Promises und Man's Shop Bright future prospects for Messrs. Hall & Holtz, Ld, wore visualized by Mr, Erle Moller, chairman, at the 44th annual general meeting hold at the registered once, 190 Bubbling Welt Road, on Friday. Both the new headquarters and the man's shop in Nanking Road, comer of Szechuen Road, proved, popular and business was on the increase, Mr. Moller was supported by Mr. H. W. MeMeckin, Mr. W. Mellor, directors, ant Mr. B, Noakes, acting secretary. Shares represented: were 14463 The Chairman said:—for the past fow days the balance sheet for 1 year's working ending February 20, 1930, has been in your hands and will take the same as read, You have noticed the remarks attached to such balance sheet and 1 propose to give your a general resume of the year's Working and the future prospects of the company's. affair It T remember correctly. 1 guided 1034 again report that the trad-Ing experiences encountered by a business like ours, -have been most dimieuit and abnormal, during the Year of 1935, still, Y fect that T entitled to congratulate the shi holders on the result of the year's working.
Not only has your company had to face the depression which has affected every business. in. this city, but we false have had to close up and vacate four eld premises and re-open at our new premises on Bubbling Well Road. Any one of these individual tasks @imeult enough. but, when you take them together and bear in mind that for the greater part of three months. your your's (ruding has been most Seriously embarrassed by this neces sary transfer, T feel, that you may Consider the company's affairs from a very satisfactory point of view, giving onsiderition to the. loss of income and the expenditure incurred through this change of premises.
Under these difficult circumstances, our trading Joss for the year haz only deen $17243.71.
Kindly turn to the balance sheet, amount of $4,609.72, deducting the loss of $17,243.71 for this year's working—after providing. for depreciation of furniture, Axtures, AAltings, motor car and amortization of buildings and Tand—there remains a balance of $27450.01, which Is being carried forward to next Year's count, Though everything is new and is worth considerably more than the sum of $40,254.20 at which they stand In Your company's books, (owl the fact that all the better fxtures Jand fitings. from our late Nanking Road premises have been practically entirely written off), your directors have stil decided to depreciate the same by 10 per cent.
The same depreciation has been Jearried out in the matter of the lift and this has been written down by:
"You will remember that just before the company vacated its late Nanking Road premises, a. special clearance sale was held at which your management cleared out every scrap of stock that was not 100 per cent. perfect, it was decided that no old stock' or shop-solled goods of any kind whatso-fever should be taken {0 the new premises, This wise policy enables assure you to-day, that the leck-in-trade is fully worth 10 per cent. of the value at which It has been taken Into stock.
This particular branch of our! business has been most carefully controlled by our general manager, and Tean assure you that the same could not be in better hands.
Text read from the printed page and cleaned; old type leaves the occasional error.