The Guardian from London, Greater London, England • 14

THE MANCHESTER GTJAK.DIAN'. SATURDAY; FEBRTJARY 28. 192i nil invitation to him to visit our premises. It HARR0DS (BUENOS AYRES), LTD. JOHN KNIGHT, LIMITED.

COMPANY MEETINua great hospitality from friends and strangers alike. was able to stvalv raanv methods Continued from previous page. thre which may be usefully employed on this side, and am sore the value of auoh visits oanj was on. wax conditions andinot over-estimated. In a.

similar way we SOUTH AMERICAN SSM APPROVAL BY SHAREHODDBBS An extraordinary general An extraordinary general partly under conditions which were quite as bad mnst welcome visiwitomcrar American mentis loonaftertaieternationofliostilities.Thechief TJT 7lU oTin of rin. nnrlitions -was the rreat difflcultv i make for Sfrgater friendship between the two at Buenos noa Ay res) Lit ssemhly oom, Tjondon. S.W Asseiuu.y we Qi mg olution authorising the airreement dated Feb- g3 oY 3 4 whirh hnS viHpA the Malav States with verv i ot th lnost prominent engineering works lill Aawriofcin rriy opinion we have at Park Works Ke condition of the property was stated to he Pant' tor lts welj designed jmd as up date as anv to be found across f.h Atlantic. A SUCCESSFrjL YEAR. The annuaJ general meeting of John Knight, liiniiied, waa held yesterday in London, Mr.

John W. Hope, C.B.E., chairman and man-aging director, presiding. The Chairman in moving the adoption of the report "said I am glad to be able to report a general expansion in all departments of the Company's business during the year. noer review. We are not now dependent upon aui one trade for our income, and I think it is correct to say that each department ot tne business lias contributed its ftiU share to tlto year's profits.

RESERVES: STRONG- FINANCIAL POSITION. First of all, we will now liave, if our proposals meet with your approval, an actual re tionally fine and valuable property, and the Hear. hear.) During the year we have brought tne accepit-- time the capital to at i TwOm nominal amount of ariWch, ranking of new ordinary shares ot 'filry sbareB dually wfthowsUBffWWg resqlu- same lmj saiu or me reiamssjy Mtioit area s-j i aeroplane manufacture, the benoat of which under coconuts. The conditions brought about wiu oniv oe ien ioib vihu. uonsiaeraoie further extensions are in progress, which we 1 by the war appeared to have justified the reten-i tion ai those 700 acres under that product, Copra and other coconut products were now tion that until the number of hope to have completed and xn occupation by the end of this vear.

Our trade prosnects company in he Icbs than ior abroad are encouraging, in spite of fluctuating Newton, Kir amicu nor more than ten. realising exceedingly hign prices. a. matter which was receiving- the very careful consideration of the Board was the question of the advisability of some form of reconstruction of the company. With tho object of placing before th shareholders orooosals to that end they presiaeo.

phi 'iinii-man said they iwa, "r'i'i nf serve fund of, 100,000, which is investeu out ti out-, ---r-- awlUition by. hbs rTfiaib. Then have char.l "1 riB in the South America side of the business. nl tha hlioiraaa "I'tlfill WH IlLlYt? i iit. v.

r. in 111B cu nrTT we were havinsr a valuation made of the company's against profits a depreciation reserve of 61 129 Chaves). The directors or past and. Chh d-a the past that i estate. It was suggested that a new company while we charge all repairs to revenue, so panies had fcuten mio positions and and present, trading vtiua ro.

carefully eMimmeu -ni tendencies, with, spacts, to tho result that they r.aa t-oj" mTIinrljtions carefully estim spoets, trai tho result tl: he conclusion tnat tne wdopted for the heir shareholders should be aaopi their 8harenoia The capi- was then strongly impressed upon me ii.v-desirable it would be to secure a. controliiiic interest in that comxjany, for v.o aro boili BrititSh concerns, both working in the saino market. After our general meeting I openr-'i negotiations which resulted in putting before vou proposals for the acquisition of the sharo-5 bf the South American StoTes, which, vour chairman has referred to in detail. A COMPARISON. The South American Stores made a net profit last year of 33,000, and our company made 194,000, but we have to remember wo have only been in existence Bix years, while tliey have been in business in that city over 35 years.

What has helped us in being so cessful is that our combined purehaBintrpowr-r, which included Harrod's, London', ami branches, is at least throe times their pu rehiring power, and I think we have a mui-li stronger organisation. Therefore tho fusion would enable the respective eompanios to better value to customers in Buenos Avrus-. njid would also enable us to work at a profit than is possible at thfe timer snd thereby turth er increase our turnover. They have large factories, and arc jur. about to erect very large ones also, and wirii certain alterations, when the fusion of the two companies takes place, there is no reason whv the present factories should not manufacture for both concerns, and thereby sav a trp.it deal on the goods manufactured.

