rGOMPANIES "OUSE

0 1 OCI \99\
\ M 37

THE EVERTON FOOTBALL CLUB COMPANY lli\UTED

_________ -._0._ _••. _ _._.

- - - -ANNUAL
" " ' - - - -REPORT
- - - - - - _... _._ ...--

- - - - - AND --, -_._---~

STATEMENT OFACCOUNTS
- - . _ - _..__ .- '--'--"---
____,.~ __.__..~ T3!sf At!'~ 19~_!_..,, __._..,. . . >__ ..
 •

THf. EVERTON FOOTBAll CLUB COMPANY LIMITED

NOTICE OF MEETING

NOTICEIS HEREBY GIVEN that the one hundred & twelfth Directors
Annual General Meeting('Ifthe Companywill be held at the Sir Philip D. Carter C.B.E., Chairman
offices of The Everton Football Club Company Limited, D. H. Pitcher, Deputy Chairman
Goodison Park, liverpool L4 4EL, uu Thursday the 15th Day A. W. Waterw''lrth
of August, 1991, at 7.00 p.m. to receive and consider the J( M. Tamlin
Report of the Directors,and the Accounts for the Year ended 1,1, A. B. Newton
31 stMay, 1991, to elect Directors, tuappointAuditors forthe D. M. Milrsh
ensuingyear, and to fix their remuneration, andto transact any W. Kpnwright
otherbusiness whichmayhetransac'ed atthe Annual General
Meeting of the Company.

The Transfer Booksof theCompany wiII be closed untiI 16th

August, '991. Secretary and Registered Office
J. Greenwood,
By Order of the Board. Goodison Park, Liverpool L44EL

J. GREENWOOD, Secretary,
Coodlso.i Park, Liverpool L44EL.

Manager
11 th July, 1991
H. Kendall

Admission on Presentation of
Annual Report

Noticeis alsogiven that aMemberof the Company entitledto Bankers

attend and vote at the above Annual General Meeting is TSB Bank pic
entitled to appoint a proxy to attend and vote insteadofhim,
and that the proxyneed not be a member of the Company.

Pmxies must be lodged at tile Registered Office of tile

Company, not less than 48 hours before the lime of the Auditors
Meeting. Rogers, Bowler & Co.

3
THE EVERTON FOOTBALL O.UB COMPANY LIMITED
CHAIRMAN'S REPORT
Ihave pleasure insubmitting the Financial Report and
Accounts.
We were illl dell~h\ed to welcome hack H\)wa~d
Kendall as ourManager- hewas re-appointed on the6th
November, 1990. . Officer. Jim Barron wasappointed Youth Team Coachbut
Theseason started verybadly; in thefirst halfweplayed
19 games, won4, drew6and lost 9, butin t',,~ :.\:.' ond half
we played 19, won 9. drew 6 and 10514.
Itwasalsosignificant thatprlorto Howard rejoining us
we onlvachleved 2 points from 5awaygames, butdurlng
the remainder ofthe seasonwecollected 17 nolnts from
the remaining 14 awaygames.
Our partlclpation in the three Cup Competitions was
varied. Although we 'ost to Sheffield United in the 3rd
Round of the Rumbelows Cup, we made progress to the
5th Round of the FA Cupforthe secondyear, thistime
losing toWestHam United. This wasafter twomagnificent
replays against Liverpool inthe 4th Round. I am sureall
fans will neverforgetthe stirrlng-l-a result atGoodison on
Wednesday 2Qth February 1991. We macl~ d welcome
return toWembleyintheZenith Data Systems CupFinal.
butuntortunately lost 4-1 to Crystal Palace after extra time.
The Manager and Board acknowledge that a
considerable amountoffurtnerstrengthenlng is required
to the first team squad. The Board has confidence in
Howard Kendall andisproviding financial backing for him
in his questforadditional players.
In thePontin's league we finisheci fifth, and theATeam
finished ~l credltable third in the lancashire Football
League,
Sincehis re-appclntrnent asManager, Howard Kendall
has re-organlsed his backroom staff, and we were very
4
pleasedto welcome ColinHarvey as First Team Coach.
This move re-establishes the successful management
partnership ofthemid80's.limm'l Gabdel wasappointe.d
Reserve TeamCoach and Ray Hall, Youth Development
hassince lefttotakeup a position with Aston Villa. Brian
Greenhalgh became ChiefScout andJim Martin occupies
the nEM postof Kit Manager.
During lastvc irv-e wereagain involved in the transfer
market buymg Pi dy Hinchcliffe, Mike Milligan, Robert
Warzycha and Ge'ry Peyton.
Players transferred outwereMike Stowell, Neil Poynton
and Mike Milligan.
Wewereextremely sorry to losetheservices ofNorman
Whiteside due to a sed. rs injury. He had to retire from
football completely and we wish him well in his future
career.
International Honours
Wales N. Southall, K, Ratcliffe
Scotland S. McCall, P. Nevin
Eire K. Sheedy
Po/and R. Warzycha
England: /27 J. Ebbrell (Captain)
Wa/C:!s I.J~ J M. Ebdon
The re-admission or English Clubs into European
Competitions was most welcome and in particular WI2'
must congratulate Manchester United for their ii.le
performance in wi nni ngtheEuropean CupWinners Cup.
The greater the success by English teams in Europe, the
soonerthe numberofplaces available tothisCountry will
increase. Weall look forward tothe opportunltles, which
these European Competitions offerto thesuccessful Clubs
in the English league.
 • •

