Groceries and Provisions. 469.02 9,030.85 Wines.. 8,122.88 9,056.12 Outfitting 36,564.83 39,414.32 Loss on Working Stores.. 3,357.50 '508.01 Nett Loss on Stores.......13,175.83 10,326.34 Nett Loss on Stores and Hotel transferred to Balance Sheet..........14,950.18 12,100.69
Mr. J. A. Ballard seconded the amendment.
Mr. J. A. Stewart, in reply to Mr. Sopher, explained the mode in which the Investigation Committee had valued the stock, He said stock was taken by the assistants, and the stock-sheets were placed in the Committee's hands. These were then checked with the stock, the assistants putting down the prices. In the matter of provisions they said it was usual to add 10 per cent for expenses. The invoices were seen to, the provisions checked by them and found correct. In the outfitting department, every package was marked with the cost-price, which was the invoice price with 10 per cent added for expenses, which were the instructions given by Mr. Clifford to the assistants. The invoices spoken of were the invoices of the manufacturer, Mr. Sopher contended that according to this the Committee had not valued the stock at all, as they had just taken the! expected the Committee to give the market figures given by the assistants. He at least
value of the stock.
Mr. Gye said the Committee had the assistance of an expert, Mr. Naylor, who agreed that everything vas all right.
Mr. Stewart said the Directors had had the report in their hands for some days, and if they wished for information on any point they could have asked.
Mr. H. J. Limby said the market value! of the goods should not be put in the! accounts. The true figures were needed, and these the Committee had given.
Mr. Gye thought that Mr. Sopher should withdraw his remarks, as they were entirely wrong.
Mr. Sopher said that if he had made: a mistake he was sorry, but the impression: on his mind was that the Investigation Committee should have given the market value. (Cries of Rot and laughter.)
Mr. H. Sampson proposed as a further amendment—
That the Report and Accounts, as presented by the Investigation Committee and Mr.. Leake, be accepted and passed.
Mr. F. Dallas seconded, and after some: further remarks this was put and carried.
The next business was the election of Directors. Upon this subject a good deal of misunderstanding arose. A resolution, reposed by Mr. J. D. Clark and seconded te, W. MI. Harvie was carried to the following effect That the Directors be called upon to resign, as they have proved themselves unfit for the position, This was carried by 30 votes to 6.
Mr. Gye asked how matters now stood.
'The' Chairman—That I am Chairman and that T will remain.
Mr. Gye—In face of that The Chairman—Yes.
Mr. Gye—Then what is the use of the meeting going on?
Mr. Clifford said that the resolution: having been carried he would retire. He did so, but came back in a few minutes.
The Chairm: -As a shareholder, I will not retire. (Hisses, and a voice ' Put. him out.")
Some more discussion followed, regarding the election of three directors on the Board, the Chuirman stating that at present he and Mr. Clifford were the only two-directors. A question arose as to whether Mr. J. A. Stewart had been duly proposed as a Director, in accordance with the articles of association. The Secretary said. he saw the nomination for the first time that morning, and Mr. Clifford insisted. that he deposited it on the Secretary's desk some days ago.
Mr. Gye enquired whether the Secretary had been at his desk during the last sever: days.
Eveutuslly Tale. cee. tale.
he Secretary—Yes, every day. resulted in Messrs. F. E. Reilly, W. Bell, and J. A. Stewart being elected as additional Directors.
Mr. Wilmer Harris was then re-elected Auditor upon the motion of the Chairman, seconded by Mr. Leake.
TheChairman said this closed the business. jof the meeting, but he desired to consult the shareholders upon the advisability of continuing the store business.
Some shareholders objected to this, and the proceedings terminal he Chairman withdrawing the question, Holloway's Pills and Ointment,—Influenza,, Coughs and Colds,—In diseases of the throat and chest, 80 prevalent in our changeable olimate, nothing so speedily relieves, or so cer~ tainly cures, as these inestimable remedies.
These disorders are too often neglected at their commencement, or are injudiciously treated, resulting in either case in disastrous consequences, Whatever the condition of the patient, Holloway's remedies will restore, if recovery be possible; they will retard the alarming symptoms till the blood is purified and nature consummates the cure, gradually restoring strength and vital nervous power-
By persevering in the use of Holloway's preparations, tone is conferred on the stomach and frame generally. Thousands of persons. have testified that by the use of these remem dies alone they have been restored to health after every other means had failed.
Text read from the printed page and cleaned; old type leaves the occasional error.