The C. M. Ross Co. Ltd.

Manawatu Times, Volume LV, Issue 7026, 9 December 1932, Page 7

The C. M. Ross Co. Ltd.

ANNUAL MEETING. Tho annual meeting of shareholders of the C. M. Ross Co., Ltd., was hold at the company’s registered offieo on November 22.

In moving the adoption of the report and balance-sheet, the chairman of directors (Mr. W. G. Ross) stated that while tho year’s trading had been affected by prevailing conditions, the results, were regarded as satisfactory in view of the difficulties, that had been encountered. After taking the stocks on a very safo margin and making full allowance for depreciation on the fixed assets, the directors wore still able to recommend a dividend, although necessarily on a slightly reduced scale from that which had been possible in former years, on account of the uncertainty of tho immediate future. Attention was drawn to the satisfactory state of the reserves which stood at a figure capable of covering even a continued fall in the values of land and buildings, while the company’s cash purchasing power made it possible to secure every concession available in the purchasing of dependable merchandise. Goods in transit were already paid for out of funds remitted to London, a practice which had the added advantage of securing a benefit in the event of a sudden riso in the exchange. It was a matter for gratification that tho sales and -workroom staffs had been maintained at the same strength as in 1930, the peak year, and it was believed that by continuing to offer outstanding value and service the retaining of tho present quota would still be possible of achievement.

Tho chairman paid a tributo to the staff, particularly to the buyet's and those filling the more responsible positions, for the loyalty and earnestness of endeavour, which they had manifested in a difficult period. The public will be interested to note that this progressive firm has now entered upon the 50th. year of its history, having continued to forge- ahead during the great variety of conditions which have been encountered during the past half-century. The ability und foresight of the founder, the late Mr. C. M. Ross, is in no small measure- responsible for the strong financial position in which the company finds itself today, owing to his capable leadership and sound methods of trading during the many earlier years that the business was under his personal control. According to the company’s usual custom, the dividend was paid out to all shareholders on December 1.