=+2. *The authorised share capital of the Excelsior Machine Co. Ltd. is £250,000 divided into 60,000 5 per cent preference shares of £1 each and 190,000 ordinary shares of £1 each: 40,000 preference shares and 60,000 ordinary shares have been issued and fully paid.

The balances on the books on 31st December, 1961, before the appropriation of the balance on the Profit & Loss Account, are as follows:

£ £

Preference Share Capital 40,000 Ordinary Share Capital 60,000 Freehold Land and Buildings 40,050 Machinery and Plant 112,176 Furniture, Fixtures and Fittings 4,832 Premium on Shares Account 14,000 General Reserve 26,000 Profit prior to incorporation 10,356 5 per cent Debentures

(repayable after 1964) 60,000