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				Mr. W. R. Clayton
				"   A. Coffey
				"   J. G. Davies
				"   D. Kirkwood

		The following gentleman were appointed Scrutineers:-
		Messrs Sandbach, Cumpsty, Blacoe, Wright, McNicol,
		Gledhill, Griffiths and Francis.

		The proxies having been allotted by the Auditors (Mr. Bowler)
		to the various proxy holders, it was resolved that the
		election be by ballot.

		The result of the voting was as follows:-
				Mr. W. R. Clayton	424
				"   A. Coffey		399
				"   J. G. Davies	398
				"   D. Kirkwood		286

		The Chairman thereupon declared Messrs W. R. Clayton,
		A. Coffey, J. G. Davies duly elected to the Directorate.

		Mr. Kirkwood proposed and Mr. J. C. Turner seconded
		and it was unanimously resolved that a dividend
		of 5% free of income tax be declared on paid up capital.

		Mr. Charles Taylor proposed, Mr. T. H. Jackson seconded
		and it was unanimously resolved that Messrs T. Theodore
		Rogers Bowler & Co. be reappointed Auditors to the Company
		at a fee of Fifty guineas.

		The Secretary read out the attendances of the Directors as
		follows:-