1900 Report of the Directors
To the Shareholders of Macardle Moore and Co Ltd for the 12 Months ended 31st August 1900.

Your Directors have much pleasure in submitting their report and accompanying statement of accounts for the twelve months ended 31st August 1900.
Withstanding a diminution in the volume of your business as compared with the previous twelve months - a diminution due to the loss of a part of your military trade, secured by english firms at prices with which your directors could not profitably compete - your directors are pleased to report that the trading as a whole has proved of a considerably more profitable nature and shows a profit not only comparatively but actually in excess of that made for the previous twelve months.

The reduction of the balances outstanding on customers' accounts by more than £5000 and the large increase in funds in hand and at call are also very satisfactory features in the accounts submitted herewith.