COMPANY MEETING
AGAR, CROSS AND COMPANY
SUBSTANTIAL RISE IN SALES The thirty-first ordinary general meeting of Agar, Cross and Co. Ltd., was held on December 16th at Dorland House, Regent Street, S.W.i.
Mr. Stuart C. Sheppard, the Chairman, in the course of his speech, referred specially to the loss they had suffered through the death of their managing director, Mr. H. S. F. Alexander ; the resignation of Sir William Coats Cross, Bt., from the board, under medical advice, and the new additions to ihe board—Mr. Charles Hendry, Mr. Walter Woodbine Parish, and Mr. James Asher—the last-named gentleman having been head of the company's organisa- tion in the Argentine for many years ; also that Mr. William A. Agar, while retiring from the chairmanship, still remained a member of the board.
He dealt with the issue of k35o,000 5 tE per cent. five-year unsecured notes, explaining terms and conditions thereof, and that with funds thus obtained, the company had been able to effect a cash settlement of indebtedness to their two principal American suppliers, thus obtaining a substantial saving in accumulated interest charges.
THE YEAR'S ACCOUNTS.
After dealing with the balance-sheet in detail, he explained that the exchange deficiency account had been merged into the profit and loss figures, giving the reasons therefor, and that this alteration enabled this year's accounts to be presented in a form which, besides showing the actual year's trading, would make future yearly com- parisons easier and more accurate—as it included all known exchange depreciation on nec movable assets to date of balance. The gross debit balance now stood at £310,195, as against £537,700 last year, and consequently no resumption of dividends on the preference shares was possible meanwhile.
The Chairman then touched upon the substantial rise in the company's sales due to improved economic conditions in their trading territories • the benefits accruing from more stable exchange ; and the fire which had occurred in one of the Bahia Blanca warehouses last February—stock and profits loss being covered by insurance.
IMPROVING POSITION.
The first five months of the present financial year showed an improvement of over 5o per cent. on the monthly sales, and in the aggregate it was thought that reasonably satisfactory crops on the whole could be secured, and with cereal prices being well maintained, they might look for a continuance of an increase in sales.
The accounts were duly passed, as also the re-election of directors and auditors, and the resolution converting the share capital of the company into stock.
After shareholders had requested the Chairman to express their condolences to Mrs. Alexander, the proceedings terminated with a vote of thanks to the Chairman, directors, and staff.
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