.1
Foreign
Glidden International, C.A. Is not consolidated vlth Olidden.
Vs aade no further investment in Olidden International during 1957 and at 6/31/57 Olidden carried as Investments under Other Assets $18,018 inrsstasnt in Olidden
International.
GL 00 19 50 5
ROTBS FOR AXHUAL HBETIHO DECEMBER 12, 1957
1
December 4, 1957
(Hidden International had invested to 8/31/57 ini
Columbia Mexico Ecuador Panaaa
panama Puerto Rico Bassau
$315,484 Stock Investments - Ret
30,257
* -Bet
62,837 *
- Bet
20,000 "
"
35,373 Dross Asset* less Stock
209,916 Oross Assets
10*992 Gross Assets
$684,859
Ve should not Air* cut sales, etc. of International at this tine.
International Sales
$l,6^,lfS
i$6(^il2
Bet Pre-fax Profit
$ 56,603
$ 32,709
fhe above Is Olidden International, C.A. only sales, and does not include foreign sales by (Hidden.
inventories
Inventories up in 1957 to $47,387,605, compared to $38,492,240. Increase of $8,895,365* Two aajor factors contributed - (1) ADJ required stockpiling sub stantial quantities of imported Titanium ores and accounted for approximately $2,600,000 (2) market conditions in crude vegetable oils made it advantageous to purchase sizable quantities of old crop oil and hedge into nev year and accounted for about $4,100,000. In addition, Finished Stock Titanium vas up
almost $2,000,000 and other inventories very veil in line.
Pension Plans
Pension plan expense for funds 1
U.8. Salary
$ 693,788
0.8. Hourly
360,000
Canadian Salary
48,600
Canadian Hourly
20,000
Total to Funds
$1,122,358
Salesmen's Retirement Plan 34,749
Total Pension Expense $1,157,137
Total of $10,486,538 1* on deposit vltb Trustee Banks.
At snd of Fund Tsar 7/31/57, our funds on a cost basis vers predominately invested in fixed income securities. Market value of securities vas above cost.
Fixed Income Equity
Total
Cost Basis Hrsr Total
$ 7,300,030 70S*
1B0H0.U0M0$B
Haricot Value ~rsr Total
$ 6,510,690 53773* 4,566,043 41.22
$11,076,733
At July 31 the Pension Funds owned 14,800 shares of Qlldden vith a cost basis of $536,312 end a market value of $538,350.
GLDO19506
ROTES FOR AHHUAL KSmSQ DECEMBER 12, 1957
-8-
December 4, 1957
Application of Funds
8ources of Fundst Vet moons Depreciation Total Frost Operations tong Tern Borrowing
Other Sources1 Disposition of Fixed Assets Exercise of Stock Options Other Assets
1957 .......1956
$ 7,264,437 .J,46,378 20,000,000
$ 8,146,737 2,870,33?
$11,017,076 (1,500,000)
$1,315,008 76,300
$ 346,408
22,400 (117,584)
251,224
Disposition of Fundst
Dividends Declared
Expenditures for Property, Plant, Equip.
Increase (Decreaee) in Working Capital1
Cash * Incr. (Deer.)
$4,068,828
Trade Receivable**Incr.
90,300
Inventory-Increase
8,895,365
Ins, Clalns h Other
Current a/c's
2,428,707
Rotes Psysble-Decr.(lner.)
2,000,000
Accounts Fayable-(lncr.)
(1,178,360)
Accruals A Dividends
(Incr.) Deere.
--gg*22&
$33,665,580 $ 4,594,340
12,465,415
l6,605.&!5
($7,721,080) 1,163,716 4,790,780
204,626 ( 9,500,000)
(477,429)
___ 12i
$ 9,763,300 $ 4,591,435
16,637,000
(11,460,13$)
Increase in Interest Expense
$ 9,768,300
The Interest increase of $476,672 vas due both to an effeotlve 4 increase in interest cost and average borrowings $9,587,000 greater than last year.
Serial Rotes Revolving Credit Short Tens Credit
Total 1957
1956 1955 - 12 Mo.
Average Daily
Borrowing $ 8,^,oSo
12,667,000 W,J>03,000 $33,920,006
$24,333,000 $11,750,000
Interest Charge $~ 2657625
530,313
$1,277,776
$ 801,104 $ 352,500
Average Interest Rate "3.&r
4.25 3.79 3.77?
