28 [Annual general Meeting of Shareholders held at the Law Association Rooms. 14 Cook St. Liverpool on Friday 3rd June 1927] Present Messrs. W. C. Cuff (Chair), E. Green, H. Banks W. C. Gibbins, A. C. Coffey, W. J. Sawyer, J. Sharp & A. R. Wade (Directors) & 210 Shareholders. The Secretary read the notice convening the Meeting. Press It was agreed that the members of the Press be admitted. Accounts & On the motion of the Chairman it was Balance Sheet decided that the Accounts & Balance Sheet be taken as read. Auditor's Report The Secretary read the Auditor's report. Director's Report The Chairman in making his report on the Balance Sheet stated that the gate receipts were increased by £9000 which he thought was caused by the provision of increased accommodation & also the sustained interest in the doings of the team to avoid relegation. Wages & transfer fees were up by £18000. Travelling Exs. up by £500 and this was caused by the acquisition of new players and the expenses incurred in obtaining them - Training Exs. were up by £400 incurred in Special Training & Medical Fees increased by £200 which was accounted for by the very serious injuries sustained by several of our players. He congratulated the public upon their loyalty to the club. With regard to the playing results he stated that the past season had been