Ca. Lid, was held at the head {office of the company at 23-25 Nan-King road, at 530 pam. on Friday. Mr. D. W. Crawford presided, supported by Messrs. D. Mennie and R. 5. Bowerman. The loss for the year fas shown by the balance sheet amounted to $113,163.34. After the notice convening the meeting had [been read, the chairman sald:—
The directors again have to regret that they are compelled to produce accounts showing such ess in trading for the twelve months ending February 28, 1024. The causes for this loss are practically the same as those mentioned in my speech last year, decline in turnover. There has been a further decrease in returns during the last, twelve months, high tariffs. which are practically strangling retailers who deal in imported goods, increase in Municipal rates—our rates have been more than doubled gluting the last year with no abatement in the rental which we have to pay. This resent turnover, we cannot possibly afford to pay, and unfortunately our Tease runs on to the end of November 1935, When we sold our property in december 1930 one of the conditions of the sale was that we should take a lease of the premises for five years, and as the proposed rental approximately amounted to the same figure as we were then paying out in debenture and bank interest, and other incidental expenses which ownership of property carries with it—we thought it expedient to accept these terms. Our returns however ave been falling consistently since 1931, with the results as shown by our balance sheets. Every economy has been and will be made but the Directors cannot see that much more amd. 880d, Average. rat
closing rate of Feney) e884 "ow change
change (Str. cure
Text read from the printed page and cleaned; old type leaves the occasional error.