The seventh ordinary general meeting of the above Company was held on Saturday morning at the Company's premises, corner of Yuen-ming-yuen and Soochow Roads. Mr. J. D. Clark (Chairman) presided and there were present Messrs. H. J. Such, and W, Hayward (Directors), E. Nelson, (legal adviser), E. W. Tisdall, S. B. Remedios, Moffat, Geo. Osborne, E. Palmer, J. Quick, J. M, Guedes, and E.
Colgan (Secretary), representing 1,732 shares.
'te state that dir Conipany is now ina Few stocks. Of course the net. profits position to supply all goods from our' own
show a corresponding falling off. The salaries, as you will observe, show an Increase _of about $4,800; this is owing to a light increase in our staff, and sundry advances which had to be made in salaries of some of our older employees. You will also observe that there is a large decrease in our rent account. The reason for this, is that the bakeries have been transfered to the Company's own premises here. - There is likewise an increase under the heading of 'Travellers, Tientsin Office, Passages, ete." of $3,500, which is mostly owing to extra passages for our assistants. The 'Tientsin branch, T am glad to inform you, under the able' management of Mr. Jacques, has done an excellent business, and as that place is rapidly growing we expect to see a still further improvement there. But the total expenditure for the ear has only been increased by about 54,000, and had it not been for the fire, the The Chairman—Gentlemen, as there is this extra expenditure.
quorum present we will commence busi-now refer to the balance sheet, although ness, and I will now call on the Secretary there is little need for any comment. The to read the notice convening the meeting. sundry debtors amount to. somewhat more 'The Secretary having read the notice, than last year, but I can assure you that 'The Chairman said—Gentlemen, the Re-these are considerably. Inrger_ than' we port and Accounts have been in your should like, and that this item is having'the possession for some time, therefore, with special attention of your directors, and we your permission, we will take them as hope, with our increased staff, to have these read, but before' asking you to pass them figures materially reduced very shortly. Ishould like to make a few remarks, jete is, as you have no doubt noticed, an feel "certain that you will, with your item Reserved for Fixtures $10,635. directors, feel pleased with the accounts This I' may mention, is the balance in as printed. We have had the misfortune, hand at credit of Fixture Account, which since we last met, as you are all aware, of will begraduallyabsorbedas the new fixtures having our premises and stock totally des-are supplied. The Reserve Fund now stands troyed by fire. When I say totally, I mean at $152,500, which is considerably more all our stock stored in the Nanking Road than the paid-up capital of the Company, and, in Zecommending a dividend of fortunate enough to have some stock in at the time of the fire, but we were per share, your directors have not thought the Soochow Road godowns besides some it necessary to use any of last year's profits of our furnishing goods, as well as the in increasing this item. Our stocks being bakery, which considerably helped us to re-all newly imported, and as the sume business almost immediately after account, is considerably withi the disaster. I may mention that the fire shawn in the accounts, these items require occurred on Saturday night and on the no depreciation whatever. I may also add, following Monday we were doing business gentlemen, that the prosperity of the in our own premises here. Nevertheless company is largely due to the energy of it was an anxious time, for we had to set. our employees. These, gentlemen, are all to work and find new premises suitable to the comments I have to make, but carry on our business in a central position, should any shareholder present require and I think you will agree with us when any further explanation I will endeavour we say we have been most fortunate in to give it. securing a place in the Nanking Road, next No questions being asked, door to the old premises. " Although we The Chairman proposed, Mr. H. J. Such were fully insured, we have somewhat seconded, and it was agreed suffered in having to purchase locally to supply our customers; but, I think, con-That the report and accounts as printed sidering the misfortune that befell us, we and circulated be passed. have come out of it fairly well, and it is Upon the proposal of the Chairman, extremely gratifying to your directors to seconded by Mr. Hayward, it was re-be able to state that since our stocks have solved arrived we have been doing an excellent That the recommendation of the directors business, and, although we have been as to disposal of the profits be adopted. deprived of our old premises, we see no Proposed by Mr. Geo. Osborne, seconded reason why we should not do a larger amount of business than we did in the old by Mar. Palmer, it was exeried premises. We have been promised that a new and modern store' shall be finished director. at Mr. W. Hayward be re-elected a
Capt. Tisdall on the site of the old one in less than. quick, and it was carried Proposed, seconded by reposed, ded by two years, and we hope shortly to be Mr. G. D. Scott be appointed able to come to terms with our old auditor for the ensuing year.
Inndlords for a long lease of them, The proceeding then terminated. but if we cannot obtain the old site on
Text read from the printed page and cleaned; old type leaves the occasional error.