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RT Tanner & Co Ltd


Board minutes of 1922

A Meeting of the Directors was held at the offices of the Company 15 Dorset Street EC on the 30 January 1922 at 11 a.m. at which all the Directors, and the Secretary were present.

Mr F Garrett submitted to the Directors a proposal that the Company should buy from Mr F Garrett and Mr A Tanner the Lease of Hutton Street, and Primrose Hill Premises, basing the amount to be paid on the valuation which had lately been made by Messrs Howell & Brooks for the Norwich Insurance Co it being absolutely a low valuation for the purposes of a loan of £10,000. The amount which Mr F Garrett and Mr A Tanner suggested should be paid by Messrs R T Tanner & Co Ltd for the remainder of the lease of the premises was £9000.

It was proposed by Mr A Eames and seconded by Mr F A Garrett that this should be accepted, and that steps should be taken to have the lease transferred in proper form.

The purchase price is £5120.2.0 the property being subject to a mortgage for £3879.18.0. the liability for which the company is undertaking.

F Garrett 15 Feb 1922


At a Meeting of Directors held at 15 Dorset Street, E .C at 12 a.m. on the 15th February 1922

Present:      Mr F Garrett (in the Chair)
                  Mr A Tanner
                  Mr F A Garrett
                  Mr A Eames
                  Mr G J Bird (secretary)

To affix the Common Seal of the Company to the Assignment by Mr F Garret and Mr A Tanner to the Company of the Primrose Hill and Hutton Street premises

F Garrett 28 Mar 1922

At a Meeting of Directors held at 15 Dorset St E.C. on Tuesday March 28th 1922 At 3 p.m.

Present:      Mr F Garrett (in the Chair)
                  Mr A Eames
                  Mr G J Bird (secretary)

The Seal of the Company was affixed to two transfers of shares in G W Bacon & Co Ltd (100 preference and 100 ordinary) which were sold to General Property Trust Ltd for the sum of £97.10.0 in all

F Garrett

A meeting of Directors was held at 15 Dorset St Salisbury Sq E C on the 9th June 1922

Present:      Mr F Garrett (in the Chair)
                  Mr A Tanner
                  Mr H S Pearsall
                  Mr A Eames

it was proposed by Mr Garrett & seconded by Mr A Tanner that the Directors Salaries for the year ending 31 March 1922 should be the sum of £3400
F Garrett £1200
A Eames £900
A Tanner £700
H S Pearsall £600
F Garrett


A Meeting of Directors was held at 15 Dorset St on the 2nd June 1922 at 2.30 pm

Present: Mr F Garrett Mr A Eames and the Secretary when the Seal of the Company was affixed to a Bond for £500 given by the Company to the Metropolitan Borough of Hackney for the due performance of a Printing Contract by Messrs Buck Bros & Harding Ltd

F Garrett

At a Meeting of Directors held at 15 Dorset St E.C. on Thurdsay July 27th 1922 at 3 p.m.

Present:      Mr F Garrett (in the Chair)
                  Mr F A Garrett
                  Mr H S Pearsall
                  Mr A Eames
                  Mr G J Bird (secretary)

The accounts as prepared by the Auditors were gone into, and the report was prepared for submission to the Shareholders at the General Meeting to be held on the 9th August. Mr Garrett put before the meeting the conclusion of the purchase of the Equity of Redemption of the Hutton Street premises as follows:
The purchase price was the sum of £5120.2.0 to which has been added the costs of the assignment and the amount expended on the additional floor which was added after the fire some years ago, with the result that the Equity of Redemption stands in the balance sheet at the value of £5708.15.4

F Garrett 6 April 1923

At the Sixteenth Annual General Meeting held at 15 Dorset Street E C on Friday August 18th 1922 at 2.30 p.m.

Present:      Mr F Garrett (in the Chair)
                  Mr F A Garrett
                  Mr H S Pearsall
                  Mr A Eames
                  Mr A Tanner
                  Mr G J Bird (secretary)
                  Mr Brandon (auditor)

The Secretary read the notice convening the meeting.

The minutes of the last General Meeting were read, and confirmed. The Chairman read the Directors’ Report as follows:

Gentlemen
Your Directors have the pleasure to submit herewith the accounts of the Company for the year ended 31st March 1922 duly certified by the Company’s Auditors.

The Company has suffered, in common with all other Wholesale Stationers, very severely from the drop in prices of all paper with the result that the greater part of the stock which was on hand at the 31st March 1921 could only be sold at a considerable loss.

The Company’s last accounting period in respect of Excess Profits Duty was to the 31st March 1921 but the Directors took advantage of the provisions in the Finance Act of 1921 to have the accounts made up to the 31st August 1921 with a view to ascertaining the loss incurred between the 31st March 1921 and the 31st August 1921 as a result of the drop in the value of the stock. The result of making up the accounts for the five months was to show that the Company had sustained a loss to that date of £7,169.9.7 and a claim for repayment of Excess Profits Duty was accordingly made. This claim has been admitted by the Inspector of Taxes with the result that the Company recovered £4,941.18.0 in respect of Excess Profits Duty previously paid. It will be observed that this £4941.18.0 is brought in as a receipt in the year’s accounts now submitted.

Since the 31st August 1921 business has improved and a fair margin of profit has been made on stock purchased and sold since that date but the Directors are still very seriously alarmed at the enormous cost of wages and salaries.

The Directors voluntarily agreed to reduce their salaries for the year ending 31st March 1922 from £3,950 to £3,400 but the accounts show that after crediting the Excess Profits Duty refunded there was a loss for the year of £855.2.4.

Dividends on the 1st and 2nd Preference Shares have been paid for the year ended 31st March 1922, and you are asked to confirm the payment of these Dividends notwithstanding that after bringing in to the credit the balance of profit in hand brought forward from the 31st March 1921 there is a debit balance to be carried forward to next year of £803.5.10. It is hoped that the result of the trading for the present year will be to wipe out this debit balance, and have sufficient profit to pay a full dividend on the Preference Shares, and a balance available for dividend on the Ordinary Shares. No dividend on the Ordinary Shares can be declared for the year ending 31st March 1922.

During the year the Company has purchased the Equity of Redemption in the Warehouse at Hutton Street for the sum of £5,120.2.0 to which has been added the costs of the assignment and the amount expended on the additional floor which was added after the fire some years ago, with the result that the Equity of Redemption stand in the Balance Sheet at the value of £5,708.15.4. The property is leasehold, and it is proposed to transfer each year a sum to a sinking fund which will redeem the amount paid for, and expended on the property on the termination of the lease.

No portion of the purchase money has been paid in cash but has been left on loan to the Company by the vendors.

The accounts as prepared by the Auditors having been considered Mr A Tanner proposed and Mr A Eames seconded that same be adopted. This was agreed to unanimously.

Proposed by Mr F Garrett, and seconded by Mr F A Garrett that Messrs Marreco & Co be appointed Auditors for the ensuing year.


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