Referring row to our spite of the fact that saving in cost of production had been' made i was found that this epaftment could not he run on a profitable basic, and your directors Toit that only tivo alternatives faced thems, either t> close, the department, altogether or dispose of the goodwill provided. a satisfactory offer for same could-be obtained, In October! bakery and your directors disposed of he goodwill and leased to him the bakery itself as well as a portion of the store, which portion has been fited up as an up-to-date tea room. Th's tea room hag undoubtedly been of benefit to our customers-and has been a valuable addition to our store.
Changes in a staff are inevitable and we have not been: without Giffieulties in this connexion: Towards the close of the year your general manger, Mr. E. 0. Thomas, resigned his position after 15 years' service, and. your Secretary and Accountant was appointed acting general manager. You directors: felt, howeve-, that whilst Mr. Barraclough etuid take care of the financial end of the business, extra assistance would be required with regard to the question of looking after stocks, indents, ete., ete., and leased to say that your direc. securing the services of Mr. A, E. Pawsey who has had many years' connexion with the trade and he has been appointed were also compelled to procure! suitable employees from Home, two of whom have recently arrived, but even now the branches are understaffed and our efforts are bel venswed to procure additional assistance, would like to place on second that] your board are gratified by the ficient and loyal ce-operation your staff, both foreign and Chinese, and your thanks are due to them.
Daring the year we disposed of two of our delivery vans and replaced them with an up to date m which is giving excellent servi addit.on, and only recently, we sold our furniture van, which was old and costly to run, This also is bei replaced by a modern van, which! should give satisfactory servi for many years.
The Resolutions Tre following resclut'ons were passed:—(1) That the accounts as present be passed, proposed by the chairm: seconded by Mr, W. 8. King.
(2) That of the profits shown, $3,673.42, be transferred to the B. &'D, debts reserve and the balance carried forward, proposed by the chairman and seconded by Mr. AM. MeBain.
(3) That Mr, C. Mf. MeBain's appointment ax a director be confirmed, Proposed by Mr. E. Moller, seconded by Mr. Diercking.
Text read from the printed page and cleaned; old type leaves the occasional error.