The annual meeting of Messrs. J, Llewellyn & Ca., was, held "on Thursday afternoon in the Shanghai General Chamber of Commerce, /"North-China Daily News" Bi ing. Me. W. J. Monk presided and he was supported by Dr. E. L. Marsh, director.
The nett balance of profit and joss account is less by $709.79 than the balance for the preceding year, bhut this is more than accounted for 86)by the amount written off for bad snd doubtful debts, viz. $1,708.51.
regards this item, I mast explain that it does not represent only the thad debts made during the year but, ludos also an accumulation of sins of previous years which tave been considered doubtful _rather than bad, and upon some of which We have thought it. wise, however, fo clean these right up as far as the books are concerned, but they are not being dropped out of sight and, far as possible, pressure will still be brought (0 bear on the debtors concerned with n view to extracting further payments. from them.
The total standing at credit of profit and loss account, inelading the balance brought. forward from last year, is $12,028 and, whilst this would cover a small dividend your directors are very strongly favour of retaining the whole amount in the business. We shall, therefore, formally propose that of this balance §2,500 be. transferred to the general reserve account, bringing it up to. $17,500, that $1,500 be placed to the reserve for bad and doubtful debts, bringing] that account to $2,500, and that] $1,000 be added to stock reserve account, incrossing it to $11,000, This will give us an aggregate in the reserve accounts of $31,000, and will Teave $7,028 (o be carried for-vil at the exedit of profit and loss The Resolutions "That the reports and accounts: for the year ending December 1926, together with the following recommendation as to the app: priation of the balance of the profit and Joss account, be accepted:—
Transfer to general reserve.
Transfer to reserve for amd doubtful debts 4,500.0 Tramsfee to Hock reserve 3000.00 Carry forward to 3927 ne-1428.00]
Total 32,028.00
That Me, A. W. Burkill be re-elected a director of the company.
Text read from the printed page and cleaned; old type leaves the occasional error.