Lady Chairman, sir, shareholders, ladies and gentlemen. I have great pleasure in announcing that owing to a cutback on surplus expenditure of twelve million Canadian dollars, plus a refund of seven and a half million Deutschmarks from the Swiss branch, and in addition adding the debenture preference stock of the three and three quarter million to the directors' reserve currency account of seven and a half million, plus an upward expenditure margin of eleven and a half thousand lira, due to a rise in capital investment of ten million pounds, this firm last year made a complete profit of a shilling.