COMPANY MEETINGS
GOODE DURRANT AND MURRAY
IMPROVED RESULTS
THE thirty-ninth ordinary general meeting of Goode Durrant and Murray, Limited, was held on October 25th, at Winchester House, E.C.
Mr. William E. Pennick (the Chairman) said : It is with a degree of satisfaction that we meet you this year with accounts which show a considerable improvement on last year's result, and enable us to recommend a further payment on account of arrears of the preference dividend. Australia continues to make a very excellent recovery from the dark days, and, provided the ruling prices for their primary products are maintained at a fair level, there is reason to expect even more prosperous times, in which we should share.
At our meeting last year I told you that the position in Western Australia was not so encouraging as in other parts of the Dominion, and conditions there have been very trying and difficult. The decline in sheep alone, as between December, 1935, and December, 1936, was over 2,000,000, or a fall of about 20 per cent. Then the wheat harvest in that State did not reach the estimated figure reported to you last year, and was io per cent. down at only 20/ million bushels, as against 531 million bushels in the peak period of 193o-31. The acreage cropped was certainly much lower, but the yield per acre dropped from 13.5 bushels to 8.2. The conditions in South Australia wr r2 not so trying as in the West, and, although the wheat harvest did not reach the average return, the increased price made up to some extent for the lower yield.
After providing for the interest on the note issue, rents payable to D. and W. Murray, Limited, and directors' fees, the profit for the year amounted to £38,447 Its. 6d., as against £24,409 18s. 3d. last year. I would like to mention here that all sections in Australia, and the operations of our London office in buying for clients in all parts of the world, contributed to this result.
The question of exchange as between London and Australia has been referred to again in the report, and if the authorities should decide to stabilise the exchange at its present high rate of £125 ros. Australian for Liao sterling we could then create an exchange reserve from the valuations of our fixed assets, which are considerably higher than the book values, without having recourse to the profit for the year.
In April last we decided to make a payment of one year's dividend on the 165,000 preference shares, and today we are recommending the payment of another if years' dividend on the same shares, and one year's dividend on the r ro,000 preference shares issued to D. and W. Murray, Limited, and this will bring the dividends paid up to the amount due in April, 1935. With regard to the current year, our trade is increasing in a satisfactory manner, and the latest telegrams from our branches are generally of an encouraging character. The report and accounts were unanimously adopted.
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