Greyhound Racing. Association The fourth annual general meeting of shareholders of the Greyhreund Racing Assoc, was held on Decemter 30 in the offices of the Greyhound Racing Club, 2 Canton Road, Mr. W. R, McBain presiding over 'a gathering representing §30 founders shares and 6,345 ordinary shares. The directors present were Messrs. C.H, Armhold, R. F.C. Master, S.'S. Sellick, N.'L. Sparke and G. L. Wilson. and' Mr. G. A.
Buyers represented the secretaries, Messrs. Thomson & Ca, CA.
'The notice convening the meeting, and the auditors' report having] been read, the chairman sai The accounts having been in your hands for some time, I will, with Your permission, take them as read. Your directors consider the results of the third. year's working to be Very satisfactory. 'The balance at credit of profit and loss account amounts to $326,210.35, which in cludes at debit balance of $4,054.70] Drought forward from last' year. Here I would point out that the net profit for the year has increased ty $58,253.43, or approximately 22 per cent, The debit balance of $4,004.70} brought forward from last year occurred through the sum of $15,291.11 ried forward for the year en opinion that the permanent staff of, any nationality, who are not entitled a commission, should be granted) 'a bonus, and this will be put in the, form of a resolution later on in the all T have to} say, but before putting the formal resolutions to the meeting, if there are any questions which you would, like to ask, I shall Be pleased to wer them to the best of my ability.
That, gentlemen, is all I have to say, but before putting the formal resolutions to the meeting, if there are any "gestions which you would like: to. ask, I shall be pleased to answer them to the best of my ability.
There were no questions so the following resolutions, having formally been proposed and seconded, were carried unanimously That the report and accounts for the year ande! October 3, 1930, as presented, be accepted.—Proposed by] Mr. W. R. MeBain and stoonded by Mr. RF. C. Master, That the following recommendation as to the appropriation of the balance at credit of profit and loss account as presented be accepted. Pay-a dividend of $3.10 on the ordinary shares $196,400.00 Pay a dividend of $16.40 fon the founders' shares 98,400.00 Place to general reserve 70,000.00 Carry forward 17,386.65) the actual working -fesult of the year, apart from the benefit of our favourable purchase, Tls. 11,000 odd has been written off' machinery ete., a5 depreciation. I trust this method of dealing with the general rosery, which by the way kas the approve of your auditors, will meet with your approbation, Daring the year under review your company has been developed from a small factory turning out fon the average from 4,000 to 6,000 kegs to a mass production enter= prise now manufacturing about 12,000 kegs of nails monthly.
So far there has been no difficulty finding a market for our nails, and the quably and general finish, T can assure you, is in no way me ferior to the best nails imported from abroad.
The bolt and rivet-making department of your company has not shown much improvement on account of the prevailing depression in the engineering trades in this country; as soon as these industries recover, our factory will benefit accordingly, 'The unprecedented drop in tha purchasing power of silver and th industrial" depression throughout the world, causing European manufacturers' to cut prices to the minimum ard in some cases below cost, has had @ serious effect upon, our basines, A
Situated as we are, we have to purchase all our raw materials morths ahead. The continued drop in the price of silver, coupled with own was Inid up. cee. ahakd pot there be 2] The American Express Ca, Me, iE, October 31, 1929, Being in and seconded by Mr. G, Lx Wilson, the Dang factor, placed us Proposed by Mr. W. R. McBain clause in the text "of motorcar Sngurance policy to the effect that] v.s. damages be understood to include Can.
100 100 eat of hire of 0 ear in place of tho|# to subscribe to such, eek coot I wocll te ready[Ficth ven Dean, Tf through my incompetence only in fair- Swine Fes ito Feeause another fellow tome dis- $n, Soi 105 comfort it is only just and proper|Grach'Krom"
Seer ie ey et atleest' to Greek Drockm 100 a ey aving for hie car Hone. Pengo.
100 sufclent to provide for, the onus] "nee Meera Ex He Arshad ana] Matt Séverze position Income to star as well as the increase in s.'s."Sellick be re-elected Directors] Peting with Directors! fees, passed by resolu of the Company-—Proposed by Mr.
Had it net been for this conte imported goods. tions at the general meeting, '4. Diercking apd seconded by Mr. bination of circumstances, we woul tion fond is now $215)10685, while "That Messrs Love, Bingham, & surplus, though guch is. for "You will notice that our deprecia- W. H. Chen. have been in a position to shay a Jose year this fund was $190,685.41, Matthews be re-elected auditors to] ordinarily expected from a manu Owing to this liberal depreciation, the company—Proposed ty Mr. facturing company in its fs year, 24) to increase the reserve fund, andi N.C, Teal. your directors consider it advisable J, A. Moller and seconded by Mr. therefore recommend in the appro-'That a bonus of 15 per cent, of New tariff rearises the duty on raw You may have nation that the ut of my pocket, not ong of the suggested woul on Chinese reck-98 drivers infesting the Settlement streets, "American Oriental Bank
Text read from the printed page and cleaned; old type leaves the occasional error.