D. Gordon, and the attendance represented 1,793 shares.
In his speech the Chairman said:—You will notice that a further 23 shares have been issued, although in my speech last year I said that the directors did not intend to issue any more shares except under special circumstances these shares were applied for by a member of the staff, and your directors think it is a wise policy to encourage members of the staff by giving them an interest and share in the business.
Sundry creditors are Tls. 3,410.70 less than last year. Bills payable amount to Tls. 9,769.47 representing goods in transit. Stock reserve has been utilized to the extent of Tls. 9,107.86 to write down some of our stock which cost us very high prices.
You will notice that we now own Lot 104B British Concession, Hankow, and I am sure you will agree with me that being our own landlords will be of the greatest advantage to us in the future. Stocks in hand and in transit are higher than last year and sundry debtors considerably less. Cash in hand is Tls. 1,323.31 more than last year, and it has not been necessary to touch our fixed deposit.
the bank. 7
Mr. J. D. Gordon is shortly leaving on a well-earned holiday, and I am sure you will all join with me in wishing him a very' pleasant time, and we trust he will soon be completely restored to the best Gf health.
Mr. Bowerman has been elected a director of the company and his election requires confirmation at this meeting.
There were no questions, and the formal resolutions were adopted, including one for the payment of a dividend of 10 per cent. on the issued capital.
Text read from the printed page and cleaned; old type leaves the occasional error.