Mr. E.C. Pearce presided on Wednesday at the 32nd annual general meeting of Major Bros., Ld., held at the offices of the secretaries, No. 2 Canton Road. The attendance represented 2,737 shares.
in his speech the Chairman said:
The.result of the year's working is quite satisfactory, a profit of Tls. 21,274.38 as against Tis.
10,541.77 for the previous year. The financial position of the company is also better, but until we can materially reduce our overdraft there is little or no prospect of a dividend. The total at credit of profit and loss account is now Tls. 29,016.14 and we propose to transfer Tls. 20,000 to depreciation fund, bringing this up to Tls. 50,000 and carry forward the balance of Tls. 9,016.14.
Text read from the printed page and cleaned; old type leaves the occasional error.