The 46ih annual general meeting of the shareholders or Messrs, Hall and Holtz, Limited, was held at 190, Bubbling Well Road, Shanghai, on yesterday. Mr. Eric Moller (Chairman of the Board of Directors) presided and there were also present Mr. W. Mellor (Director), Captain J. T. Inch, Messrs. H- Veitch, A. C. Remedios, W. Brown, E. Noakes. G. H. Purcell, E: Kermode, N. B. Doodha, E. B. Moller, R. B. Moller and F. C. Ashe with the secretary and general manager (Mr. J. H. R. Faulkner), The total number of shares represented at the meeting was 15400.
The chairman in his speech said:—I think you will agree with me when I say that the past year hasd been possibly one of the most ardous in the history of your company, eny-way definitely within the memory of any of the present shareholders. T do not propose to take up your time by reviewing at length the difficult times we have passed through since last August, as I am sure they are all too fresh in your memory.
The first half of the last financial year, in fact right up to the begin-hing of August 1937, business showed vu appreciable and steady improvement, All departments were enjoying a steady arid substantial increase of turnover, and overheads were not increasing and your directors were justified. ju anticipating being in a position to declare a dividend even if A small] one. at the end of the financial year. Had business continued satisfactorily for the second half the year, it would have been possible te present you with a much more favourable balance sheet than the one now before you.
Immediate steps were taken to reduce overhead expenses to a minimum, and wherever possible economies were at once effected, and I am pleased to be able to inform you that very substantial savings were effected leach month, and it is on account of these savings that. the trading loss for the- year has been kept down to the figures as shown on thevbalance sheet. The furniture Section of our business which is carried on from premises situated at 927. Baikal Road, was of course immedi ately and completely cut off directly hostilities commenced, and it was not until January 23, that it was found possible to locate some of our workmen, secure passes and make arténgements to re-commence work on orders in hand, and try to secure new" business, the latter being difficult owing to the fact that possible buyers do not as yet favour a trip to that area, but we are hoping that conditions in Wayside and Yangtszepoo areas will shortly improve, permitting of something like normal business conditions.
Text read from the printed page and cleaned; old type leaves the occasional error.