This woufri be one of the strong features of the proposed unity of control. As I have said at our prr. vioua meetings, wo have a magnificent and the future prospects aro very and whether the purchase goes throu.su or nt we aro sure to give very satisfactory murri to our shareholders. PENDING DEVELOPMENTS. In the near future we must extend our business in the other principal cities in thtj Arar n.

tine, in some of which the South Aiiterii-an Stores have branches already, and it is a muh wiser course to have the controlling interest the business combined and develop tlioir branches with our organisation, am sure will prove beneficial, Tather than open our own branches and be in with one another. This scheme of pu'rohapirii-the shares of the South American Stores Ima been carefully and very fully thought out your directors, and I ani satisfied it advantageous to the shareholders in both. and I feel quite confident vou will well advised to sanction the increase in rr.i-capital to thfj amount proposl in the tion which I have much pleasure in The Chairman, in replying to vnm-monts and criticisms, said that the that- some of the South American thought the terms too low and i.mi some of their own fhareholrlers con-sida-il them too high was the best evidence of tim fairness of tho deal. The resolutions for the increase of the and for the alteration in the articles as to future directorate were carried in each m-o with one dissentient. tne item of 261,737 Tor ireenom jauu, inps, plant, and machinerv is thereby substan-tiallv written down, whereas in the opinion of well-informed experts it miffbt well bo written up very substantially.

The same remarks might be applied to the item of 88,135 "other and if wo look at the figures for goodwill of 68,000 it will be evident that this amount, which represents the original cost, has little relation to its present value. Yon will notice an increase in stock of over 43,000. and I should like to say that the stock we held on the 30th November last and our purchases for forward delivery show to-dav a satisfactory ap common welfare or gloVes as at 31st tal of tho South American fatores July, 1919, being too end or financial year, toithi.w" shares of consis-Lvu xy-" hareB oi should be registered, having a similar name to the existing- one, to purchase its estates at a sum which would correspond more or less with, whatever the valuation of the property turned out to be, that the old company should go into liquidation, and that the shareholders, through their liquidator, should receive shares in -the new company on a basis which would represent the valuation of the estates. He was unable to say exactly what it was likelv to be, but the shareholders would probably get three and a half times the number of shares in the new company which, they held in the present one. The new company would not take over anything out the estates; all other assets, such as cash and undistributed prolits, would belong to the shareholders of the old company, and would be distributed in the.

form of a final dividend. As the future of the industry, he considered that th- prospects had never been brighter. The report and accounts were unanimously adopted. exchanges, difficulties in snipment, and the impaired purchasing power of countries which nave suffered from tho war. We have always had extensive and close trade connections with France, and at the outbreak of war we bad large amounts owing to us from French clients It i3 most gratifying to be able to state tlit the misfortunes of war have, not prevented our French clients from meeting to the full these liabilities.

We are now executing a largo order for machinery placed with us in 1916, while the German attack on Verdun was in progress, by old friends of ours -whose works were situated within range of the guns. Nothing could illustrate better the splendid confidence of our closest ally. (Hear, hear.) Our business in Itussin. has suffered temporary eclipse and we have incurred heavy losses which have been provided for in the accounts, but it is right to add that the probity of our clients has been unquestioned, and losses are due to the exti:) tion of government in Russia and collapse of Russian exchange. We are already resuming business in Poland.

It will be the settled policy of the Board to help our old and trusted clients abroad to restore their pre-war iproduc- i ing power. It is only by restoration of the pro-' ducing power of all countries that trade can! regain its old prosperity and we mean, so as we prudently can, take our due share in I helping towards this end. The abounding pros-! -parity of India, and the removal of restrictions of various kinds have brought atxml; a remarkable increase in the volume of orders we are revsu'ing from that country. One ot" our directors has recently been in India: another is now the Far East, where big developments are taking place. Repayable at Par preciation in vnluo.

Debts due to the Company are naturally heavier, being more than 120,000 oyer last year. Ample provision has been made on tor Dan or douOMul debts, and the item ot 267,230 can be regarded as a perfectly sound asset. Our liouid assets, after rirovidinar for sundry creditors fincludinsz excess orofits duty). excluding freeholds, lands and buildings, plant, maenmery, cc, amount to 574,425, or nearly 5,000 in excess of our entire caDital. which shares of Si ederred shares of Is.