3.294 3.004
V* took down oar $20,000,000 revolving credit $5,000,000 on lA/57j $10,000,000 on 1/10/57 nd $5,000,000 on 1/24/57.
Vo paid our $1,500,000 serial note due 7/1/57 end refinanced the balance due of $7,500,000 at 3&, payable $1,500,000 annually starting 9/1/58.
GL DO 19507
BOTES ra USUAL xzsmo
DECEMBER 12, 1957
-9-
Deceaber 4, 1957
Decrease of $2,788,000 In Coat of Product* Sold
$ $82,000 Rue to itttMMd ulti 2,206,000 due to 1.4* decrease in cost of rev materials, predominated/ in Cbemurgy, foods end Basnond
$2,788,000
labor, Wage fc Selery Ratios
Cost of Producti Sold Manufacturing Labor A Wages
* to Ooet of 8ales
1
Sale* All Labor, Wages, Salaries,
loci. treo. * to Salta
1957 $172,165,$50 $ 13,162,132
7.65*
$225,537,291
$ 34,621,792 15.35*
1956
$ 13,114,464 7.50*
$226,290,387
$ 32,895,087 14.54*
Average AiMta and Profit Return
Paint* Food* Chemicals
Cbemurgy So. Chemical
Average Assets $ 46,224,666 26,439,000 25,^90,000 27,753,000
6,521,000
$126,427,000
* Return "TT.5T
14.9 14.2 4.6 11.6
13.2*
Coanent* on Typical Queatlona * Mr. 8tetielberger*s letter H/8/56
Ve voted (Hidden Share* held by Penalon fund.
B0 divlalona are in red. Only product operation# in red vere Grain Dept, and (Am Bevel Store*.
Sub-normal unite, but in profit vere - over-ell Cbemurgy, Scranton White Lead, Vest Coast Margarine i Salad Products, Valdosta, Baltimore profits vere sub normal for year due to increased oapaeity and depreciation vlthout immediate salts Increase.
Ve have no treasury stock.
Elmhurst Rafinery has nov been closed.
Buena Park has been dosed.
Directors ages in 1957*
Dwight p. Joyce A. D. Duncan B. V. Mucey J* B. Week* X. D* Horner V. 0. Phillips V. C. Lighter
57 56 48
53 4o
37 50
H. L. Slaughter 0. M. Halsey V. D. Stallcup 0. 8. Varner
Average
57 48 44 mm4mr1nm
48
g l d c i^s o b
BOXES FOB AHHIUL MESTIHG 0ECSUBSR 12, 1957
-10-
December 4, 1957
Dividends
Our Annual Report above ve paid out
63.2* in 1957 56.45 in 1956
64.55 1 1955 64.65 in 1954 64.45 In 1953
73.95 in 1952
With our heavy expansion prograa before us, ve do not feel an Increase is nov warranted.
Booh value at 8/31/57 vae #37*35# an increase frcei $38*19 at 8/31/56.
Investaenta do not Include any publicly held company.
Employees - 8/31/57 - 6,455--5,281 sale, 1,174 feaale.
Stockholders - 8/31/57 - total 21,686.
5 Shares Bald
Individuals Institutions Brokers
20,797 282 192
66.95 3*5
13.6
loftiness forelcp
*ui im
238 177 srm W7759
15.1 .9
166.05
legllglble aaount of gorernaent sales about $1,900,000 Faint.
regular bid basis
Aver. 8hares Held
74 266 1,634 1,457 111 " 106
8ca Food on
Auditors
Representative of 8 <1 8 vill be there.
Ve Maintain our internal auditing staff for regular audits of each division and detailed operations. Such audits are alv&ys on a surprise basis.
Btock Dividend
These do not add such, if anything. They spread earnings over a vlder number of shares, and in the end the price per share vill probably adjust accordingly. Ve certainly are not in favor nov.
Contributions - are veil controlled under Comittee.
Sale and Leaseback - has been extensively investigated, but is not applicable
to our aeaufecWing operations at present. Ve do not ovn our branches and generally lease them for 10 year renewable terns. Bethlehea is only factory building presently leased.
