The 43rd annual general meeting of shareholders in Messrs, Hall Holtz, Lid. was held at 31 Nanking Road, on Thursday, when there were present:—Messrs, Eric Moller (chaicman), W. 8. Watson, ILW.P, MeMeckin directors), JWR." Faulkner (secretary) and' shareholders representing. 14,108 shares, The Chairman believe I am entitled to confatulate the shareholders on the und condition of your company, in no. doubt all our shareholders are fully "conversant with the present condition ruling in Shanghai and can therefore realize the difficulties which Our company has been passing through, without myself having to Into very ranch of the details. T can assure you that your company would, not be standing upon its present sound position to-day if the great fare of our management and the decision of your directors had not been given with the utmost vigilance and foresight in the interests of our company.
you will remember, in_my year's speech T guided you in regard {o the disposal of our Nanking Road properly, and during the present year Under review this sale was completed, property handed over and. the wisdom of your director: extremely "apparent such sale, one of the con-that Wwe should retain ur present premises, under rental ler the com: pletion of the sale, and thi led with it. the payment of ch in itself has been an lent over the trading and jing Fesulls of your company, for the. year under review. Still, when weighed against the disposal of the property and the advant {ating thereon, your directors rightly decided to conclude the sale with this obligation. "Under such cireum= stances, the monthly rental charged Up against' our company for the last 1 months has been extremely substan-Wal and detrimental to the results of our year's working, but, taking st fall in all, the disposal of the property proved a most valuable decision. directors were most desirous of pro-ceting and looking after the old name of your company. which has been a household word in Shanghai for s0 many decades, and that it was our Intention of deciding upon a new home in the Western District, should circumstances and the location pres-fent themselves. I can assure our shareholders that your directors have exhibited the most particular care and Caution in their selection, and I can personally vouch that for nearly a month I went and stood at the corners of various sections in the Western District with a view of getting a practical idea of a choice of site for the new home of Hall & Holtz, Lid, and T-can assure you that your direc: tors and your general manager were il in accord when the position on the corner of the Park and Bubbling Well Roads, opposite Park Hotel, was Bnally selected.
"This selections was not the completion of our decision, because for Several weeks—and even months—were carried out by myself with the American Securities Corporation, whereby an agreement was" eventually arrived at which would permit of a rebuilding on such Mle, suitable for the company's revery tedious and careful hand but I am happy to state that, after nian Weeks, we were able to come "to fortunate conclusion, Whereby we will occupy these prem-Ines for a period of 12 years, on a very satisfactory basis.
Following upon the acquisition of the leasing of this property, your Jdirectors were hen faced with the important decision of rebuilding the pmises, suitable to the company's requirements, and eventually suitable plans were submitted by Messrs. Keys Dowdeswell for a building consist-Ing of 4 floors suitable for our store anda further 2 floors occupying 4 complete fats on each floor. Your Jdirectors feet sure that, during ord~ mary times, there will be no dim culty Teasing these fats, as they thoroughly modern in every wa; jure situated in one of the most ttractive positions in Shanghai, over-Tooking the Race Course, next to [Shangha's largest theatre, access. of the down-town sections.
winter months, combined with holders of our company upon the results still showing an actual profit fon the year's working of $13,160.23, position which is extremely" grat fying, considering that the wide depression has caused w very serious inroad upon all trades Ching. Our stock hasbeen maintained to the very highest degree as regards standard quailly, and it is my privily congratulate our general manager foe the very careful manner ju which he had now totally eliminated from company's stock ull. deteriorated, soiled, and damaged goods; so much that your directors are amply atisfled that the moderate depreciation of some $14,300.22 is more that suiMiclent for the depreciation during' the last current year.
"You will notice that your directors have decided to treat in a most liberal manner the various appropria-Hons to reserves and depreciations, that in the future your company may be considered as established upon a very sound position. The actual sum appropriated for these reserves. is $118,724.28, accounted for as follows: Amortization of new buildings, $30. 000; removal expenses, etc, $20,000; passages, $4,284.22; " buildin reserve, $31821.12; Depreciation of F.F. & F, and motor van (Shanghai), $2,018.04.
The profit and loss account is con. cise and clear, and, after allowing for the protection of various reserves, there remains a balance of $51,270.75, which, added to the profit from work: ing account, after paying respective audit and directors" fees, etc., estab-Ushes a final balance in profit and loss account of $58,800.99. To this sum must be added the balance from Vast year, 1994, of $18,680.95, making 2 total credit of $77,560.88.
This position permits your directors to deal with the position as set forward in their report, and to recommend the payment of a moderate dividend of 8 per cent. absorbing $2642; and to carry forward to new 1995 account $51,238.88. T can assure our shareholders that your directors have very carefully considered their recommendation, and we feel that our shareholders are entitled to this recognition.
'A Home in the West there of our shareholders who were present at last year's meeting will remember my guidance, hey will recollect being advised that your the delay in negotiations, have necessitated ourselves remaining in our old premises for a month longer than we anticipated, but your directors preferred this, rather than rush Into the three lower floors of our new building when we could not expose to our clients a satisfactory display of Our premises until about the end of Sune. T would guide you that It is our intention of completely transterting our premises during June, 1935, and as the store will have considerably more floor space than our present' premises, this will allow of 2 much better display of the company's stock, under very much pleasanter surroundings, and your directors are convinced that a substantial increase be looked for in permit your directors to place at your Gisposal somewhat favourable results for the present year's working. even though we have been using the old store for four months thereof.
pleased to be able to report one of your directors visited the Tientsin branch a few weeks ago, and was very well satisfied with his paction, and this information, supported by independent satisfactory Femarks (rom clients, permits your directors to state thai everything is satisfactory' with our branch at] Tienisin, Stocks were well assorted and displayed, and the shop presented quite an attractive appearance, thereby establishing the sound initiative of our Tientsin management, which is commendable.
Text read from the printed page and cleaned; old type leaves the occasional error.