1 each, 1'? of 1,952,500. At each, making a total fPj first mortgage that date there were autsttndnjfw st 0 debentures amounting to J' fig issued fnfatofal of WWFf tg ho hn were entitled to a cumu-rivrpreferential dividend of 6 per cent. per cezft rferSv andlid ipon each not recite the sound commercial reasons which influenced the hoard to i Thoe who attended the annual pieeiiins fcmber or who read the report wlueb vs you will probably consider satisfactory. PROFIT-SHARING DISTRIB UTION. The dividend we are asking you to confirm to-day will entitle all our profit-sharers to 7 weeks' extra remuneration, which is equal to 15 per cent upon their present rate of wages.

It may be desirable to explain that our profit-sharing scheme provides that for every half per cent in dividend raid THE OUTLOOK AT HOME. He must, however, rilways look to our home MATHER PLATT, LIMITED. The ordinary general meeting- of shareholders of Messrs. Mather and Piatt, Limited, was held yesterday at the Accountants' Hall, Manchester. Mr.

loris ID. Mather, chairman of the Board or Directors, presided. There was a good attendance of shareholders. The report of the auditors (Messrs. Parkinson, Mather, and Co.) was read.

The Chairman said, in proposing the adoption of the report and accounts: I may assume that you have all considered tlie directors' report and balance-sheet -which, has been circulated, and that I may tak it as read. I propose to follow the usual custom by explaining certain of the more important items. Considering the uncer- of t'1 -year which has just passed and the abnormal conditions prevailing-, I think the iraoe as having the first claim upon us, and here there is a large volume of work already placed upon our order-books. One of our tne ordinary shares our workers receive one-half week's extra This is paid as to half cash and half in special certificates, carrying the same dividend as is paid on the ordinary shares, thus givinc all our helpers a teal interesf) in the furtherance of the prosperity of the business. We have eood reason greatest difficulties this year will be to satisfy our customers at home and abroad in giving board held as to the fiXhtnrosoects of Argentine trade, and here 1st of February, 1925 By giving notice during January of 192 1, of 1922, or of 1923 you can secure the return of your money in February of the following year0 Ask your Banker or Broker to give you a Prospectus and Form of Application for the new Exchequer Bonds.

They are issued in denominations of 50, oo, 200, 500, and bear interest at the rate of 5 f- per which will be paid half-yearly on the 1 st of February and the 1st of August. them deliveries in rpasntiaHn time. We can 1, T.WO DMUS" they Had a marneu trado mmVie miiraffeii in. not obtain the materials needed in our manufactures as quickly as wo should like, due to the lieavy demand on all sides and delays a nao nt met- fchandtse How much better, theiytore caused by strikes, but we ask our customers to have patience and appreciate that we aiu doing our utmost. We sue none of us exactly in business for our health; neither- are we only work ing to produce profits ior our shareholders.

Suroly the irrcatest obiect is to ive service to isiouii, may oe- consicfereu sauslaelory. lcar, 1 "'onM like partioularlv to draw your attention to the fact that the profit made in 1918 uas almost entirely fcr war purposes, whereas aurmg 1919 we -have been entirely on our normal civil work. xhe directors iiave transferred -equalisation account a further from the profits of the year. It wiLl also oe seen in the balance-sheet that 30,000 has Men transferred from that account, and 120,000 nas.oeen transferred from the amount brought torwarrl at 31st December, 1918, to the reserve account, brmgiDg that account up to 450,000, to neiieve that the broadminded and liberal policy which the shareholders pf John Knight, have so long followed greatly appreciated, especially bv those thoughtful, capable, and enei-getic men and women, who form the backbone of a factory staff as well as by the travellers, clerks, and others more particularly concerned in the selling side of the business. The cordial good-will and co-operation of the whole staff is essential to secure; efficiency, economy, and the smooth working of a large manufacturing business, and wo believe our profit-sharing policy has helped materially in this direction.

NEW CLEANSING SOAP, HUSTLER." Our manufactures continue to enjoy the favour of the retailer as well as of the general public, and we have secured a considerable addition to our export trade in all our snnHaHfios. linded and i unt; aumeuuiuiiLa the-community and to make tip the quickest ana most serviceaole way for tne tremendous losses sustained duiins over four years of war. British commerce that tuese i i.i ip iA working and control, was the one desirable thing. THE TERMS. He had not heard one voice raised against the proposals ior amalgamation, for the advantages were self-evident.

Although he had not heard any really serious objection to amalgamation, there had been statements made by the respective shareholders against the terms. On the one hand, at the South American btores We in this Company have inherited and helped to build up a reputation all over th world of PORT OF MANCHESTER. ENTERED EASTHAM LOCKS February Hetty 90. riay. Franc!" Fowcs- Bolivia rrt.

1,021, general. I-elUer Jnciiir hjiiI Got')Mit)KB. IvIttUiim (s), 112, iifccwpliaiB rock, for Ksitv-com" Liverpool. Siillom (. 105, wits, A.

