You will remember that at the annual general meeting, held on February 28. 1938. The directors' fees were reduced on account of stringent times from $4,500 to $3,000 per annum. Your directors now ask that the figure of $3,000 be reinstated to the original amount of $4,500, and i hope this meets with your approval There is nothing further that I can de you upon at the moment in regard to the company's affairs—but, I shall be pleased to answer any questions which the shareholders present, would like to place before their directors, The Chairman: Gentlemen, that is all there is for me to say. You have the balance sheet before you and you Can appreciate the company's prosperous position but if anyone would Eke to say anything we should be most happy to hear from him, No questions were asked, Chairman, remarking that by the silence of thdse present they had nothing serious to comment upon, said he would proceed with the resolutions, "The chairman: I beg to propose the resolution, which is seconded by Report and accounts for the year ended r. W. Mellor and Is hat the February 23. 1941. as presented. be accepted." "Those in favour? Those against?
The chairman: The second solution is proposed by myself and seconded by Mr. S. L Jacob. It reads: "That the following appropriations be made: To pay a dividend of 13 per per cent. ses. $ 70,028.00 Write off Tienisin Land and Write off Furniture and Fit-Buildings 22,499.00 tings, Motor Van and Tcol.. 30936 Transfer to General Reserve 200,000.00 Transfer to Reserve for Passages. Exe 2000000 Donate to the British War Funds sis... 1000000 Pay Staff Commission and Bonus - $825194 Carry forward 3635301
$426,645.21 Those in favour, Those against? carried The chairman: The third resolution reads: "That Mr. W. Mellor be re-elected a director of the company." It is proposed by Captain Tippin and seconded by Mr. G. H. Purcell. Those im favour? T! inst? carried unanimous-ly The chairman: The fourth resolution is: "That the company shall pay the directors, who have served en the Compony during the financial year ended February 28, 1941. such further sum as shall effect a total remuneration of $4,500. and shall pay the sum of $4,500 per unurn. by way of remuneration for services until such time as the company, in general meeting, shall otherwise determine." This is proposed by Captain J. T. Inch and seconded by Captain J. Tippin. In asking you te vote on this resolution I can assure you that the directors hayz done quite a lot for the company.
Captain Inch: As proposer of this resolution I think I may say that the balance sheet merits the increase in directors' fees (hear. hear).
The chairman: These in favour? Those against? carried unanimously The fifth resolution Lowe. Bingnam and Matthews be re-elected auditors of the company for the ensuing year. This is proposed by Mr. D. A. Campbell and seconded by Mr. A. C. Remedios. Those in favour? Those against? carried unanimously.
The Chairman: Well, that concludes the ordinary business of the meeting and there is really not much further for me to say except how glad I am to see you here and that I hope to "te you all again.
Captain Tippin: I think we shareholders have something to say about the wonderful showing you have given us in this company's business this year, I happened to meet two different shareholders, personal friends of mine, the other day and they both said: ' "We are coming to the meeting to make a big noise about. the wonderful work that has been done." There must have been splendid ce-operation between the management and the staff to achieve such results and I think all the shareholders think as I do in offering the directors and the management their congratulations at the remarkable showing they have been able to bring before this meeting, (hear, hear).
The chairman: I thank you, Captain Tippin, and shareholders, T can assure you that not only have the directors and management worked together but all the young people, young men and young ladies, employed in the store, says a Japanese report, Japan's principal products of trade with the United States are raw silk exports and cotton imports.
Suggesting that control might take the form of licensing, these quarters declared it will affect the dollar exchange in Shanghai as well as trade with Central and South American countries and other nations which clear trade balances through New York, The basis of settlement to balance ments between Japan and French -China and Japan and the Netherlands East Indies will have to changed if the United States tightens exchange control, as present treaties with these two countries are ed on the United States dollar, the report concludes.—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.