THE EVERTON FOOTBALL CLUB COMPANY LIMITED

REPORT OF THEDIRECTORS

Principal activity Directors

Theprincipal activity ofthe Companycontlnuesto be thatof Thed irectors inoffke inthe yearand theirbeneficial interests
a Professional Football League Club. in the issued ordinary sharecapital were as follows:

Review 01business 31st May 31st May

The resultsof the period's trading are givenon page 70fthe 1990 1991
accounts. £ £
Sir philip D.CarterC.B.E. 93 99
The net loss for the year is £620,213 after the transferof Mr. D. H. Pitcher 8 13
£500,000 from the Transfer Fee Reserve. Mr, /'I.. W. Waterworth 7 7
Mr. K. M. Tamlin lS 16
Since the end of the financial year, two players have been Mr. D. A. B. Newton 3 5
transferred out and one playertransferred in, witha netprofit Dr. D. M. Marsh 7 10
to the Companv of £766.000. The Directors are currently Mr, W. Kenwright .3 7
involved inother transfer negotiations with the objectiveof
strengthening the team in order to compete for majur In accordance with the Articles of Association Mr. D. A. B.
honours, in the forthcoming season. Newton and Dr. D.M. Marsh retire by rotationand, being
eligible, offer themselves forre-election. Nominations have
The loss on "footbaII activities" is£25S,821,campared with been receivedon behalfof Messrs. G. H. E. Birch, and P. L.
£536,468 last year, Profit from donations and other Parry.
cc: -mercial activities increased only marginally from
£':J. J,892 to£964,854 withdonations from Goodison Park Fixedassets
Promotionsfalling (-.)01 £113,573 to £58,938. During the FuII detaiIsofthechanges to the Fi xedAssets are shown inthe
coming 'lear Goodison Park Promotions intend to revamp Notes to the Accounts.
their Lottery schemes with a view to reversing the present
decline in profits. Auditors
Theauditors, Messrs. Rogers, Bowler & Co.,will be proposed
The Directors consider the stateof the Company'saffairs at for re-appointmentin accordance with Section 384 of the
the yearend to be satisfactory. CompaniesAct19R5.
Dividend Byorder of the Board
The Directors do not recommend the paymentofa dividend.

