Thank you for correcting the text in this article. Your corrections improve Papers Past searches for everyone. See the latest corrections.

This article contains searchable text which was automatically generated and may contain errors. Join the community and correct any errors you spot to help us improve Papers Past.

Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image
Article image

COMBINED BUYERS,LTD.

REPORT OF ANNUAL MEETING

The annual meeting of this company was held at the company's premises, iu Dixon Street, "Wellington, ou Friday, November 30, 1917. There was a fair attendance of shareholders, and Mr. It. S. Abraham'occupied the chair.

In moving the adoption of the report and balance-sheet the chairman congratulated shareholders, firstly on the formation of thecompany, which is designed to enablo shareholders to carry on what has now becoino an ordinary necessity in our daily life at a fnir and reasonable' cost; and secflndly $m thp fact .that the company can show a substantial profit for its first year s wnrUr ing, which was a fair indication that the claims of the management that the overhead cost of running the concern would bo smell, thanks to the large number of shareholders allied to it. At the" same time ho paid a >veJ!=earne(| tribute to the managing director anrt staff, who had devotee] thenisplves witft unceasing assiduity to the interests _ct the company. It was, howovor, the intention of tho board to provido their manager with good assistance, and they had arranged with Mr. Gharjes Morris, for many years connected with the hrm of Messrs. J. B. Glarkson and Go., Ltd : , to take up the position of organising secretary. vn . The chairman referred to the diflicultjes which a concern of this nature has to face, partly owing to .tfif , partly owing to the opposition of vested interests, and in some measure owing to interior trouble throuch the articles of association being badly drawn "P. and some want pf caro'whiph had been shoVii'by some of their canvassers. These troubles had now beensafely pot over and need cause no anxiety ir wie shareholders will pnll together, the real trouble being the which has seriously interfered with importations and arrangements for all motor requisites. . , ! Tho chairman then briefly referred to the articles pf association, which, under arrangement with himself awl _ Qtjier directors, with th.o object of getting rm of some objectionable features', had been submitted to Mr. Skerrett, K.0.,_ as.it was on that condition ho had joined the board. The necessary alterations have been matje, jind bis_ second condition also carried out, vif!.,' that trie chairman should be appointed from the shareholders' d'ireptflrs. "Whilst he had accepted the position as a tompprary measure, ho \vas very pleased to say that Mr. W. S. Bennett, lnmingev for Messrs. Dalgety and Co., Ltd., lincl now joined the board, am] wmiW tal?e \]w chair for'the onrrent year. Mr. Bennett's qualifications admirably suited him fpr the position, and the company is to be congratuYited on obtaining a man of his calibre to take the reins. •In referring te the balanoe-sheet. the chairman said, uiat thn c(inpany held an exceptionally sfrong positipn: Tne shareholders numbered over 140Q, and assets exceeded direct liabilities by £40,000. , . ' The company had invested £3000 in War Bonds, whilst cash at short call was ample to provido for contingent liabilities. Premiums on shares sold amounted to • £19,1)2, which had enabled them to wipß off the wholo of • their preliminary expense? and' carry forward the sum of jES9B 10s. lQd. Ilefprring ip the supply pf motor requisites, the cbairnmn pqintpd out that at present they were practically confined to tyres, of which vhpy held a heavy stock of good quality. It was, however, their intention to send their manager shortly to America, where they hoped to make arrangomerits to supply cver.vtn.ing that is neo.-ssavy, on advantageous terms for shareholders. The chairman .concluded by expressing his belief that the concern only wanted carofnl management aid the loyal co-operation, pf its shareholders to enable it to amply fulfil the work for which it was formed.

The motion was seconded by Mr. James H. Stevens, of Palmerston North. In the.course of Ws femarics Mr. Stevens asked for information as to tho value of the Dixon Struct property, which was 'put clown, at £6(100 in tho biilancorshefit. He also wished to know whothcr the. Taranaki Street ; jnqrlgago showed P- good margin. He further referred to the stock standing lit £15,196, and asked if this was based on tho usual larfded cost price. Mr. Stevens alluded to the item rf £3000 for sundry debtors as being crtremely satisfactory, as also tho amount due to 3iii|flry creditors. Ho said he had no doubt the company, wns fulfilling a very good purpose, iind instanced a heavy saving ho had made on lubes of good quality. He congratulated tho company on the exxpllent work r.cccmplishcd'by the directors. The secretary, in reply to Mr. Stevens, said that the Dixon Street property would command a- market value of at least £7000, and they !uid offers of £1000 over cost price,. Iμ regard to the Taranaki Street mortgage, that there was good margin, and the values of stock held 'were based on net landed cost, though since landing they had appreciably increased ;n value owing to the riges in the market. The chairman also bore put the secretary's statements, and said that in the discussion with the auditor and banker of the company he had amply satisfied himsejf a? to the value of the securities held. He further read a report on the method of costing, and'a geu? era! referen.ee to tho accounts rvaqe by his own secretary, after thorough jnvesr tigation, which Was in every way satisfactory. Messrs. Liardet and Dr. Faulko referred to difficulties in the wayof obr taming copies of the articles and prospectus. ' The chairman admitted that Ihe board, before its reconstruction, had hardly considered shareholders in this respect, but he pointed out that the articles )vere now being considered by Mr. Skerrett, wjth a vjew to important alterations in the interests of shareiiojders. As soon as those were completed, shareholders would be relced to consider them. In the meantime they could get copies of tho present, articles op application to the secretary. _ _ Mr Goss, of Marlborough, wnipiaincd that he was compelled, to tnlto five pharos whilst others had only taken one. Tho chairman pointed out that originally the company allowed shareholders to come in on one share, bijt the" present board had made the iqwr est limit three shares, in cases whero a man only held a very'small car. Mr. John Smith, of Wellington, congratulated the company on having nacl ii.successful year, and took occasion to pay a well-deserved tribute to tl|O mman'inp director, Mr. Stophmis, lor his unfailing courtesy, and Ins zeal in spar, ing no efforts in the interests of the concern.. ' . Mr. Murray, of Marlborough, questioned the advisability of writing-off tlio whole of the preliminary The chairman pointed put that preliminary expenses wore a. very doubtful asset, and ho considered tlrit the pooner they disappeared from the bal-ance-sheet'tho better. The report anil haliince-slieet were ndnnted by unanimous vote, Mr Bennett returned thanks tor w election as a director, and mentioned that it was only after careful iiKimry nnd consideration that lie agreed to accept the invitation to join the board. He was very much impressed with tho future prospects of tho company, and felt sure that, given loyal support by shareholders, it would fulfil all the objects for which it.was formed. He ncreed with Hie chairman •" regard to liTn wisdom of providing f>t a"™ ™ r tho preliminary eypenpeß. He assured tho shareholders that his best eudeav-

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19171221.2.52

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 11, Issue 75, 21 December 1917, Page 7

Word count
Tapeke kupu
1,211

COMBINED BUYERS,LTD. Dominion, Volume 11, Issue 75, 21 December 1917, Page 7

COMBINED BUYERS,LTD. Dominion, Volume 11, Issue 75, 21 December 1917, Page 7

Help

Log in or create a Papers Past website account

Use your Papers Past website account to correct newspaper text.

By creating and using this account you agree to our terms of use.

Log in with RealMe®

If you’ve used a RealMe login somewhere else, you can use it here too. If you don’t already have a username and password, just click Log in and you can choose to create one.


Log in again to continue your work

Your session has expired.

Log in again with RealMe®


Alert