E. Bnwen: Trevor. Jfiver Avpc (). 115, liglit. fnc Brosincrr.

r.ri: nublln WIcXIow (i), 493, priipral, Britisli nnd Irish PoRktt Companv; Dub in. MunBatcr Division (5). o.dJ, ifsnera! I.Imrw; St. John. Jforriston (s, 1,451.

"er.eral" J. T. Fletcher and Cp. Antwnrp. Achillo 'rt.

170. Tigbt for E'Ichdip Port; Iinblin. E. Itiiywanl (fi. 11.

(JtoTip for StnuloW Wharf: Onnes nead. PnmVira (.. 7b, slatc fcr Ihuioom; (4, Bmicorn; Esjxiua Xo. s). 1.33C fruit.

If. WPtson and Valencia. Beltown (s). whtu-, Sivowrlglit, Bacon, and Capetown. OUTWARDS.

FBOJI MANCHESTER I0CKS. Bothnia 845. srcncr.il. Fetter. Juikor, and Gotlwii-burz 3iVriont 320.

general Cc-cpcnmv Wholcan SsciAv ItrvueQ. (9) 849. general. T. Fli-tcJur uaTi Aniwerp.

Itiutl W. 4,731. ballast, H. winch we may well be proud. We have an experienced and loyal staff, and our own offices iimouac recently capitalised.

In the next balance-sheet that amount will appear, in the capital account, as 1,050,000 in ordinary snares, making the total preference and ordinary capital 1,450,000. THE DISTRIBUTION OF BONUS SHAKES. I should like rn taha. an eviry imporiauc country. vv a mo means and the will to keep our works up to date in every respect for the most efficient production, and I have every confidence that khose who work for us are" satisfied with our conditions and will all help to keep uipi and Since our last meeting we have introduced a meeting shareholders tnougux 1 were unsatisiaccory to wxcjii.

ipr -nrif should be paid, while on the n.r 7. ii, iorncoliTiis had comments in tho United KinErdom nnrl flnlraiiBc mirl in nil i- t.lin uria thev n.l Hanntoa KUDy (s, bo, a. btchi, Post Office Issues Bonds to the value of 20 and 50 can ba obtained from any Money Order Post Office, and from most Banks. A. E.

Bon-fu: K'vcr -Merscr. Luipuasismg the fact that by the recent distribution of bonus shares the shareholders are only receiving what has been held in reserve filifgow. Cs), 79. IiSIU, Munu. "-u wujui soay is ex- nnvin" was too nigm in tnese uiiuilui- general.

Fisher. Binwick, and is, 'nt, ported. This soap is already -much in favour, and is beinu sold it can nt. wesnoif. i mn.

tor them during the last few years, principally duced. It has not affected the sale of our Rhe.ftt oetore the war, and but for the war these Anchor, the Royal Primrose soap, nor of any of our other specialities. reserves would no doubt have been capitalised stances was it only lair to ciaun iiiat. dorectors of the respectiva companies had been successful in arriving at a fair and satisfactory middle course. After detailing the terms the Chairman said that the South American.

Stores would remain a separate entity, hut there would be an interchange of directors. Tho whole of tho directors of this company would join the board of the South American 'Stores, and all the directors of that company would jc i waiiaiMMiJon is reaiiy ot tne nature Ox a. book t.Tvin sr'r T. i i.f.cn-.-.-.nnn Closing Day for this. Issue TO-DAYf LORD LEVER HTJLM OFFER.

Since I dictated this speech we have been i wj-iiv vujJivui iuouutvee yj i pusuiess and its earning power are not in the Bolhiua (. S45, general, Jncfccr end Gotiirn. burg. Suw Pioneer W. 320, Co-optrative Whole- aC 5KlCty: -HOM STASIX3W WIAJtP.

Thelma (5). 138. light, W. A. Savage; Uatston.

FltOM KLtiESMEUE PORT. Bvt-- Avora U). 115, coal. S. W.

Ccq: Unndak. JandNf. C.armtt 79. lisrlit. Greenway MUHn3toi, LWrnah (Juty.

Achtlle (5,170. cool, J- W. Usher; Cork. 711 OM WESTOX I'OIKT. Alexandra (st 33, ilght, Northwich Carrying Loi.iiMtiy,- KBOa KU.VC0ES.

ir m. "vwu. wiereDy, anu it will be observed approached, as has already been indicated, by ljevernuinie, with whom I entered into -i no CMC iJ-KJ VV JCfcVUIg AIL dividend on the enlarged share capital is negotiations on Monday last which have resulted retire except members who would join the oaiiie as we oaia last, vp.nr nn tne smaller canital. 1. iV f.