\ /
SIR PHILIP CARTER C.B.E.
Chairman
, ,
. ,

~l(.;'o~
~~
6
THE EVERTON FOOTBAll CLUB COMPANY LIMITED
CHAIRMAN'S REPORT continued
Our average League attendances wereonce(\gain down
on the previousyear to 25,027, a reduction 0.' 4.7%.
Incomefrom our mainfootball activitiesincreased from
£4,244,366 to£5,127,143, resultingin an improvement
in our deficit on "football activities".The loss for thlsyear
was£255,821 compared with £536,468 in 1990.
Income from our other activitiesshowed an increase
from£1,798,278 to£1,988,687 in spiteof disappointing
figures for donations from Goodison Park Promotions,
which fell from£113,573 in theprevious yearto£56,93~.
Compensation payments and transfer fees during IIIe
YP;jr "hOWM " I1Pt cn~t 0f £1,829,246, compared \v,ch
£497,416 and after taking into account t:,e reserve of
£500,000 created last year, the net loss for the year is
£620,213.
The implementation by Everton F.e. of the
recommendations within theTaylorReportarenow well
advanced andfor thestartof thecoming season Gwladys
Street Terrace will becompletelysealed. Thiswill reduce
our overall capacity to 38,500 of which 36,400 will be
seats. The regular development andplanningofGoodison
Park stadium over many years has placed Everton F.e.
well in advance of many other First Division Clubs
regarding theultimateobjectlveof achieving an all-seater
stadium.
Plans have been produced forthe re-development of the
Par~ End with a new two tier cantilever stand seating
6,000, which would resultin Fverton F.C. havingone of
the few all seater stadia in tlu, U.K. with a capacity in
excess of 40,000.
5
Additional Improvements which areunder consuucuon
durlngthe close season are(1) Therelayingofthe playing
surface and(2) There-construction of theTicket Office and
DevelopmentOffice Complexto provide a considerably
improved service to supporters. We see the Dial A Seat
Service being expanded considerably, which will make it
very much easier for supporters to secure a seat.
NEC, our Shirt Sponsor, continue to give the Club full
support and they haveextended their sponsorship for a
further year.
Discussions 011 the F.A. Premier league continue, and
we areconfident thatthe leadgivenby the F.A. for the re-
structuring of football into the next century will be of
benefit to fans, clubs and players. We at Evprton look
f01\4, ard to being one of the major participants in such a
rc-organ isation.
1would like to placeon record my thanks for the help
andsupport J havereceived duringtheyearfrommembers
of theBoard andChief Executive Jim Greenwood andhis
staff. We wish HowardKendall, hisstaffandplayersevery
success for the season ahead, and we look forward with
confidenceto the future.
SIR PHILIP CARTER C.B.E.
Chairman
11thJuly, 1991
 .
This is to certify that t~is is ,
a . . copy of yhp Balance Sheet
tru~
handed to Members of the Company at the Annual General Meeting
held on 15th August lB91.
---------------------
THE EVERTON FOOTBALL CLUB COMPANY LIMITED
BALANCE SHEET AS AT 31st MAY 1991 Director ~~~

Notes 1991 1990

£ £ £ £
Fixed Assets
Tangible assets 2 7,024,073 4,800,872
Current Assets
Stocks 3 84,733 56,190
Debtors 4 865,071 865,363
Cash at bankand in hand 11,568 104,314

961,372 1,025,867
Creditors:amountsfalling due within one year 5 3,178,716 7,509,675

Net Current Liabllltles (2,217,344) (483,808)

-----
Total Assets less Current liabilities 4,806,729 4,317,064
Creditors:amountsfalling due after more
than one year (75,450)

Net Assets 4,806,729 4,307.674

Representing
Capitaland Reserves
Called up sharecapital 6 2,500 2,500
Revaluation reserve 7 4,541,669 2,976,341
Other reserves 7 500,000
Profit and loss account 7 262,560 882,773
4,806,729 4,301,674

Signed on behalfof the Board,

who approved theaccounts on 11 th July, 7997
SIR PHILIP CARTER C.S.E
D. H, PITCHER
J Director'
)

8
 ..

THE eVERTON FOOTBAll CLUB COMPANY LIMITED

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 37st MAY 199~'

Notes 1991 1990

£ £
Income
Gatereceipts and Income from related footbaltlng actlvitles 5,127,143 4,244,366
Trading and other income 1,929,749 1,684,70.5
7,056,892 5,929,071
Expenditure
----
Costof goods for resale 717,509 632,.515
Staff costs 8 3,973,338 3,209,037
Training, travel,match and otherexpenses 679,170 670,275
Groundexpenses and maintenance 97,279 343,822
Utilities 363,815 368,134
Depreciation 2 154,490 121,123
Auditors'remuneratlcn 6,000 6,000
Otheroperanngexpenses 366,051 313,405

6/357,652 5,664,311

Balance before transfer fees 699,240 264,760

Add: Transfer fees receivable 612,548 3,214,484
Deduct: Transfer fees, compensation etc., payable (~,441/794) (3,711,900,

Operating loss !,130,OO6) (232,656)

Add: Interest receivable 27,441 42,Q26
Deduct: Interest payable 9 (76,586) (26,835)
---
Loss on ordinaryactivities before taxation (1,'79,151) (216,565)
Taxation re ordinary activities 10

