"In place of last year's loss of $17,268.71, -we have made a profit of $10005431." said Mr. Erie Moller, chairman, at the 45th annual general meeting of shareholders of Hall Holtz, Ld, held at the head office, 190 Bubbling Well Road, at noon on May 31. Mr. Moller was supported by Mr. W. Mellor, director, and Mr. JR. H. Faulkner, secretary and gen-feral" manager, Shares represented tulated 14,548, Mr. Moller said:
As I am sure you are aware, we have passed through another difficult trading year, but your company hi held its own; in fact, in place of last year's loss of $17,243.71, we have made a profit of $10,084.31, and that \s, after providing for depreciation of furniture, fixtures and plant, also amortization. of land and' buildings both in Shanghai and of Tientsin. I think that shareholders are to be congratulated on the result, The result of the year's working coan be taken as a sure sign that your directors were right when they decided to move the company's premises to the West End, for we now have conclusive evidence of the growing popularity of our main lore opposite the Race Course; in fact, I think 1 may be bold enough say that it is without doubt Shanghai's) most popular and altracth shopping centre, and 1 feel sure th we can look forward to many years' successful trading in our present home.
One very pleasant feature of the past year's trading has been the increasing number of Chinese customfers who have visited our store dally.
Balance Sheet you will turn to the balance sheet, you will see that we carried forward from last year an amount of $27,450.01, to which has now been added' the profit for the year $10,054.31, making a balance of $96,- 504.32, which Is being carried ward' to next year.
You will notice that a generous depreciation of 10 per cent. has been made on Shanghai furniture, Axtures and fAttings. The same depreciation has been written off the lift and the same now stands of $5400. The total amount at which the furniture and fixtures stand at Shanghat is $40,302 the balance sheet—a very small amount indeed considering the mod-fern and up-to-date fittings of the two Shanghaj stores.
1 am pleased to inform you that the stock in trade is definitely fully worth the value at which it has been taken into slock. All shop. soiled goods, otherwise not perfect were depreciated of the annual slock-taking. AS you are doubtlessly a the cost of all classes of rising in price in-all countries, We are, therefore, fortunate in having a complete and well assorted clean Stock of general merchandise bought at considerably below to-day's re-Twill take this opportunity of mentioning that there will be no advance in our selling prices until our present stocks are disposed of.
The "Man's Shop"
You will remember that, at the lest annual meeting, I spoke somewhat enthusiastically of our now "Man's Shop" which at that time, had just been opened. Iam now able to inform you that this little speciality shop at the corner of Nanking and Szechuen Roads has fully come up to the expectations of your directors and management, and month by month Sees the turnover increasing, and feel sure the "Man's Shop" has filled a long-felt want in this elty—a man's shop where a man's needs are understood and. intelligently catered. for, Jand where everything he requires may be obtained under one roof.
Doubtless you are aware, in November, 1936, your company reopened the "Fublee" Furniture Department on a larger and. more Jombitious scale than previously. The opportunity occurred to secure. exfeelient factory-space and show rooms at 927 Baikal Head, the floor space measuring 480 ft. by 50 ft, thereby giving excellent display space for our furniture. We also have the great advantage of the use of a modern Imported American wood drying Kiln, this affording the opportunity offering furniture built from properly dried timber, This furniture factory 4s being run'on modern careful lines which enable us to minimize our overhead expenses, and your company is now in a position to supply modern style furniture built special craftsmen at prices considerably below those ruling elsewhere in Shanghai for furniture of the same Our showrooms at any time have display of at least 100 suites of furniture. "Another special feature of the new department is the hire purchase [terms under which any of the furnl~ ture may be bought, This affords the opportunity for Customers to pay for new furniture whilst enjoying the use of same.
Text read from the printed page and cleaned; old type leaves the occasional error.