Morris Hedstrom Ltd.

Annual Meeting at Suva.

THE annual meeting of Messrs. Morris Hedstrom, Ltd. was held at Suva on June 24.

Dealing with the accounts of the company, Sir Maynard Hedstrom, Chairman of Directors, told the meet ing that during the year under review the cash position of the company im proved by nearly £80,000, and for the first time in the history of the company cash in hand and at the bank, plus Government securities, exceeded the total liabilities.

He went on to say that during the last ten years the company had paid off more than £250,000, and, in addition, had paid dividends averaging 5 per cent. per annum.

Substantial economies were effected during the past two years, the chair man said, but these were not fully re flected in the accounts, as provision for sundry losses is included with trade ex penses, salaries, etc., in the profit and loss account. In actual fact, the year’s working expenses were about £13,000 less than for the year ended March 31, 1930. A reduction in insurance reserve of about £8,000, Sir Maynard explained, was caused by the fact that an amount of over £12,000 was paid to Morris, Hedstrom (Lautoka), Ltd., for hurri cane and flood losses.

In making up the accounts for the year, the board was faced with the fact that, although the accounts were kept in Fiji currency, trade was being done in English and Australian currencies also. Cash was held in both Australia and London on the day of balancing.

It was necessary to put entries through the suspense account, and adjust these and similar items by converting all items to the level of the Fiji pound.