16th February, 27. At a more appropriate time, such as the Annual General Meeting, our Shareholders may be assured that the Directors will give to them a faithful account of their stewardship, and await judgment with confidence. When the wolf is at the door, is not the time to indulge in domestic dissensions. Yours faithfully, (Sgd) W. C. Cuff Mr. James P. Wilson, 37, Spellow Lane, LIVERPOOL.