The Aged annual general meeting of Messrs. Kelly & Welsh, Ltd. wns heard on 'Tuesday at the registered offices of the company, 12 Nanking Road, "Mr, R. W. Wedderburn presided and was supported by Messrs, 'A. W. Burkill, A. E, Glover, and Walter, directors, and' Mr. ALS. de Jesus; secretary. The atendance represented 29,186 shares.
The chairman snid:—An ade vance of about seven weeks "has fu cen made in the time for holding this annual general meeting on that of last year, due mainly to. the closing of books at the end of February instead of at the end of March as hitherto. This, you will recall, 1 mentioned at last ye meeting intimating that this year's fore, consist of 11 months only.
The report and accounts were posted of May 25, so that you have had ample time to consider this interesting and, I might add, highly satisfactory document and presume that 1 may, as is custom sary, take them, as also the auditors' sertifieate, as read, 'The accounts are presented in the same way as for last year, and, being clearly set out, "little "ex: planation is called for' beyond the other words, they feel that vation ig still necessary until the tuation is brighter. They are naturally reluctant to jeopardize the strong position which the company enjoys, and in recommending these appropriations they are confident that come what may this company's future is amply safeguarded, and, moreover, that advantage can be taken for developing the "business 0 soon as opportunity permits. This Assurance must give much sal faction to all shareholders who have the interests of the company at heart.
An interim dividend 9s you are aware was paid during the year, fand with the final dividend which you are alked to approve of to-day, the total return is equal to that of despite the fact that 11 working only is accounted for.
T am pleased to report that the stars efforts. have been praiseworthy and T would ask you to endorse the directors' recommendation with regard to the payment of the commission bonus on the usual basis, to the foreign members of the staff, at the board's discretion, Allowance has been made for this in the accounts now before you.
That is the sum total of remarks and if further required affect shall be glad to give it. year, The profits from our branches at Singapore and Hongkong show 9 decrease on the results of last year, even when viewed comparatively for 11 months as against 12. Never. theless, the results. may be considered satisfactory when the factor adverse trading conditions throughout the Far East is borne mind.
Tribulations of Ownership The results at Shanghai, viewed also comparatively, compare favour ably with those of last." year. Again, T am, pleased to say that the four accounts which appoay under the heading "Gross profits for the period" all show credit balances, and it may interest you to know that the nee profit represents approximately a return of 10 per cent, on the total value of the company's resources which, from the viewpoint Of both, customer and ourselves, establishes a fair and reasonable trading relationship.
Turning to the bainnce sheet, you notice that about $5,000 have been expended on additions and alterations to our Nanking andi Ferry Road. buildings: the sums thus expended represent what may be called the tribulations of properly owing from which occasion: ally there is 0 escape. Yow will notice that more than the customary, amount of depreciation has been allowed "for against plant and machinery. and for furniture and fittings. "Your diveetors consider that the policy of depreciating these accounts liberally, especially the former, wise, as it enables the company to quote competitively, ind serves the purpose of a reserve against plant renewals, Stock in trade shows a decrease of some $5,000 over that of last year, and this, reflects satisfactory purchasing on the part of the managers, and a continuance of this practice will always redound to the company's benefit, Sundry debtors show a decrease cof some $95,000, attributable to the month of March credit sales being omitted from the accounts under review, but these will, of course, ar in the current year's nuts, Turnine {0 the liabilities side, the decrease $19,000 "under "Sundry creditors" is duc to consignment, royalty, and other accounts, having been settled Tafore the close of our financial year.
Last November, we opened 6 branch bookstore "in the western Aistriet to meet. the needs of ov patrons there, and the results far achieved show that the step has met with their appreciation and support, The Staff Complimented The appropriations which directors recommend, and which they hope will meet with you approval, have been considered in the light that uncertainty still Prevails as to trading conditions.
Text read from the printed page and cleaned; old type leaves the occasional error.