GLD019509
KOTCG FOH AUUAL I4ESTIH0
DXCBIBZR 12, 1957
11
December 4, 1957
Salaries
Our officers' salary rates, including bonus, are fully in line vltb studies on this subject such as AMA. Xf, anything,slightly lover than coqpenies In similar fields and else.
Vs suit be competitive in total salary and in such things as stock options to attract and hold good men.
While ve do not have an outside director to directly police these things, payments are publio knowledge in our proxy, and being an inside Board ve are probably nore Qoosoious of this feature then if salary rates, etc., were set by outside Board masker*.
Annual Report cost per copy J V j.
Stockholder* Buying Ccapany Products - should not be granted special opportunities. 00 difficult to handle and impractical. Also unfair.
Batlo of Assets Invested Outside Country
Direct foreign investment by (Hidden is in (Hidden International (see page 6 k 7 ve had $18,019 at 8/31/57)* Such Investment is small at present. International borrows for further foreign Investment* Total of foreign Investments is lnslgplfleant - under l - whan eoetpered to (Hidden.
Son-Recurring Other Income - shown on page 5*
Selling Additional Oomson stock to raise more capital. So plans at present.
Stock Purchase Plan for Snploycs
V* have studied. While ve would like to have aa many employee stockholders a* possible, the Board believe# that the question of personal investment should rest with the individual and his financial advisors.
Product Diversification
So immediate plans for acquiring through outside purchase. Will continue to diversify our present 11m through our own Research. Cannot at present divulge any potential new product# that are in development stages.
Insurance
FIA coverage on all manufacturing properties except Canada, Buena park, San Francisco, Saw Orleans, St. Louis, Berkeley, Iron Street, Collinsville, Scranton, Jacksonville Southern Pine only, Valdosta and Calumet and Rive#Elevators. This FIA policy for fire, wind, hall, explosion, aircraft, smoke, vandalism and sprinkler leakage.
FIA coverage is on agreed amount basis, with no co-lnsuranoe requirement.
GL DO 19 510
H0TS3 FOR AJWUAL JEKTUJ3 DECEMBER 12, 1957
12
Dece*br k, 1957
locations excluded are under separate policies for fire, extended coverage end sprinkler leakage. Are on co-insurance basis * no agreed amount.
Elevators under underwriters drain Ass'n. policy.
Use and occupancy insurance also in F1A for locations they cover for fire, etc.
Use and occupancy Insurance other divisions speoifio vith co-insurance.
Also carry ocean Marine and cargo insurance to extent necessary.
Cany boiler and pressure vessel insurance vhere necessary.
All eaployees bonded in substantial amount.
Workmen's Coapensaticn--ve carry self-insurance in states vhere possible (12), vith an override $1,000,000 policy for catastrophe. Self-insurance on Workmen1 a Compensation has saved us over $1,000,000 in the last 27 years.
Also carry comprehensive general liability, including produot liability. Also liability and property daeags.
Principle fire Los* vas Central on 2/25/57 and Soya Explosion on 7/5/57*
Central inventory Bldgs.-Mach. A Equip.
DAO Total Becovery
Collected from Insurance Co. w,w&
1,315,000
512.000 $375157353
Excess over Book Talus m$4S5,5oo " Taken to profits in 1957
556,600 Treated as involuntary eonversion and not picked up In profits.
The DAO Becovery bad no profit element in it, since the Company vas able to service all of its customers from our other plants and hence lost no business or profit. The DAO re-lnbursed us for expediting expense and continuing fixed
expenses.
By reinvesting the entire recovery on buildings end equipment. Company treated this as involuntary conversion and avoided paying out cash tax dollars on the profit over book value of property destroyed.
Soya - final settlement not made as yet. We estimate as follows j
Inventory Bldg. A Equip. UA0
Set. Becovery *$n5S*
275.000 325.000
I7I575W
Excess Becovery Over Coat
$ 25,660 taken in 1957 as Profit known Hone
162,857 Satinets profit recovery due to shutdown A loss of business and taken in 1957 statement.
^18?,551/-Total profit picked up in 1957*
In addition, va estimate a further $57,000 DAO profit recovery in fiscal 1958*
03Utie
0. 8. WARMER
GlDO19511