THE C. M. ROSS CO., LTD.

Manawatu Standard, Volume LIII, Issue 9, 8 December 1932, Page 7

THE C. M. ROSS CO., LTD.

ANNUAL MEETING.

The annual meeting of shareholders of the C. M. Ross Co., Ltd., was held at the company’s registered office on November 22. In moving the adoption of the report and balance sheet, the chairman of directors (Mr W. G. Ross) stated that, while the 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 safe margin and making full allowances for depreciation on the fixed assets, the directors were 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 the 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 rise in the exchange. It was a matter for gratification that the 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 the present quota would still be possible of achievement. The chairman paid a tribute to the staff, particularly to the buyers and those filling the more responsible positions, for the loyalty and earnestness of endeavour whicn they had manifested in a difficult 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 Brave been encountered during the past half century. The abihty and 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 to-day, 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.