GRUNDY AND SHENNAN.

Gisborne Times, 1 October 1909, Page 3

GRUNDY AND SHENNAN.

ANNUAL MEETING

Tho annual mooting of shareholders of Grundy and Shennan. Limited, took place in the secretary’s (Mr. C. G. Piesse) office last evening. Air. E. Grundy presided. The annual report and balance-slicn t were read as follows: —“During the year just closed competition has been much keener than formerly ; partly on ■account of one business of a similar kind failin'* and prices being reduced accordingly, and also owing to the general depression. The managing director was seriously ill for three months shortly after the company took over the business. Another factor which caused a certain amount of loss was the fire which seriously damaged the shop then occupied by Airs. Loohs, the company having to pay rent for the full term during which the.shop was unoccupied and being repaired. Taking all these circumstances into account, and despite tho prevailing depression and tightness of money, the sales have increased very largely during the past year. The directors consider the business has made very good progress during its first year, and look forward to great success in the fuftVfe. The shops acUoiuiiig the premises at present occupTed bv the company have recent! *- been relet at satisfactory prices to Messrs Kimpton Bros, and Air. H. J. Andrew. Your directors recommend a dividend at the rate of 6 per cent per annum on the paid-up capital, a bonus of 3 per cent on all purchases made 'ey shareholders, and to carry the balance forward. The retiring directors, Alessrs Rossbotham and Rosie, being eligiu/e, offer themselves for'rijrclection. Air. A. Graham, auditor, retires, and offers himself for re-election. On behalf of the Board of Directors, E. Grundy, chairman.” The balance-sheet showed: Assets, leasehold buildings, £136, stock in trade '£2402 18s 9d, plant and machinery £534 6s 9d, goodwill £3OO. sundry debtors £1451 3s 7d, accrued rent £ls, preliminary expenses £B4 Is 9d, insurances and sundries naid in advance £2l 9s 9d, cash in hand £l7 4s 6d; total, £4963 ss. Liabilities: Subscribed capital (less £4B 15s ca.ls in arrears) £3481. bank overdraft £193 3s lid, bills payable £263 19s 3d, sundry creditors £741 12s, accrued rates, rent, and interest £39 16s 6d, reserve for bail debts £65 12s 7d, net profit £226 15s 9d ; total, £4963 ss.

Considerable discussion took place on the balance-sheet and report, which, on the motion of the chairman, seconded by Air. F. Stafford, were adopted. The retiring directors, Alessrs Rossbotham and Rosie, were re-elected, and the retiring auditor, Mr. A. Graham, was also' re-elected. The Chairman complimented the directors on the way they had worked ■during the year, and the meeting 'terminated with a vote of thanks to them.