ABRAHAM & WILLIAMS, LTD.

Dominion, Volume 7, Issue 1915, 25 November 1913, Page 10

ABRAHAM & WILLIAMS, LTD.

CHAIRMAN'S ANNUAL Ai>lWißJ>}?. Tho nimuiil meeting of Messrs. Abrahmn and Williams. Ltd,, was held at I'aliuorston North yesterday, Mr. K. S. Abraham, managing director, presiding. in tho course of his address, Mr. Abraham said that, in moving tho adoption re tho report ami balancc-sheet for the year on September 30 last, ho might congnitilato shareholders on n fairly successful return for the year's work. Tho balarco ot profit and loss showed an increase of •UiGGli on that of last year. This anioaut would havo been considerably larger, but for the slaughtermen's strike, which time at that particular season of tho year vheu tho business is usually at its best. Tho stagnation of trade which resulted for at, least two months probably nffcctec tho company more than other classes of busi-

ness. This year, of course, they were dealing with a more gigantic attenpt on tho part of tho Federation of labour to obtain the command of tho industries of tho Dominion, and they, in (omnion with all trading concerns, aro feding tho '■ffccls of tho lipheaTat vcrv_ niueL'. Turn-' ing to the balanco-shcot, filey found that capital account; lias increased' by less than It was a matter of rfgret that shareholders, could not see their way to increaso their holding somewhat. Whilst they were able to hold their own with larger concerns by means of the strictest attention to financial details, it was a very great pity that', for want of more capital, so much good business—which could bo by tho present staff without any increase in ■expense—lmd to bo turned down. The question of insuring preference shares woald bo considered by tho directors during tho next few month'. Provided they could arrange for a. reasonable addition to the capital there was no reason why tho company should not, while still pursuing the policy of creating thong reserves, pay dividends of 8 to 10 per cent., instead, of G per cent, as at present. Reserve account was increased last year by £1000, and it was asked that another should be added this year, thus bringing it ijp to ,£17,000. They would be glad tb learn that liabilities as compared with 1908, and after taking, into consideration tho increases in capital, reserve and mortgage accounts, had dropped .£12,221 with an increaso in net profits amounting to .£B7IO. Turning to the other side) of the balance-sheet they would find that property account had decreased by tomo £2000. This was owing . to the sale of one of their properties, which were now,'being gradually realised, so that they might bo in the position of holding no freeholds racept strictly business premises, and may so claim exemption for shareholders from increased graduated tax, in accordanco with the Act passed last year. The directors had also protested very strongly about tho nigthqds adapted by the Government in assessing income tax In tho casejjf companies such as their own; It seemed to bo most Unreasonable that shareholders who nro receiving small dividends only should bo taxed on a higher scalo than a compauy with perhaps only a tenth of tho capital, but which may be paying its shareholders 25 per cent. . The earnings tho ordinary commission account shows an increaso ot .£1982, and land commission 2202G, which must bo considered satisfactory. Interest account shows au increaso .of -6919, for which higher rates and the increaso in sundry debtors is responsible. In tho farm and fat stock accounts, however, there was a considerable decrease, for which tho slaughtermen's striko was mainly responsible. In wool they might also note tho satisfactory increase of 1595 bales handled more than last year, whilst there was an inorease of 1853 bales sold locally. ■ .The present, year, continued Mr. Abra-' ham; opened under tho brightest auguries of success . Prices of all classeg of produco were and are' high. Feed is most plentiful, and in every way it seemed afl it' farmers would . generally, experience ii record year. These bright prospects have, however, been dimmed by tho jicuon of tho federation of Workors, who, without the slightest reason or provocation which could justify their act/on, havo plunged tho country into turnjoil, and but for the prompt actiou of -the country settlors would liavo still furEhor accentuated tho trouble by open violence, I which the leaders so warmly advocated. Out of evil, however, good may come. Tho whole Dominion has been roused, and country and ' town working wholeheartedly ' together havo successfullygrappled with tho situation, and before Jong things should resume their normal condition as tho workers are now /beginning to realise that they haW been gulled, and, with the exception of a few extremists, will gladly resume* work again. _ It is to bo hoped tliab Parliamen will pass such ' legislation, as will prevent a few extremists from inflicting in tho future such damage to jtlie wholo Dominion. The removal of tho heavy dtfty on wool in America innst havo a beneficial effect on this produce, if it docs no more than level up prices and Teduce tho uncertainty which is apparent from tini6 to' time in the value of this commodity. It is considered by good judges that the removal of the American duty, combined with tho opening of tho Panama Canal, must directly act on tho colonial wool sales, which throughout tho Dominion aro steadily growing in importance. Tor the company's shareholders ho would urgo .the importance ,o£ selling locally; every year they saw more countries Te-

presented amongst thcr buyers, and it stands to that yianufactu'rers can afford to gfvo more and ship direct than thoy can if compelled, to face tho high charges- of tho London markets. Our Canadian trado shows a heavy increase, and it is evidont that a large demand is springing up in thivc Dominion for our produco. ; 111 conclusion, ho would ask them to express their appreciation of'tho good work which has been dono by the uiembars of tho staff, who ono and all had worked with a, will.

A rathor interesting episode occurred in awarding tho championships for the host dairy cow in milk on tho ground at tho Wangnmii Show. Points woro exactly evpi between Air. Donald's Hol-stein-Friesian and Mr. H. Jl'Donald's Ayrsliii;,o. Tho judges wcro Mr. Coleman Pjiillips, of Wairarapa, nnd Mr. H. H. 01/ien, of Taraiiaki (tho rospcctivo judges of their own classes). TIIO points being so equal each judgo naturally stuck to his own breed, and being nnablo- to ngreo they reforretl the. matter to Mr. C. Goulter, of Blenheim (tho Jorscy judge), who gftvo the covcted lioiiour to the Holstem-Friesjaii.

Tho basis of profit depends upon the quality of tho cheese. Therefore, the important factor is to improve the Ciheeso. Tho "Victor"' Vat, the modorn e'hecsc-makor's help, adds materially to the quality, because tho sloping bottom allows the whey to run freely, leaving tho curd high and dry. Investigate tno merits of "Victor" Vats. Albert J. Parton, rlumbor, Carterton— Advt.

It has taken many years to build up tho roputation of tho "Gilruth" Calf Food, but at last merit is rewarded, and this food comes into its own. The "Gilruth" Calf Food is now stocked by almost overy Storekeeper in tho,Dominion.—Advt.