The third annual general meeting of the Auto Palace Company, Ltd., was held on March 7 in the board room of Messrs, E. D. Sassoon Ca, Ltd,, Sassoon House, those present including Mr. I, R' Davey (chairman), Dr, J, Edgar, Messrs.
Hayim, G. E, Marden (directors), W. P, Marsh (managing direc for), and I, Dolgorouckoft (secretary) and shareholders, the total number of shares represented being 66,310, 'The' chairman spoke as follows:
There is very little that calls for comment, and I think it will be agreed that, having regard to the difficulties encountered in all forms of business and trading during the the results may be re-exceedingly satisfactory.
'The troubles in Shanghai, during the earlier months of the year, completely dislocated business and not only were sales affected, but there were many enses of people, through no fault of their own, not being ible to live up to their' obligations, with the result that exceptional provision had to be made for bad debts, Tt has been a in other ways. of all service in the Company's new premises at the corner of Rue Cardinal Mercier and Rue Bourgeat naturally affected the normal flow of business, but, the great, improvement in organization which has resulted from the change has proved it to have been well worth all the trouble and expenditure incurred, ince the close of the year under review we have been able to sell ur old premises in Avenue Joffre, is, 20,000, but, when that the properties were bythe new company at a time when there' was, supposed to be boom {n'land values. in Shanghai; of unsatisfactory tov have been able tovtell at any front at all, "Out of the profit thus realised it fs pro: posed fo wipe off the item you Will ce-on the assets side of the sheet as repres ferred in connection with the open-{ng of the new premises, and. the nance in duo course will be added reserves, You will' have seen from the report how it in proposed to allocate The profit realised, and you will have noted that the amount carried for ward, after, all. necessary. dis-nts and after. a. further jon of Ti, 20,000, against goodwill, is. almost. sufcient provide 'a 6 percent. dividend on the current, year's working, which "Gs the amount of di ose should be paid for 1032.
Mabe paid for 1008, "There is. nothing. further I wish to say with Togard to the accounts of the "business of the company, except that, unless anything unfor Seen occurs, the indications are that two may expect a continuation of should Wke to record, however, fu' conclusion. the appreciation the ditectors—and I'am. sure. the Shareholders also—of the hard work Mr. Matsh and his. staff have pat {n io teeute the continued suecesaful development of the company's. busi noth, Te has been a diiealt year Yor sversody and the organisation, and those. responsible for ity have tood the test admirably 'The. following "resolutions than put to the ie "Tha the report. seat ended' "December Bt, 1082, Antited and certified by. Messrs, Lowe, Bingham. Afatthows, and-now_aube
fre hereby. approved sand ado mite in meatng rand the Proposed by Me. B, Re Davey and he, Prof mended. Proposed. by, Dre J. find seconded by MMs. G, E, lard 'That Mr. F. R, Davey and Mz, Marden, retiring by rotation, and being lio' be and: ate herby' evicted by Mr. B.A, Berthet and secon: Mr. G. CE, Siarden.
This, concluded. the oficial bustness of the meeting, "The chairman then spoke as fall Before we separate, T have a duty te perform which js'an even more pleasant one than that of proposing the payment of a dividend. When our new promises were opened, Mr. Marsh kindly gave to some of us a small memento in the form of Iver model of a famous motor var.
ith characteristic modesty and disinterestedness, he neglected to provide himself with any souvenir of the occasion. Real the enormous amount of hard" work and organising ability, Mr. Marsh had putin to, make the new premises unique of their kind and an entire success. in every way, the directors decided that they would like him also to have some tangible reminder of a very. momentous occasion in the history of the Company.
At the time we purchased this gold watch and chain, which 1 am king Mr. Marsh to" accept from his fellow-directors, there had not been the doubt which, at the moment, prevails as to the ultimate value of gold, "The fact that the watch "is "made from that much-maligned metal is, therefore, not to be taken as any' measure of the extent of our regard. Tt is true that it is but a trifling indication lof our appreciation for all the hard work that he has put in and of our Indebtedness to him for the success It's almost entirely that we have so admirably situated and equipped which, I should imagine, are finest' of their kind "almost anywhere in the world. Unfortunately, the strain of last summer's work has impaired Mr. Marsh's health, and he is only now slowly recovering from a trying period of illness, Tis the wish of us all that he will soon be fully recovered "and that not only during many years 0 further association with the company, but, in the—I hope remote—well 1 of "retirement, remind him of notable achievement and an ting stage in his lifelong association with the motor business.
Mr. Marsh replied as follows: 1 deeply appreciate the honour conferred upon me in giving me thi very beautiful gift, and also the very kind remarks' made by the chairman.
"The success of the company to date, under the very difficult condi-_ tions experienced during the past' year, is not due to my personal' efforts alone, by any means. Since the formation of the company I have had the support in from my directors, our chairman. Mr. Davey, Dr. Edgar. The company is particularly fortunate in having Davey for its chairman, and that he takes such a keen Interest fall matters connected with it. Dr.
the company.
Eagar also is of great assistance on all cee there are many—have been invalu-Last but not least, T have also to thank the staff, both foreign ani Chinese, for their loyal service at all times, I take this present, not only as a personal gift, but as an appreciation of the Auto Palace! staff as a whole,
Text read from the printed page and cleaned; old type leaves the occasional error.