aging director and secretary, There were 3,636 shares repre-
The Chairman said:—The report and accounts having been circulated in the ordinary course I will, with your permission, take them as read. Before doing 40, however, I will particularly draw your attention to the paragraph in the report relative the delay in holding this meeting and the transgression of No. 184 of this com-anies' Articles, Those of you who ere here will, Tam sure, fully appreciate the ' disorganization of office routine caused by shortage of stof during the recent—troubles, end quite understand the delay excusable. The matter will auto. matically right itself in regard wext year's accounts and meeting.
A further 200 share have been {issued to members of the staff in conformity with the ce-operative principle enunciated your directors in previous years.
Turning to the balance sheet—sundry creditors would appear to be considerably higher, but actually ouch ix not the ease ax the amount includes a suspense item of Tls. 30,000 being an advance payment made us on a certain—contract Bills payable and stock in transit again appear as we now have a more extended credit arrangement with our buying averts. Stock on and and work in progress are ightly less. With present financial conditions an endeavour is being made to keep stocks at as low a level as is possible consistent with the needs of the business.
Sundry debtors are considerably higher due to the closing down of 'a number of large contracts February. The amount also includes book entries for certain contracts under way and a proportion of which rightfully belongs to the year's working. Bad and doubtful debts have been fully written off, and there are no old standing accounts At the end of August the total was Tis, 79,553.02.
For the first time the bank account shows an overdraft, but this is more than counterbalanced investments—a further Tls. 30,000 of Municipal Debentures "having been purchased during the year under review.
A list of the various: inspection.
Their value taken at cost. On the debit side you will notice an item, additional [Sum transferred to passage reserve unt. The allocation made last was not sufficient to place this ye Pecount op a proper basis, and-the was brought ili to balance.
regard to the profit and Toss account—having utilized the whole last year's appropriation to pate sage reserve a further allocation this account is considered. desirable. An addition to sundry debtors serve account is also considered desirable under present conditions fas it will enable any _untoward contingency to be met. With these allocation your reserves will stand Stock Reserve Tis.
100,000 year's sound position.
Abnormality of local conditions does not appear" to warrant the payment of a larger dividend than the suggested 7 per cent, as not only, fare trade conditions bad, but competition is so very keen that profit Tatios are very much reduced.
In. an endeavour to stabilize for future years a resolution 1p being brought forward at this meet ing to create an equalization of dividends account by transferring 'Tls. 20,000 to such an account from general reserve. Circumstances have been, and are, very adverse to successful' trading, and your directors regret not being able to Present more satisfactory Agures.
The accounts are presented their usual form, and are, I trust, clear to you all. If any further information is desired T shall be pleased to furni to the Test of my ability, The following "resolutions then were put to the meeting and car-by Mr. C. H. Ryde. profit and loss account be disposed of as recommended"—proposed by Mr. R. J. Bowerman and seconded by Mr. P. T. Hillman, "That an equalization of dividends: account be created by transferring general reserve account"—proposed by Mr. FG. Penny and seconded by Mr. Ro AL Watt, "That Mr. P. T. Hillman be ve~ elected a director of the company"—proposed by Mr. D. W, Crawford and seconded by Br, C. H, Ryde, "That Messrs. Lowe, Bingham and Matthews ' be re-appointed auditors of the company"—propk by Mr. N. F. Miller and seconded
Text read from the printed page and cleaned; old type leaves the occasional error.