HOWARD SMITH, LTD.

Dominion, Volume 30, Issue 157, 31 March 1937, Page 14

HOWARD SMITH, LTD.

Trade Improved All Round

PROSPECTS BRIGHTER A general all-round improvement in trade during the year was the keynote ul the address of Air. A. Howard Smith, chairman of directors, at the annual meeting of shareholders ot Howard Smith, Ltd., at Sydney yesterday. But for the strike, which extended.into January and February of 1936. ami which affected the company's interests till well into Marell, the results disclosed m the company's accounts would lime shown greater improvement. In referring to the accounts, which were summarised in this column on March IS. Mr. Howard Smith explained that tile increase of £12,793 in deposits’ was accounted for by £20,900 having been deposited with the company by Brisbane Wharves, Pty., Bld., less repayments made to other depositors. 1 lie amount so deposited by Brisbane Wharves Pty , Ltd., was on account of the company s proportion of moneys received iu part settlement of the Wharf Company s resumption claim against the Queensland Government.

Tlie reduction of £62,523 in the amounts held on behalf of subsidiary ami associated companies, the chairman stated, was mainly accounted for by repayments to Australian Steamships Pty., Ltd., in connection with the purchase by sueh company of the steamers Ago and Marrawah.

The reduction of £30,185 in the item "shares in other companies at cost, less amounts written off,” was due to the directors having taken advantage of the favourable market to realise portion of certain shareholdings at very satisfactory prices. The proceeds of sueh sales were reflected to an extent in the reduced amount due to subsidiary and associated companies. In conclusion, the chairman said that, although it was not the practice of the directorate to indulge in forecasts, still it might not be on this occasion out of place for him to indicate that, given immunity from industrial strife and a continuation of tlie existing trade revival, the results for the current year should show an improvement uyon those now before the meeting.