Loss on ordinaryactivities after taxation (1,179,151) (216,56.1;)

Add: Donations receivable 11 58,938 11J.573

Transfer from Transfer Fees Reserve 7 500,000 500,000
Deduct: Transfer toTransfer Fees Re-serve 7 (500,000)
-----
Loss transferred to reserves (620,213) (10",992)

7
THl: EVERTON FOOTBALL ClU8 COMPAN",' LIMITED
STATEMENTOFTHE SOURCEAND APPLICATION OF FUNDS FOR THEYfAR ENDED 31st MAY 1991

1991 1990
£ £ £ £
Source of funds
Funds generated (rom operations:
Profit/CLoss) on ordinaryactivities before taxation (1,179,151) (216,565)
Adjustment for items not usingfunds-
Depreciation 134,490 121,123
- . .• .>.=_ _ . -

(1,024,661) (95,441)
Funds from othersources:
Donations receivable 58,936 1 J:l,573
Saleoffixed assets 51,840 23,300
Grants frim The Football Trust 295,860 62,1.193
Loan from brewery 68,000
---
Totalfunds from all sources (550,023) 704,.3.!4
Application of Funds
Purchase of fixed assets 1,100,063 193,964
Repayment ofloans 77,329 84,360
1,177,392 278,324

(1,727,415) (174,000)
Movement in Working Capital
Decrease/(increase) instocks (28,543) 13,086
Decrease/(increase) in debtors 292 1,194,919
IncreasE:'/(denease) in creditor" 321,052 (939,257)
292,601 266,748

Decrease in net liquid funds (1900: increase) (1,434,614) 94,748

--- -----
Comprising increasel(decreases) in:-
Bank balances (1,436,384) ~.l,'56
Cash in hand 1,770 1,792
.r:...
(1,434,614) -, 94 748

---- 'I ",

; .
.,

9
THE EVERTON F~OTBALL CLUB COMPANY LIMITED
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AfAY 1991

1. Ac-counting Basisand Policies

These accounts have beenprepared on the historicaIcostbas isof accounting asmodi fled to indudevaIuatlons ofthecr ub's
properties, and inaccordance withaccounting policies conslstentwith thoseadopted previously, andsetout in the> following
notes where appropriate.

2. Tangible Fixed Assets Plantand

Properties equipment Vehicles Tot,ll
£ £ £ £
Cost or valuation
At 1srJune 1990 4,436,42b 643,550 276,897 5,356,873
Additlons 792,245 98,485 209,333 1,100,063
Grants (276,468) (19,392) (295,8601
Di)f.'u)al:. (.."15,6~.J) 195,663)
Revaluation adjustment 1,625,328 1,625,328

At31slMay 1991 6,577,531

-----
722,643
---
390,567 7,690,741
---
Cost 77,531 722,643 390,56i 1,190,741
Valuation in Arml1991 6,500,000 6,500,000
0 _ _ "

6,577,531 722,643 390,567 7,690,741

-- --'-'
Depreciation
At 1st June 1990 451,425 104,576 556,001
Providedduring year 67,805 86,685 154,490
On disposals (43,823) (43,823)

At31stJune 1991 519,230 147,438 666,668

--
Net book value
At 31st May 1991 6,577,511 203,413 243,'29 7,024,073

At 31st May 1990 4,436,426 192,125 172,321 4,800,372

The Club's propertles are freehold, withthe exception ofcertain millUI It:'!l,,lential properties which are long leasehold.
TheClub'spremises at CoodisonPark andBellefield wererevaluedat .£6,450,000 byGeraldEve & Co.,Chartered Surveyors,
as atthe30tn April 1991, on the basis ofopenmarketvalue fortheirexisting use, and theirbookvalue adjustl'd accord ingly,
togetherwithft,oseof certainminor residential properties which WNe revalued bythe Directorsat theirestimatedmarket
value. The ~lIiplLls on revaluation amounting to £1 ,625,328 has been credited 10 reserves.

