272 & Expenditure items showed natural fluctuations, attendant upon the national situation, the Chair- man made particular reference to the new item of A. R. P. & Fire Watching expenses, and to the valuable services rendered by Messrs H. E. Cooke, E. Storey, & others of the local A. R. P. post & Balloon Barrage site, in dealing with 59 incendiary bombs & preventing a much larger item under "War Damage" costs. Depreciation had been dealt with in the usual manner, so that the figure of £38,000 as valuation of stands, &c., was several thousand pounds below the actual 1938 cost of the latest stand, alone. Auditor's Report Mr. H. W. Bowler read the Auditor's Report. Proposing of B/S On the proposition of the Chairman, seconded by Mr. G. Evans, the Directors Report. Accounts & Balance Sheet, were unanimously adopted. Dividend Mr. E. Green proposed & Mr. R. E. Searle seconded, that no Dividend be paid. The proposer pointed out that Football Association regulations provided for retrospective payments up to a period of 3 years. This proposition was carried unanimously. Re-election of Auditors Messrs T. Theo Rogers, Bowler & Co., were re-elected auditors at a fee of sixty Guineas on the proposition of Mr. V. Enwright, seconded by Mr. R. E. Searle. Mr. H. W. Bowler thanked the Company. Re-election of Directors Messrs W. C. Gibbins, G. Evans & W. R. Williams being eligible & there being no further nominations, the chairman declared these three retiring Directors, re-elected for a period of 3 years. Each of these gentlemen responded.