21 [Annual General Meeting of Shareholders held in the Law Association Rooms, Cook St, Liverpool on Thursday, 13th June, 1935.] Present:- Messrs W. C. Cuff (Chair), E. Green, A. Coffey, W. C. Gibbins, J. Sharp, A. R. Wade & G. Evans (Directors) & 46 Shareholders. The Asst. Secy. read the Notice convening the Meeting. Press It was agreed that the Press be admitted. Directors Report & On the Motion of the Chairman, it was Balance Sheet agreed that the Directors Report, Statement of Accounts, & Balance Sheet be taken as read. The Chairman in his remarks, said that there was no item of expenditure calling for special mention. The increases in Gate Division, Gate Expenses, v Training Exes, was entirely due to our success in the F. A. Cup, & this applied also to Entertainment Tax & League Subscriptions. The Ground had benefited by the improvements to the Roofing, Glazing, Pointing & Heating. Naturally, the Profit of £5353.9.11 on the Season's working was largely due to the increased Receipts from the Cup Ties. Turning to the Balance Sheet, the Ground, Stands & Erections were non written down by £1755 to £15580, whilst a Depreciation value of £1900 had brought the Valuation of the House Property down to £25,900. The Directors had in view the demolition of the Gwladys St. property in due course. He stressed the great value of this Balance Sheet, and told the Meeting to note that although the Transfer Value of Players was not regarded as an Asset, never the less the Balance to the Credit of the Profit & Loss A/c was £59,400.