10
 If the fre-hold properties had not been revalued rf'gularly ~inc(' 1983 thC'y" would have bl'flU 1mluded at the toII0\\ 109
amounts on the basis previouslyappert&lining:~ 1991 1990
£ £
Cost 2,216,384 1~ b29~:'i33
Aggregate depreciation 137,8,51 IH.4!f.1

Net i;~"'ok value 2,078,533 1,498.12";

It is the Club's policyto maintain the valueand extend the Iifeof itsproperties by regularexpenditurecharged to revenue,
and to revalue the properties every four yearsand adjust the bookval uesaccordi ngly, Having regard to this,depredation
is not provided on freehold properties asthe directorsare ofthe opinion, in the case of some properties, thattheirestimated
residual valueexceeds their book value, and in the case of other properties, that the sum involved would be immaterial.
Depreciation on other fixed assets has been calculated at25 6/a on the book value.

3. Stocks
Stocks are valued at the lower ofcost and net realisable value and comprise the following:-
1~cJ1 1990
£ £
Refreshments and souvenirs 82,816 ,.~ 273
Maintenance stocks 1,917 1,917
--_.~

84,7~3 %.190
---~

4. Debtors
Tradedebtors 375/836 453,.309
Other debtors 296,720 1$7,420
Prepayments and accrued income 192/515 160,374
- -86.;,363
--
865,071

5. Creditors: amounts fallingdue within one year

Trade creditors 798/235 648,597
Social security and other taxes 159/270 133,762
Pension scheme premiums 536 9,414
Other creditors 13,980 S,b77
Accruals anddeferred income 796,648 649,967

1/768/669 1,447,617
Bankoverdraft 1,341,868
Bankloan 53,808
loans from brewery 68,179 8,250
1,178/716 1,509,675

11
 1991 1~)90
6. CalledUpShareCapital f :£
Authom~d: 2,5UO £1 stock units 2,500 2/;00
Allotted, issuedand tully paid: 2,500.. 1 stock units 2,500

7. Reserves
Revaluation reserve
Balance at 1stjune 1990 2,916,341 2,Qlh, ~41
Adjustment on revaluation of properties 1,625/328
Balance at 31 st May 1991 4,541,669 2,916,347
Transfer fees reserve
----
Balance o.t tst lune 1990 500,000 .500,000
Transferred to profit and lose; account (500,000) (SOO,OOOl
Transferred from profl: and lossaccountin respect offuture
expenditure authorised bythe directors 500.000
-
Balance at 31st May 1991 SOO,OGO
Profitand Loss ,Account
Balance ar 1st June 1990 882,773 985,765
Loss (or theyear «(;,20,213) (102,992)

Balance at 31stMa\ 1991 262,560 882,773

---~-

8. Particulars of Employees
Theaverage weeklynumberof employees during the year wasasfollows:-
Playing, training and management 47 47
Maintenance and adm.nlstratlon 29 29
Catering and sales 33 31
109 707

The aggregate payroll costsofthe above persons were as follows:

Wages and salaries 3,455,256 2,657,158
Social security costs 298,313 232,842
Other pension costs 219,769 .319,037
3,973,338 3,209,037

Otherpension costscomprise contributions made bythe Company in respectofthe majority ofitspermanentemployees

to pension schemes independently admln'stered by the Football League Limited, together with contributions made to
individual pension contracts underagreements with certain employees. All pension arrangements aredefined contribution
schemes.
Thedirectors received no emoluments from the company during the year.

12
 1991 1990
9. '~tere~c Payable £ £
On bank loans and overdrafts 76/58~ 2iJ,4·:/)
On other loans 1,31H

'10. Taxation
No taxation arises on the results of the year.
In view of the contlnulng use of the fl eehold properties no provision is considered necessary in respect of thl' potcntlal
tax liability which might arisein the event of thedisposal of the propertiesat the amountsatwhich they are included in
these accounts, and in the opinion of the directors it js impracticableand of no useful purposeto anernptto qcantify it.

11. Donations Receivable

Donations receivable comprise amounts receivable {rom the various Everton development associations, reduced by
expenses relating thereto.

12. Future Capital Expenditure .

Capital expenditure contracted for but not provided {or in these accounts amounted to £610,375 Nil
Furthercapital expenditure aufhorlsed b~ the directorson whrch ordershad not been placed
prior to the Balance Sheet dateamounted to £39,510 £432,350

REPORT OF THE AUDITORS TO THE MrMB[RS OF THE ~VERrON ~OOmAlL ClUIl CGMPAN\' LIMITED

We haveaudited the accounts setout on pages 7 to 13 in accordance with Auditing Standards.