Hl.lut.2JC, uuiuLbuuaire in an oner Demg made by Lord Leverhulme, ooara ot itus company. xuiee inuusauu as detailed in the circular which was posted guineas compensation would be paid to each to each shareholder on Wednesd the South American Stores directors who me MitjiBieiice saarenoiaers that they may not plcApate'butthJ' cannot do so in accordance with the Company's articles of association. On Coojicri Assurance (fJ. S3, light, W. Notwithstanding the very sUongand satisfactory were retiring, position of the Comnanv and its ma Otuer side Ot it rn7iinn.ri.

THE OUTLOOK. increase the reputation of the Company. Mr. John Piatt seconded the adoption of the report and accounts. A shareholder asked wlut would be the benefit to the Company- or shareholders of the conversion of reserves into capital.

The Chairman explained that the advantage was thatfcfle capital of the Company was placed on a proper basis. They had shown dn the last few years certain capital on which they had been paving ior the last two years 174 Per cent. That 17- jer cen't was not really paid on that capital. It was paid on that capital plus the reserves. He thought iit was placing them in a false position to declare a large dividend such as they had been doing, as it led some people to say that here was a company payiiic huge dividends profiteering and Jdiat sort oi thing, whereas that dividend was dependent on the reserves.

People were apt to look not at tht capital but at the dividend, and -to judge accordingly, Hear, heaT.) The resolution was carried unanimously. Mr. James Horroeks, a shareholder, proposed tho re-election of Mr. James Robinson and Mr. John Taylor, directors who retire by rotation.

In doing so, Mr. Horroeks recalled the history of 'the firm since his connection with, its, back to sixties. The developments which had taken place since that time were, he said, simply wonderful. He remembered thaitwhen tie joined the firm its works could have been put into one of their present sections at the Park Works. He ventured to say Hhat it was Mr.

Taylor who first saw the advantages of placing those works where they were. The grnwth had been simply phenomenal. The developments in the last twety-fiv years were very wonderful. Mr. R.

Jarvis having seconded the resolu feelit is my duty to -point out to the ordinary shareholders that under our exisftinp wmsiit.n. The trading results for tha current year com IRON AND STEEL, MANCHESTER, Fbidatc. son of the figure 613,246 at which the fixed assets stand with the corresponding figure in previous years shows the strength of our financial position. Although year bv vear we have tion it would be very difficult, i not impossible, bined with the profits arising from the proposed acquisition ot the shares of the South American company justified the directors in The Uuurcney tir higher piiwa oil iui us to pay a aiviuenu. oi atj per cent on the ordinary shares for the reason that after these vjui itttninea ior proaucwon anu improved our nlant.

steel jnstcrial SUM vJli, snares receive a tiividend of 6 per cent the TILTRACKS for Storekeeping The kle.il Tray System, for all classes of Goods. AU-Stcel and Sectional. Any Height. Any Length. Goods Visible.

remainder of the orofits earned han statimr that tho continuance of the ureseut V'V1? it, aeems lawful anv seller ana soino jimBers .1, .,,7, fi divided equally between the deferred sharps state of trade would in their opinion more than uri touihI uau in avoided. Tiia tion which we have consistently allowed, the value shows but little increase. 'Under present conditions the replacal value of our buildings and plant is vastly greater than their book value, but the board sees no reason under and the ordinary shares. Your Board has suffice to cover the dividend of 5 per cent 0t bwing is very great, atd apiwuwy therefore unanimously agreed to recommend upon the preference shares, make the neces-! buyer has teased to t-aro wry much viiat pricu ij? to you the acceptance of Lord Leverhulmo's sary provision for reserve, and pay a full divi- long he can mijie sure ot a supp'i- offer. It seems quite unnecessary for me to i dend of IO -ner cent for the vcar unon tlie ex- irtm market the nctual rate of oonaiinpuon -ner cent lor me vcar u-non Tt in ftw make anv similar recommendation to tho istintr and uronosed new ordinary shan juvaeui, uuiiuitioiia to alter its potiev of liberal depreciation, and does not favour the practice of writmtr un canital valiifis.

ia mm-t. Tl grStiruSS It lilt "verv for esI The ZorZ but oven so. there is oonexlerable amiKucnsion year 'quacy ot the aupi.lv ot foundry iron dunm; holders of the deferred shares. accounts ot tne two companies ior last ast Mr. Samuel Bamett (deoulv nhairmnnt 1 hiw7 nnmtiinnr: nrh-flts tnifflaip'nt in mv AnnnreaUv tli6 output seconded the motion, and after some discussion whole of such dividends, besides making pro-! an'ovsr the country is more iVkeiy to dnranisir -Uian y.

gaging the future for an illusory present advantage. The reverse of this praotiee national finance is probably the chief cause of tho present high prices. The increase of paper currency increases purchasing power without "'73 I oner maao xo ooutu auiericaii stores was "t- f.rr tmr. has not, been i- man said that in the Dast he had onnosed anv i.inH;ni i7tt-7 Wt. 1 although the Ijincashire price for trs nas no combination with Messrs.

