1928-04-10 — Page 3

Page

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Denit

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of marked is what 'Gaya' Tablets of Aspirín have become, "Thanks to their "unrivalled efficiency, Mons of valimis recognise in them the best of pain-idllers, and have bem heed by them from 3 Penda

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'THE HONG KONG DAILY PRESS, TUESDAY, APRIL 10th, 1928.

MR. SELFRIDGE AND WHITELEY'S.

SENSATIONAL STATE- MENTS AT A MEETING.

GOODS THAT WERE 23 YEARS OLD.

BRITISH, TRADERS FOR CANADA.

KEEN RESPONSE TO THE PRINCE'S APPEAL

BIG PARTY TO LEAVE THIS MONTH.

The first party of British traders. who will visit Canada as the result of the suggestion of the Prifice of Wales in his speech last November will leave England on April 20th. Sensational statements in coance- The Prince in his now famous im tion with the nequisition of Wil-promatu speech to the Canada Clubs said that Canada was on the thres- liam Whiteley, Ltd., by Sairidge hold of one of the most astonishing and Co. were made by Mr. Self- eras of expansion and development ridge, chairman and managing want to appeal," he said, "to the

the world has ever known. director, at the twenty-ninth an younger business men of this coun wual meeting of shareholders of try who are blessed with imagina- William Whiteley, Ltd.

tion and opportunities to study Canada and her present needs and future possibilities as I have tried to do.'

"I

land in April is being organised by The party which will leave Ent-

the Sales Managers Association of Stanley Talbot, who is organis the United Kingdom Incorporated. ing this trip, said:

The business was taken over, zaid Mr. Selfridge, depending on the correctness and integrity of its Jast balance-sheet. It was known, of course, that the business had for. years been declining, both in tura- over and in profits. The annual curnover had shown lower figures each year since 1991 (except · 1925, ទង់ព the turnover was £6,000 higher than 1034). The actual pro- fits had also shown a regular an- nual decrease, and a continuance of these unhappy conditions would,. in a short time, have become fatal to shareholders' prospects.

Beorganisation,

These were the conditions which we knowingly assumed when mak ing the purchase: We accepted the very arduous duties of reorganisa. tion and felt confident that in a reasonable period of time we could turn the corner and again, see the turnover show increases.

A great surprise was, however, in store, for after interviews with two or three department buyers wo discovered-much against their will -that the figures purporting to re present their stocks in hand were grossly exaggerated and that. part of the merchandise as indicated in the stock sheets was not there on February 14th when the stock was Ested.

The manipulation, however, of the stocks in question had been so cunningly carried on that prosecu tion of the responsible buyers was ant legally possible. In some cases invoices for merchandise reported by manufacturers to have been de fivered months before had been de liberately kept back at the urgent request of the buyers, and conse- quently liabilities amounting to several thousands of pounda" "were not included in the year's accounta

"Unsaleable."

But still further unpleasant conditions presented themselves." The stocks were inventoried, and, with few notable exceptions, it was found that departments contained merchandise Eve, ten, and even twenty five years old, and absolute- ly uasaleable at prices marked, and worth no more than a fraction of the values at which the goods had been previously inventoried.

"Now the very life blood of a great distributing business in ita merchandise, and with much of that ia the business of which we are speaking quite unsaleable, it is very easy to see why the turnover is dropping. No buyer is infallible, mistakes will be made, but wher such are discovered the wise mer- chandise manager instructs the buyer to cut his prices and take the loss, thus allowing himself at least part of the money with which to buy new and more saleable goods.

was

We found ourselves with a great accumulation of buyers' mis- takes piled up and undiminished year after year. A draatic but necessary clearing

made-a clearing which put our departments into reasonably good condition and which brought thousands of in-. terested customers to the various floors.

The previous balance sheet showed a carry forward of £221,070, built up to that, amount by calling merchandise, year after year, worth what it had cost when it had been proved that it had no such volite, Frevious Directors.

