The 20th annual general meeting of shareholders in the above company was held at the head office, No. 36 Bubbling Well Road, on Thursday. Mr. J. Ambrose presided, and was supported by Mr.. A. W. Burkill (Director) and Mr. S. W. Pratt (Secretary and General Manager). The attendance represented a total of 1,497 shares.
Mr. Pratt having read the notice convening the meeting and the auditors' report, the Chairman said:
Your directors think that the outcome of the year under review has been satisfactory and I trust you will agree with them in that respect. The results as shown by the audited accounts are. even more satisfactory when the great trade depression during the year is taken into consideration and which necessarily affects a business like ours, which to a very great extent deals with luxuries.
The trade depression became, so far as the motor market was concerned, aggravated by the fact that a fairly large number of cars and trucks were thrown on the market and disposed of at almost any prices obtainable by banks being compelled to sell for the account of consignees, who were unable to meet their financial obligations.
THE TRADE OUTLOOK, The outlook as regards trade generally is, as you all know, not very bright and. the present political conditions in no way helps to improve matters, Your directors, however, hope that this company will continue to hold its own as it has done in the past.
Turning to the accounts, you will see that the directors' fees have been increased by Tls. 500, due to the appointment of another direc-for on the board. Interest on the bank overdraft also'shows an increase over the previous year of Tls. 1,259.99, but your—directors confidently anticipate that this item will be considerably reduced during the current year.
From the balance sheet you will see that our overdraft +on December 31, 1922, was Tls. 334,479.36, as against Ts. 320,089.30, and a special loan of Tls. 15,989.90, in all a total of Ts. 336,079.20 on Decem-her 31, 1921, or a reduction during tho.year of Tls. 1,599.84. I am, however, pleased to say that our overdraft has since been considerably reduced and stands to-day at Tls. 299,490.98.
General reserve remains changed at Tls. 60,000 and bad debts reserve now stands at Tls. 14,749.06, but you will later on be asked to allocate to this latter reserve a sum of Tls. 5,250.94 thereby bringing it up to Tls. 20,000, which, in the opinion of your directors, is the amount required by the increased turn-over in your business and a corresponding increase in risks.
Stock reserve now stands at Tls. 100,000, and you will be requested
Text read from the printed page and cleaned; old type leaves the occasional error.