Lever Brothers. Ha 1 ZJS rwsl it. is doubttul whether muca cp I muKibn in wio proouction ot commodities. tUear, hear.) Our stock-in-tTade is practically the same as before. Snndrv debtors show an fought them at the "Soap Trust time, and i holders of at least 80 per cent of total num- t.m.m of the hich prices wluch now tion, it was carried unanimously.

increase ot which is accounted for bv nis own reeling naa always Dee 11 ALSO Adjustable Sectional Steel Shelving For Trade and Household use. Frices and Particulars fnm tkt Paumte ar.d Manufacturer. BERTRAM THOMAS Worsley Street, Hulme, Manchester. tnat as a com- ber of each class of shares, but hi the event of to be paid lor stesl-makins material. Steel independence, this company seenring 51 per cent of the entire who have to buy inlets, for instance, have very nun to fortune, to i votinc tower thev could elect to nropp.ed.

The raaraiii lor protit at the present prices, hclltrs ot cjih- any tney snouia maintain tneir their own battle, and trust one yyiupauy normal Dusmess again expand ing since the cessation of war productions. A The Uhairiuan tnen proposea uiai su election of Sir Clement 15. Simpaoa to the board of directors be confirmed. Mr. James Robinson seconded the resolution.

It would interest the shareholders, he anifl. to VnirCv that Sir Clement Simpson had see them through, xney had new director has been appointed, subject to suceeeded. so far, I pUrchase and the agreement orovisionallv I men feundry iron dUiasliiitf qff ana ne coma assure tne the offer which had now snarenoiaers that if enterpd into benarno rfSfinim n-nrl -hinrtintr Zn is Tocsibe that a in-no nugni 00 been made had not 11 Ke. oa 12s. tWivered here.

The Scottali maker iavc nu be uld not .1, duuwiuiuws sauc-1 Tmt l1p tlwir VI-xe at the furnaces to per job. been of such a temwtinsr nature vuuuhiuhuii, tne person of Sir Clement hiinpson. a gentleman who has been a business friend of ours for many vears. Sir Clement has spent most of his business life in India in connection with the cotton inrliiRt.rv tt; been -ue of the greatest supporters of the Huiiiuc wio uiuuumi iitjutiMRHrv innrpnfiA rT tmm tnereiore atxiuL have even brouxrht it before his colloacraes, They must, however, look at things as they Company, turougn ms nrm in jH.ao.ras, ior many years. They had been one of the Com-uanv's larsest aiid most important clients.

capital. He moved the resolution for the in- tho fceran iron market there ia not very uiuoli Joins, ''V1; crease of tfio capital. (Applause.) 1 of course, dealers re stiffer ond look for a suostantiai MANAGING DIRECTOR'S STATBMWt I Iis Si MANAGING DIRECTOR'S STATEMENT i( ia nKetir.l in Sell it, at tile wore. Thev were, ne was airaiu. nearinc tne peak of high profits, and in his opinion the .,.7 A gentlemai who, like Sir Clement, knew the: is particularly identified with the education of the natives, and the schools Parted by him at the mills of Messrs.

Binnv and Co, Madras are unique in that country. His wide know- Sir Woodman Burbidge, C.B.E. (man conditions ot tne country ama ine wnoie snarenoiaers wouia ue rai 10 lane aa-vantage of what was neither more nor less prices when pic: iron ge-j scarcer and dearer every weei. Steel ecran is in better request, and the prices liigher than -they were, but still very much below what they should be." uutoluii, bj.iu: wnen i was over in ul J-Jiuja, waera we nave now such lar.se lniAOs interests, and his lonp experience of had all the assets of this company behind tho -Bnos Ayres last October, when considering UUUUJ1.1UHS at nome asia abroad, will. I am sure, commend him to vou as a ven: ntr.incr rvoi-artr dividend, tney naa tne strengtn 01 iiever requirementis oi our own business and the Brothers and' their reputation at stake if they ossibte extensions, the opijortunitv was alkn' 7 tail 1.11P7T1 thnt BK twit- nont olr .1 waa aiSO Sool-ii hematite pig iron advanced 17s.

6ii par wo nimig person to become a director of this position, industrially and politically, wouia be in their councils a tower of strength for the future. (Hear, hear.) The resolution was carried with unanimity. Mr. H. Richardson proposed, and Mr.

