The fourth Annual Meeting of the above Company was held at the registered office, Nanking Road, at 5 p.m. on Monday, when the following gentlemen were presents—Messrs. E.. Pearce (Chairman), S. Moutrie (M: naging Director), W.' C. Murray, M. F. Land, Ping Uz, Nim Sao-ping, H. Browett, E. Jones, J. J. Mansfield, and Robt. 'T. Brimer (Secretary), representing 1,326 shares.
Aiter the Secretary had read the notice convening the meeting, the minutes of the previous meeting being taken as read, the Chairman said:—Gentlemen,—In moving the adoption of the Report and Accounts which have been in your hands some few days, I presume, if no shareholder present has any objection, I may take them as read.
T must commence by saying that I have to congratulate the shareholders on the excellent result of our business for the past financial year. With to the accounts they do not call for much special comment, birt the following remar my part inay interest you.
will be sea that after paying our customary 4 por cent interim dividend on the Sth April last, that there is left for division $20,912.69, which amount your directors recommend to be divided as set forth in the report, viz: To pay a Final Dividend of 6 per cent making 10 per cent for the year 7,500.00 To write off the Balance o Good Will Account. 12,500.00 To carry forward to New Profit and Loss Account 912.69
$20,912.69
This division, including as it does the writing off of the entire amount standing at the debit of goodwill account, cannot, in the opinion of your Board be regarded factory state of affairs and an action which must commend itself to shareholder present. Although recommending this clean sweep of goodwill account, we are still in a position to pay mang 10. po cent for the year the usual final dividend of 6 per cent,
3,000, besides which we carry forward a balance to the credit of next year's working of $912.69. lo provision has also been made for bad debts and depreciation of Furniture and Tools, I might refer to your assets. From these you will notice a considerable addition in our stocks; to account for this I have to inform you that your business has so extended it the direction of letting pianos on hire that it consequently means our carrying a larger stock of pianos than what we have hitherto done. A stock of pianolas and graphophones which we have introduced into your business during the twelve months is also included in these stocks.
Sundry debtors may at first sight seem rather excessive, but this item includes our various Agency Accounts at the different. outports.
You will notice that the item "Bonus to Employees" does not appear in the accounts, The reason for this being that at the latter. part of 1902 exchange fell to such a low point that we had in com-all ther calories om a sterllag basis, there: mon fairness to your employees to place
by meaning considerable tael advance in their pay, which your directors consider is a full recompense for the excellent work done by them.
This rise in salaries so seriously affected our tuning department that it. necessitated a rise in our prices for fees and subscription for tuning, which I may say was exceedingly well met by our patrons. Even, however, with this increase of our charges, this department can hardly be called a remunerative one, the net profit of the whole of your tuning amounting relatively to a very small sum.
ving mentioned the increase of capital in the report I may state that in accordance with the resolution passed at the Extraordinary General Meeting, shares have been applied for by shareders and allotted to them out of the 2,500 shares authorised. Your directors by the power invested in them have now decided that the remaining shares unapplied for shall be offered to the shareholders at 5 per cent premium, that is $52) per share, and to rank for dividend as from the Ist July last, the first applications to receive preference, this offer to remain open up to the 16th November next, after which date, should your directors deem it advisable, the balance, if any remaining, will be offered to the public on such terms as may be considered reasonable.
Mr. Edward White, one of your last on Year's directors, has resigned his seat on the Board in consequence of his departure for home. Mr. W. ©. Murray has been invited to join the Board; his appointment will require the confirmation of the shareholders present.
To close I would mention that the Company's auditor, Mr. Leake, has gone very thoroughly through the books, as well as very carefully checking all our stock lists. I am pleased to say that he again offers himself for re-election as the Company's auditor.
With these few remarks, I beg to propose the adoption of the Report and Accounts as laid before you, but before doing so shall be pleased to answer any questions that any shareholders may care to ask, No questions being asked, the motion was seconded by Mr. Moutrie and adopted unanimously.
The next business was the confirmation of the &ppointment of Mr. W. C. Murray as a director, which was approved on the motion of Mr. H. Browett, seconded by Mr. M. F. Land.
On the motion of Mr. H, Browett, seconded by Mr. J. J. Mansfield, Mr. A. R. Leake was re-elected auditor.
The Chairman then said:—
Text read from the printed page and cleaned; old type leaves the occasional error.