LANE, CRAWFORD & CE, The annual! general meeting of Blessrs, Lane, Crawford & Ca., Ltd was heid on June 28 in the offices of the company, Mr. J, Ambrose pres:
1g, supported by' Messrs. D. Crawford, E. H. Durning, and J. Bowerman (directors), and share holders representing 1082 shares. The meeting was not uneventful several shareholders present chal-euged the conduct of the board of diteetors. in opening vho meeting the chais-man said, Gentlemen. the report and ae. counts for the year ended February, 2S, 1929, having been in your hands for the requisite number of days, will, with your permission, taky them as read.
Your directors regret that the' result of the year's trading is a loss of $38,600.84. In 1 the Joan was $27,396.05, and for 1921/8. there was a loss of $4,098.07. The total loss for the three years February 28. 1923, being $70,16188, or an average loss per arum for the aforesaid three years '$25,888.00, and though some of this las is undoubtedly due to theft cannot all be attributed to that, neither is it due to a reduced turnover as the return for the rou discursion is only 056.00 less than that of 1926/7.
To a great extent the unsatisfactory position is' due to the unsettled state of China and the consequent loss of our outport and up-country business which in pre-cus years averaged 20 per cent. of our turnover and cost us nothing extra in the way of overhead expense to cope with. We cannot} expect a return to our former prosperity until the internal conditions in China return to their pre-
Gentlemen, I feel sure' that the days of Inrge profits have passed, never to return; that the tendency, to-day is towards the purchase cheaper grade of goods than we carey, and that with the increased and increasing number of native outfitting establishments in competition with us we are much more lizaly to be faced with an annual Geficit than with a credit balance, o° ae least with a credit balance so sniall On the liability side of the accounts the bank" overdraft, bills Payable and sundry creditors combined amounts to $604,114.95. against $663,595.11 for the previ or a reduction of $59,480.16, gentlemen, is all T have te sayin' connection with the report ard accounts now before you, but before putting the several resolu-Cons to the meeting if any shareholder has any questions to ask will do my best to answer the At the conclusion of the chairman's speech, Capt. Gowing, a shareholder, spoke as follows The item "Sundry Debtors, amounting to $211,746.70, be very excessive, and I t explanation is due "to the holders why this is so, esp fas one person—the managing dirsetor—is a debtor to the extraordinary amount of $104,428.12, This amount is marked (partially secured), what does this mean and in what manner is it partially secured?
May I ask what benefit is derived from' keeping he house-boob Aviadne Il, and who benefits from. the use of her?
T propose that thi boat be posed of to the high: in Gowing then went on to comment on the nature of the managing director's debt ta the Company and on the attitude of the other directors and the auditors in respect of The chairman said that the 'e-count of the managing director partially secured by his shares and hho had pledged other securities which he, the chairman, now wat ing. They had been atig to sell the houseboat, Mr. A. W. Burkill, Capt. Gow. ing having concluded, said that be could not associate himself with tha, other's remarks—he felt that all the directors were equally to bl for what had taken place in the Past. He pointed out that those present did not realize what an, asset the managing director had been to the firm during recent years, For instance, he had been respon: sible for the purchase of the larger portion of the ground on which the main building was, and that itself was worth more to the com-any than the deficits discredited to be insufficient for the: payment of a dividend, Our overhead expenses have been cut down where-ever possible and hope enable us to carry on. without further losses, though for dividends Tam afraid we must for more prosperous times, when customers can afford to buy.
Tuxur of just mere neces: sities.
Text read from the printed page and cleaned; old type leaves the occasional error.