J. W. Hollings seconded, the re-election of the retiring auditors, Messrs. Parkinson, Mather, and Co. The resolution was passed.

THE DIRECTORS AND THE STAP3T. Mr. F. Walmsley proposed a cordial vote FREE TRADE HALL, Manchester. auuuiu Tr, tjx otuuuu; uie OOSirion Of our rnm T.

Til on ailT-f. intiTarf Ilia na4-U. V. .1 wiiuu JJI UUr GQffl. S0.1?- ronth.

steelworks, making the prW i-vuipimy. jrtiouijikuj t--- ouu mo courtCBV own holding of shares into preferred ordinary Valle, file president onh1boS oiWe: 2- iS" OI, T'ce mnkers cannot with all the 7t South American Storm -a ill cop oKeiw. rooms wmkrnnSSS y-slte4d their show- iron Ko. 1 emoted 12. 5s.

awl Xo. 12 tor rooms and workrooms, and in return extended blast-Iurnnces for lmme requirements. THS RETUItN OF SERVICE Turning to the events of the year, -we hav since the Armistice welcomed son The "proceedings then terminated of thanks to the Chairman for his able and mobilised men, of which number 670 were with courteous conduct in the chair. He was sure ub oeiore joining the forces. For the most that they as shareholders rejoiced that they APPLICATIONS HANDED IN BY MONDAY NEXT WILL RECEIVE CONSIDERATION.

ijtl iney nave enown an excellent deire to settle down to industrial life, which we "feel is had still amongst them a Mather engaging- in the activities of that great business. It was "ic.iiure io our care for flipir dependants during their absence abroad rtrn-rtrt-ri rvri r.f rllcoM-j 1 'JILT a name which, he need scarcely say, was as respected as it was renowned in the world of ZlZ now i vl wiuon mere is no reason engineering. Cfciear, hear.) He would go further and say that they ought to include Thursday Evening Next, MARCH 4th, At 7 o'jclock, Grand Orchestral CHARITY CONCERT Im aid of ST. MARTS HOSPITAL. (Under the patronac of the Kfc.

Bos. tie locd Mayor and lady Mayoress.) lu tniiiK mat if an OlOVCrS COuld sllOW Mia ennu OS6 their acknowledgments to the board of diree- onus tors, iie naa naa tne privilege, a snort time would not be the large number of men at present unemployed. Th results of the year are satisfactory, but would have LIMITED. 'viiduoBn-oirt. moulders' strike.

unfortunajA ago, ot going viirougii xne. woxks, ana it was a revelation to rind such a variety of products to meet the varying demands of industry. But what impressed hirn more than anything else was the marvellous departmental organisation which seemed to him to give the directors a sections, of our business" twcesmZuS thi erirj oi. a inorouen control over, averv but I am glad to TthS neVrl, have now been reabsorbed iato the estahl youiharwe section of the business. The Chairman had COTTPStJ SPINNERS, 1875.) DROYLSDEN, L.A;MGAS Osattnw "Oanvital" Dxnk referred to ttie technical instruction being given to employees.

That would be a very valauble factor in the etminment. of vmiths. oL-tiuoj ior aoDrenticusi on the lines laid down in the tm I- "Xie spectre Jo la. Rote BcrSa I "I lorod tbee once. Atlliis.

long co MARIE ETCaiR. He desired not only to thank the Chairman and the board of directors, hut would include in the vote the 4,000 hands office staff and others who had contributed to bring about so uu1U5 uouis. has proved verv successful and was the first wiimi it i in Manchester to be approved by th Education. Every boy between ih 2i and .16 obtains inn ef5i l.H,?B?s of 1 "Is tbo Sovtfc Ij Serenade" Branme Vmim" PLhuHifc Mr. T.

Griindle, in seconding- tha uuiinMnn. wppIt th hours said he hoped the chairman would convey tib Sir William Mather in his ret.iiwman.t- hii- ducation largely non-vocational and includS SlV? '1 training. The improvement i W) "Burins fftttrm" MAIUE IC3Aa. Cwhmtiil banbm BaBct W. H.

BeM oaj- "I CapUrs 3Rbn Oh TJwbanei (tram Cfcrmca 'l-Biact MAT? FF. RCSAS. hope that his life might be long and happily spent. He not only as a shareholder, but as )ne who remembered Sir -William Mather as loiig ago as 1860. (Hear, bear.i PROFITS Vols 1919 hirin which a UrjB part ol the LiZnii wi "standing ud 55 cent of tT firm's jiacnijif th8 oovernment at controlled prteea) tiffiSwt to pay 15 nt on 700,000, after providing deprectaUon, but not eics uroat daUe.

