[Annual General Meeting of Shareholders held at the Law Association Rooms, 14 Cook St. Liverpool on Thursday 28th May 1925] Present Messrs W. C. Cuff (Chair), E. Green, H. Banks, A. Coffey, W. C. Gibbins, W. J. Sawyer, J. Sharp, A. R. Wade and 274 Shareholders. The Secretary read the notice convening the meeting. Press After which it was agreed that the members of the press be admitted. Accounts & On the motion of the Chairman it was Balance Sheet agreed that the Accounts & Balance Sheet be taken as read. Director's Report The Secretary having read the Auditors report, the Chairman proceeded with his report, firstly taking the financial side, in which he went into the various items of Income & Expenditure a/c in detail. He congratulated the Shareholders & Public on the great interest they had taken in the doings of the Club during the past season, which was reflected in the large amount of gate receipts. With regard to the play of the team, the Directors had been very disappointed. Several conferences had taken place between the Players & Directors, who had been caused much anxiety, and everything possible done to get the team into a winning vein. Injuries & illness had partially accounted for our lowly position, although at the same time individualism on the field had been far too apparent. The harmony between the Players & Directors was of the very