The report by the directors of Messrs C.G Elrick & Co Limited, comb and vulcanite manufacturers, Forbes Street, Aberdeen, to the fourth annual general meeting of the company, to be held within the Tea Room, Café Company Buildings, on the 7th , is as follows :-
The directors have much pleasure in laying before the shareholders their report for the year ending 31st of December 1883. In concluding their last report they ventured to assure the shareholders that the company, financially and otherwise, was then on a surer and more satisfactory basis than it had hitherto been, and expressed the hope that by the end of the year 1883 the balance of £798 7s 2.5d then standing at the debit of the profit and loss account would have entirely disappeared; and they are now glad to inform the shareholders that the hope then expressed has been more than realised.
In accordance with the resolution come to at the last annual general meeting, the balance sheet and profit and loss account for the past year, duly certified by the auditors, have been printed for circulation among the shareholders. From these shareholders will observe that the whole amount of the subscribed capital has now been fully paid and that the gross profit for the past year has been £1400 2s 1.5d; and that after clearing off the deficiency existing as at 30th of December, 1882, there is a clear profit of £601 14s 11d at the credit of the profit and loss account.
Out of this sum a payment of £300 has to be made to the Union Bank in part payment of the amount due, as agreed upon in the special resolution proposed in last year’s report, and duly carried through and confirmed. The directors do not consider it advisable to pay a dividend at present out of the balance of £301 14s 1.5d, which will then remain in hand, but propose carrying the amount forward to the credit of the next year’s profit and loss account as a reserve fund.
Mr Paterson retired from the directorate of the company during the year, and Mr James Hannochie, plasterer, Aberdeen, was elected in his place. Mr Morrison is the only director who retires at the present time, but he is, of course, eligible for re-election. In conclusion, the directors would again express the gratification they feel at meeting the shareholders with a more satisfactory report than they have been able to leave before them for the past three years. They are now fully of opinion that the financial position of the company has been thoroughly established, and, apart from any unforeseen occurrence, they have no doubt that with the continuance of careful management the shareholders will in future realise a good return for the capital invested by them in the company.”
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