Business Difficulties Continue to Increase "It is dificult even now, when the optimistically Inclined inform us that the worst is over, to discom signs of that free movement of cargo upon which the prosperity of our company depends," said Mr, G. E, Marden. chairman, at the' seventh annual general meeting of shareholders of Marden & Ca, Ltd, which was held In the offices of the' secretaries, Messrs. Wheelock & Ca. 2 French Bund, at 1140 am. on Monday.
Including Messrs. H. E. Arnhold, F.
Davey, G. W. H. Boolsen, and' V.g K. Sing,' directors, and Mr, 'W. Hawkings, mana May, 850 shares, Presenting the annual report, the chairman sald:—The net profit for the year amounts to $76,254.74 which is some $39,000 Jess than for the previous year and eighty-one thousand less than in 1933.
The difficulties confronting business generally to which I referred last year, continued to increase, and"
dimeult even now, when the optimistically inclined inform us that the worst Is over, to discern signs of that free movement of carya upon which the prosperity of our company In accordance with your resolution st, year, the general reserve was jo unto a lakh of dollars, and 4s proposed to ask you still further to Increase that figure, Goodwill and freehold property re-un unchanged on the asset side of the Balance Sheet, and your directors feel that these items are suff-dently taken care of by the general reserve to which T have just alluded. The usual amortization in respect of its residual life has been allowed against leasehold property, whilst vehicles and launches have been {n= dividually considered and adequately depreciated.
The greater part of the amounts appearing as owing by sundry debtors has since been paid, whilst the loan to Wheelock & Ca, Ltd., is at call and satisfactorily secured, There has been an increase In 1 vestments both in subsidiary. companies and others, Your Board. rcfrets that it is unable to recommend a dividend this year, The following resolutions wore That the report and accounts as presented be adopted. Proposed by Mr.
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