PROFITS 1828. DiceMW anticipate that wltn the orders la tbe Crst twetie inontha will not be ten tban ner sen tho present issue, alter matins ie pro-rtlon darg sno flepwcultlon. mg classes ha been very uoti7eab4 Inrl" the foremen are satisfied with the gSol reuhH am quite sure that employer -wPi Wo fl t.r, nave to give Joseph rom and Sons, Lint itedl (Incorporateti under the Companies Acts, 1908to FORM OP APPLICATION. ISSUE OI 700,000 ORDINARY SHAfiPS The resolution waa iinanimoasly passed. The alter thankinc t.v SraajfJcnki PJiaiScn holders atmrectatton.

aaiii ttif would like tine fact that thev had not nifjan limiting the freedom Ot elln an engineering works which could be seen by shareholders whenever they wished now that the war vis over. There werB restrictions t-i "ncime them par. 9o OmJOBECIO JOSEPH BYHOM SOH8, LHaiTEO OMttenen, Harine paid to onr Bnfc previously. Ho liked to feel that tho shareholders took an interest in th mnmm nnrl. orXffaf bai iSTr ot; onares oi 1 each In a.

ii acres toSn requeat yoa with an inereasins number of shareholders, he MARIE RUSAR (OF THE QUEEN'S HALL, LONDON MANCHESTER'S GREAT MEZZO-SOPRANO 1 WITH HER MAGNIFICENT RANGE. Proptues ond Forms of Application may wi. ail jxicreasing nuxnoer WilO WOUld take a ral interont in affair the amoont due on aUotjaent and th hVii-iiflSSWoa -the ComnanT. nay yoa to meaninB Enemy" MS) "let? i an enemy, subject jthin the of the Company, and who would not simply buy shares order to sell them again at a. possibly increased price a few months later.

There was quite a number of shareholders who had been doing that lately, but they were nOt the klUG Of Sharholrlers Ti USIIAI. 8IOKATTJBE manual workers appreciate that skill hire also required, I have no fear for the- ftf, (Hear, hear.) Greater productiodoes not alone with the manual worker resnonsihnftv ies with the employer also. Increased outnut is vital, but we must not lose sisht of hi equally important factor of distributioh -whih has proved to be woefully insufficient ih rrTanv industries during the last twelve months Th most disquieting feature is the continued ria the cost of living and the consequent demand for higher wages which, taken-in a narrow view, may seem justified, but. The LONDON SYMPHONY ORCHESTRA of 68 piay BTIENAMB crs Voiatuctor W. H.

REED ttirraany yesra pace ttifa renowaa Orchcst appeared mMter. m-uch about. The directors areferred shareholders who took an interest in their rnetinge, and went to see the works, bo as to have a farst-hand knowledge of what the firm waa CSHE1STIAK NAME or NAURS ADDKE93 Cn loll) uuijig. inc, near.) jj'or the board and him- SeJI Jle llllfl-Jlt Sav tha' Hia- vpit muno Vnni. kumrto aelrayaU excuses in connection with this Concrf THE BASKBBS THE BANE OF LIVERPOOL AND LIMITED, 21, Brown Street, Manchester, and all Branches.

THE BBOKEKS- MEWBBftN AND BARKER, 13 Pal! Mall, Manchester. THE SECBETABT- Ffi AfJK CATTESALL, A.C.A., and ciated the remarks wriioli hurl Tan rAn a wrexsinic proceeas win oe devoted to ST. MARTS HOSPITAL. would strive in the future to deserve, the' con- FltOFESSIOJf or' OOCDPATION TiMKra Rervd Stalls 2 7e. 6A, 3s.

and 3s. had striven the past. (Applause.) In answer in nnmv ti, i actually gives no relief and only aggravates the situation. Better distribution of essential-commodities, greater effort for work and less extravagance, from all sections of the community can alone bring us to the goal we all have in view. (Hear, hear.) PROSPECTS ABROAD.

Tfnf.TTT Tpfllrnorl -f r.rvm lTrt -nm-. 1 1.. fee rew. Od, and 3s. 6L Admission Is.

ISO. 8AMK OF LIVERPOOL. AD MARTINS, SJisres; apnHM fr to tha fS FORSYTH BROS, 128, Deansgato, Manchester; TGI llUtJ Cnnftiot PWt. to the Bank ct UnnSS 'Ji iSSV' Branch taat it would perhaps be abetter for a "shares holaer to make an appointment if he desired' to inspect the works, but so far they' had not been inundated by shareholders. If the time WtrBEARBR, ami iwumihiwwi mm vtnsrata in dug course, either by AiiobnentLttter or by return ot ttre idtitosH, Rayal Mill, Dreylsden, Lanes.

visit to the United States, where I visited many noljcel 6re Perhaps issue engineering concerns and was received with 1 The meeting then' terminated: 0.