The sixth annual general meeting of Gordon & Ca., Ld., was held last Friday afternoon at 3p Peking Road. Mr. D. W. Crawford (Chairman) presided, supported by Messrs. C. H. Ryde, R. J. Bower. man and P. T. Hillman (directors), and 601 shares were represented at the meeting.
In his speech the Chairman said:
A further 110 shares have been issued since our ast meeting; and you will, no doubt, be pleased to know these have all been issued to members of the staff in pursuance of the policy enunciated last year.
Sundry creditors are Tls. 3,199.60 more than last year, whilst the combined stock items—that is stock in hand, works in progress, and stock in transit—are Tis, 13,778.31 higher, Bearing in mind the considerably increased turnover now being done, your directors do not consider these figures at all excessive.
Stock reserve has been very considerably utilized, primarily in writing down stocks at the end of the fiscal year to actual market values. In doing this we are the better able to enter the competitive market, and should reap the benefit during the current year. Thanks to the conservative policy adopted by the Board in years past the company is in quite a strong position, well able to pay the dividend recommended, and your directors trust the suggested disposition of the profit and loss account will meet with your. entire approval.
Mr. Gordon having resigned as managing director of the company Mr. P. T. Hillman kas been _appointed in his stead. Mr. Hillman's, election as a director requires your confirmation, as does also Mr. Gordon's re-election.
The accounts being self explanatory—as in past years—I do not think there is need for me to say more.
The formal resolutions were thei passed.
Text read from the printed page and cleaned; old type leaves the occasional error.