We are closing our furniture department, for though it may have made money for a few years its life, it is perfectly certain that since its inception it has been 1 complete failure and should have: been closed long ere this.
This is the third year in success:
the dividend has been passed and though you may think am somewhat pessimistic, it seems to} hopeless 40 ¢x lend near future, The position of our two foreign com-Fetitors is, think, in support of my opinion.
ing to the accounts, T have conuuents to make on then They y Speak for themselves. You will, however, note from them being Messrs. Dombey & Sons, has disap. peared from the Assets; it having been sold, half the purchase price or Tis, 100,000, remaining mortgage at 8 per cent, per annum as shown in the accounts before sines, and with due respect to the Board, ho must suggest that they should recure new directors, now blood and ow ideas of business, The Chairman replied that they, had been trying to extricate the company from the hole in whi they were. They had had too large 4 staff and they had reduced it, Mx. D. Campbell wished to ase societe himself with Me. Burkill remarks. He thought that all di tors were equally responsible. had intended suggesting that all directors should resign, but he did at that time, link that this was nqgessai
The Chairman said that he wished to resign, but he had been aske by the general manager to remai longer, but thought desirable that na should, inasmuch as he was familiar with certain details of assignments which the managing director waa making to the company, He would remain until October 81, but not for one day: longer.
Bir, Campbell was of the opinion that the shareholders should decide Who should be directors and suggested that two shareholders should. be appointed to the board.
this juncture Mr. E. H, Dun ning announced his resignation and handed it to the general manager, The Resolutions Bas rik Overdraft stands at $438, against $506,184.10 a Subsequently toa short discussion regarding the valuation of stocks, the following' resolutions "were passed $353.
Trot the report and over last veal Sundry debtors last year amount ed to $230,249.59 as against $211,- 746.70. this year. These are hovexer shown differently this year, the customers' accounts being $102,136.28 and that of the Staff the Managing Director as $108,610.42. the former being fally secured and that of the latter only partially secured, but with regard to the latter all possible steps have Leen and are still being taken to rectify this, months ending Fi Scented "and paved popes.
H'Ahibrose anil seconded by ter bw.
That Me. J, Ambrose be reelected a Mr. R. J, Bowerman, Crawford and Seton elected auditors to the ese ian Tat "Mevers"Fhimgon & Cox ree Serve until the, next senegal ede tharehollers "and "that "thee tune ration should "be "His, '9))p pect tg lid: Lucas and "conded dissented to this measure, a Ske. P. Wr Ephgraves_ Capt. Gown
Text read from the printed page and cleaned; old type leaves the occasional error.