"Now, in making this severe criticism of the conditions of the stocks of merchandise we make no personal criticism of the previous directors Perhaps the managing director undertook too many de- tails or perhaps the systema wers hardly equal to a business of this size. I am quite certain, however, that had these discrepancies become evident during their administra tion they would unhesitatingly have shown them on their balance sheet

Mr. Field Evans, a shareholder, asked why, if the late directors managed the business so badly, such Fa huge sum of money was paid to

them.

Mr. Selfridge: They would not take less. The truth is, perhaps, we made a mistake I insist that the treatment of the stocks in this house was faulty-that the general judgment of the valuers of that merchandise was faulty although I don't suppose they know it. Pers haps we paid too much for those

shuros. It is our penalty, and we dre going to try and make that pay. ment profitable in the end. But we shall have to work very hard to do.

The report and accountsuwara: adopted.

The party will number about 2 and will consist of sales managers or executives, including the textile industries. We have had a woo derful response from Canada. We are going to Quebec, Montreal, Toronto, and Winnipeg, which is as far west as we shall reach. We shall be the first or second party to go up the St. Lawrence Biver after the ice has broken.

On our arrival we shall be re- ceived among others, by Sir Henry Thornton, the chairman of the Canadian National Railways,

The delegation will have the ad. vantage of getting introductions and meeting the right people in the trades in which they are con cerned, an opportunity which an individual visitor cannot hope to enjoy. Our arrangements are not yet complete, as we are receivin many inquiries from firms who hope to send representatives, in- cluding the following trades; Motor tyres, chemicals, textiles. tobacco, type writers, crayons, pottery,

confec brushes, and tionery. The party will be away five weeks.

August Visit.

Canada in, August in response to Another party which will visit the Prince's appeal, is being or ganised by the Federation of British Industries. An official of the feds-. ration said:

Already 25 firms have definitely booked for the trip leaving on August 17th. The trades repre- sented include leather, textiles, foundries, engineering, and steel. We have had a letter from the Premier of Ontario, the Hon. George H. Ferguson, saying that he will be very pleased to welcome the party and to make special provision for its members to visit

(Continued on next Column).

CULTURED · BORSTAL BOYS.

ACCENTS INSPIRE CONFI-

· DENCE, WHEN ALLEGED STOLEN CAR FAILS.

There was a sequel ́at Wey- mouth recently to an attempted escape of two boys from Portland Bobetal cstitution. George Ray- mond Hawkins and Jack Clifford, aged, were comitted for tria on a charge of breaking into a Portland garage and stealing a 2400 saloon car belonging to Lieut. Stokes Rees, of the warship Tuli can, at Portland,

Hawkins and Clifford were stated to be college-trained boys, and their cultured speech impressed one wit- ness, who eaid that when their car broke down he offered them assist- ance. He thought they were young naval officers because they spoke Both in such a cultivated“ voice, Hawking and Clifford, who were self-possessed, and cross-examined witnesses at length, laughed at this.

the works they are specially inter- cated in. We have also had in- vitations from Chambers' of Com- merce.

Parties, organised by the Drapers" Chamber of Trade and the Incor porated Association of Retail Dis- tributors, will visit Canada and the United States in April and May.

Mr. Albert Govic, the secretary of the Drapers' Chamber of Trade,

said:-

We have been sending parties to Canada and the United States since 1920 and, knowing the won- derful educational advantages of thean visits, we were very pleased to see the Prince's appeal.

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BAN ON RUSSIAN OIL..

LIVERPOOL COUNCIL DECIDE TO ENFORCE IT.

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Liverpool City Council after t long debate yesterday approved the recommendation of the Co-ordina

Committee that the Council should not purchase Russian oil. Sir Archibald Balvidge, in moving the report, said a rerious matter of principle was involved and he ask Ed the Council to support the Gor ernment policy of refusing to buy confiscated products. The Russian oilfields were developed in the firnt instance by British capital,and

were afterwards stolen by the Soviet Government. Today the Soviet Government was stirring up strife against Great Britain in many countries with the object of murdering British subjects and ruining British trades

Mr. W. A Robinson (Labour) in opposing the report, said Russia re established her oil production by sending to England for many thou sands pounds worth of modern machinery.!

Alderman Hogan, who also op posed the report, said here was s case where spite was being substi tuted for statesmanship.

The report was adopted by 54

Totes to 48.