The 16th ordinary general meeting of the A. Butler Cement Tile Works, Ld., took place on Wednesday afternoon, Mr. A, W. Burkill presiding.
With reference to the Report and Accounts, the Chairman said You will see from the accounts that the year's working shows a loss of Tls. 383.36, and the balance at credit of profit and loss account now stands at Tls. 580.24, which is carried forward to next year.
Your directors after careful consideration have decided that no further allowances for depreciation on buildings and machinery are necessary at present, and you will see from, the accounts that ample provision has been made in the past.
The plant, machinery and buildings have been kept in good repair, the cost of which has been charged direct to working account.
I regret I have to. record a loss. on working, and this is due to a diminishing demand for our products, and the increased costs of manufacture.
There were no questions, and the formal resolutions were then put to the meeting and passed, Following the ordinary general meeting, there was an extraordinary general meeting at which Mr. A. W. Burkill, who—presided, This extraordinary meeting has been called as per our circular letter of April 26, 1920, to put before you details of an offer your directors have received for the company's property.
Alter' protracted negotiations, Messrs. J- P. Bisset & Ca., acting as brokers, have obtained an offer which they guarantee, of Tls. 000.00 less 1} per cent. commission for the company's land, buildings and machinery.
The area of the land is mow 11.3-1.6, and stands in the books at Tls. 5,000.00.
You will note the buildings which originally cost Tls. 15,195.36 now stand at Tls. 7,737,04.
The machinery which originally cost Tls. 22.017-93 has been reduced to Tls. 9,211.64.
You will have noticed from the circular letter which was posted to
Text read from the printed page and cleaned; old type leaves the occasional error.