In our opinion, theaccounts give a trueand fair view of thestate ofthecompany'saffair." atthe3 1stMay 1991andof itsresults
andsourceandapplicalion of fundsfor theyearended on thatdate, and havebeenproperly prepared in accordance with the
Companies Act 1985.
ROGERS, BOWLER & CO., Chartered MI."ollntants, Birkenhead. 11 thJuly 1991

13
l'Hi ~VERTON FOOTBAll CLUB COMPANY LIMITED
/vUNUTI:~ OF THE 111th ANNUAL GENERAL MEETING
THE 111th ANNUAL GENEItAL MEtriNG OF THE
EVERTON FOOTBALL CLUB CO. LTD., H~~lD AT
GOODI~ON PARK, LIVERPOOL ON THUFcSDA"} 23rd
AUGUST, 1990 AT 7.00 p.rn,
Prescnt: Messrs.P. D. CmtE~r(in mo Ciuit), K. M.Tarnlin, D.
A. B. Newton, D. H. Pltcher, D, M. Marsh, VV. '\enwright
(Directors). J. Greenwood (Secreta/Y), J. c. Harvey(ManagprJ
and P.B. Bowler(represC'nting Rosers, Bowler&Co.)together
with 152 Stockholders.
Apologies were recorded from Sir John Moores, C.B.E.,
Messrs. A. VI/. Waterworth, T. H. W. Scott, A. Nolan, A.
Dowell anti Mrs. L. Seed.
NOTICE CONVE"~iNG THE MEETING
I~ wasagreed ~~l~t the Notice conveningthe Meeting should
be taken as react
ADMISSIO\'. OF THEPR£SS
It was 19meo li l~lt members of the Press in attendance
should be nerrultted to rernalnin attendance t} roughoutthe
rnet-ting.
MINUTES
It \r\'c1~ agreed thatthe ;,1inutes C llhe 11Oth Annual General
Me~ting, ascirc:u lated,should betakenali read.Mr. G. Beattie
proposed the minutes be approved and signedas a correct
record. Mrs. E. jones seconded and the proposalwascarried.
CHAIRMAN'S REPORT
Itwas agreed that the Chairman's Report, circulated with
the Annual Report, should be taken as read. Mr. Carter
referred to the recentdeath of Mr. JoeMercerand the meeting
observed ashort silenceas a marko(appreclation. Detailsof
the dose season work in order to furtner implement
recommendations of Lord Justrrc.' Taylor were announced by
Mr. Carter.
14
DIRECTORS' REP~:.R· 'NDACCOtJNT)
Itwas agreed \.~at the i.rrectors' and Auditors' Reports, as
circulated, should betaken ,1Sread. Therewereno nuestlons
relating to the Report and Accoum«, Mr. K. M. Taralin
formally proposed the adoption oftho Reports and Account'.
MI'. R. E. D. Edwards to;(l('ondcd and the proposal was Girl ied,
DIVIDEND
Mr. D. A. B. Nowtm proposed that no dividend should
be paid. Mr. K. Nolan seconded and the proposal was
carried.
APPOINTMENT OF AUDITORS
Mr. D. H. Pltcher proposedthatvtessrs, Rogers. Bowler&
Co., should be re-appointed asAuditorsforthe ensulngvear
and their remuneration be left for the Directors to decide.
Mr. F. Peacock seconded and the proposal was carried.
1:1 ·CTlOl'-l OF DIRECTORS
The Chairman reported that Messrs. A. W. Waterworth ar.d
D.l-!. Pitcherwere the retiring Directors. Both were eligible
aml se-eking re-election. Nominations received j n respectof
Mr. G. H. E. Birch and P. L. Parry had been withdrawn.
The meeting unanimously agreed to a single resolution to
re-elect tb~ two retiring Directorsfar a i,·(ther3 year period.
The Chairman then formally proposed that Messrs. A. \V.
Waterworth and D. H. Pitcher should be re-elected as
Directors for a3 year term. Mr. P. L. Parry seconded and the
proposal was carried.
Mr. D. H. Pitcher expressed thanks to the Stockholders on
behalfof Mr. A. W. Wtltervvorth and himself.
VOTEOFTHANKS
The meeting dosed with d voteof thanks to the Directors
and Managementproposed by f\~r. A. G. Hirstand seconded
by Mr. J. Tushlngham.