The 42nd annual general meeting Kelly & Walsh, Ld., was held at 12 Nanking Road, Shanghai,—on Friday, July 29. There were present, Messrs, R. W. Wedderburn (Chairman) A. E. Glover, W. B. Middleton (directors); A. S. de Jesus (Secretary) and Mr. J. Porter, representing 26,720 shares.
The Chairman addressing the meeting, said, in part:—
'The accounts are very clearly set cut, and are most satisfactory, when we consider the unsettled conditions Which have prevailed, and which, unfortunately, continue, T will now give a brief outline of the' company's activities which have contributed to this pleasing result, Singapore, the year's working has been even more ful than that of last ye {know that you will join me in thank. ing Mr. Davis, our manager, very heartily for the good work he has put in to achieve so fine a showing. 'At present he is in England, enjoying a well-earned holiday, and on his return we can, I am sure, look for a continuance' of those efforts. Mr, Abbott la acting in his stead jad interim, Notwithstanding the prevailing depression at Hongkong, the profit made by this branch shows an ad-yee on that of last year, due in the main to lower working expenses, Tam pleased to say that the highly efficient running of this branch, inaugurated by Br, Glover daring his term there, continues under the alert management of Mr," Abbott who, given normal trading conditions, would give us even a better account of his capabilities, and the assurance which I mentioned last Stock in trade appears at about [the same figure as last year, though it should be borne in-mind that not 'a small amount under this heading represents publications printed _by jus throughout the year, so that imported stocks are actually _lower than last year which is gratifying indeed.
Sundry debtors show a reduction Jof some $20,000. The secretary has given special attention to this mat ter with the result that many accounts have been collected before} ithe close of the year, and several] have since been pai Turning to the liabilities side, you }will notice that sundry creditors is reduced by $29,000, general liabili to this amount having been set-led before the close of the year.
You will notice that the changes land allocations approved at last jyear's meeting appear under head-jing reserves. The difference in exchange fluctuation reserve is due to the adjustment of branch accounts current with the head office.
The conditional bonus reserve now appears as passages, conditional bonus and leave reser\ pose of this reserve with the exception that in future! passages for new assistant and. salaries for staff on Home leave }will be charged to this account, instead of these disbursements being Jmet by one particular year's work ing as formerly.
In the case of the allocations recommended, the main consideration thas been the safeguarding of the company's position against recourse to an overdraft, which the directors. trust you will consider advisable in the present situation, and I am pleased to say that funds in hand] fare sufficient to meet cash payments recommended, and leave a balance: for immediate working capital, ried forward to new: account will neutralize the drop in the present year's working of 11 months only fand provides, moreover, against a fall in returns that might arise through disturbed conditions, An appreciative letter of thanks for services rendered the..company was forwarded to Mr. King upon his resignation from the board, the sending of which will, I Jam certain, find favour with you all in view of his long association as a director of the company, throughout a period when the consolidation of the company's resources made considerable strides, the results of which we are feeling the benefit of to-day, He will, I hope, continue to guard our interests in London for many years to come, but we shall miss him as 2 colleague of the board.
Mr, W. B, 0. Middleton kindly' consented to serve in Mr. A, W. Burkill's stead on the latter's departure for England, and the ° resolution confirming this appointment T will pat to you presently.
It is with much pleasure that record my best thanks for the support I have received throughout the year from my ce-directors, from Mr, de Jesus, our secretary, from the managers, and most of the star dating a very trying time [must be obvious to you that operation has contributed in a large [measure to the satisfactory showing. now before you. With a continu-Jance of this support, I have no hesitation in saying that we shall surmount all difficulties that may stil know that shareholders will all endorse the recommendation of the directors that, at their discretion, the commission bonus on the same basis as hitherto be granted to pre: sent members of the foreign stal T would mention that provision has already been made for this in the accounts now before the meeting.
Mr. de Jesus, on behalf of the stof, thanked Me. Wedderburn for the reference to the staff, remarking that Mr. Wedderburn had proved self to be not only kind and conside rate, but a very impartial chief, }to whom any conscientious employee would certainly give his loyal sup-
There were no questions, and the following resolutions were put to the meeting, after formally being [proposed and seconded, and carried That the report and accounts for Jthe year ended March 31, 1927, to-Jgether with the recommendation as appropriation of balance at credit of profit and loss account, as presented, be accepted and passed.—Proposed by Mr. R. W. Wedder-burn and seconded by Mr. W. B, O. Middleton.
That the appointment of Mr, W. 1B, O, Middleton as director of the company be confirmed—Proposed by Mr. R, W, Wedderburn and seconded by Mr, A. E. Glover, That Mr. A, B. Glover and Mr, 3, Waller, having retired by rot tion, be re-elected directors of the company—Proposed by Br, A. S. ide Jesus and seconded by Mr. J.
Porter,
Text read from the printed page and cleaned; old type leaves the occasional error.