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The sale took place by public auction on 2nd May. The preliminary estimate of the gross sum realised is £3,350. The original cost of the equipment included in the auction sale was £62,906 and the written-down value at the date of the sale was £16,689. Much of the plant and machinery had little more than scrap value since it was obsolete and of no use to any other industry.
Is not the President surprised at the great loss which has been incurred? Would it not have been a much better idea to have kept the factory going, since it is making flax and goods of strategic value?