OPTIMISTIC NOTE

Gisborne Herald, Volume LXVI, Issue 20050, 23 September 1939, Page 7

OPTIMISTIC NOTE

OUTCOME OF THE WAR CHAIRMAN*S COMMENTS ADAIR BROS.’ MEETING ‘■l suppose that no one in my position can do otherwise than refer briefly to the fact that we are at war,” said Dr. J. W. Williams, chairman of directors of Messrs. Adair Bros., Ltd., addressing the annual meeting of shareholders of the company last night. ‘‘What the effect of the war will be it is yet impossible to forecast,” Dr. Williams added, “but I wish to strike a note of optimism. X am convinced that however black the outlook may be ninv and may continue to be from time to time, we shall win through, and quite possibly sooner than some people expect.” Dr. Williams reviewed the past year, which, he said, had been, a good one, although not without its difficulties.

“The amount of business done, I believe, constitutes a record,” he said, “but at the same time wages and taxation are increasing, and the cost of practically everything has been raised. Moreover, it has been a difficult year, for an unusual, and I may say an unprecedented' cause. The control. of imports and the rationing of credit in London, had given the management much concern. In order to ensure an adequate supply of goods to carry on the business, we have had to purchase extra stock, as is shown in the balance sheet, the increased expenditure in this respect being £4OOO. Successful Year

“Notwithstanding all these diflrcullies, we have been able to make a gross profit of £11,907 and a net profit of £2200, so that after making due allowance for depreciation, and bad debts, the directors arc again able to- recommend the payment of a dividend of 5 per cent free of income tax and also free of social security tax.”

Continuing, Dr. Williams stated that the company’s latest venture, the furnishing department, had proved an outstanding success, and he drew attention to the remodelling of the show room, which was as up-to-date as anything in New Zealand. Dr. Williams concluded by complimenting the manager, secretary and staff for their loyal co-operation in the business, the success of Ihe company’s working reflecting to a great extent on their efforts.

Mr. C. H. Ambridge, seconding the motion for the adoption of the report and balance sheet, endorsed the remarks of the chairman, and said he was associated with Mr. E. T. Doddrell in valuing the stocks, which were found to be of sterling value and in splendid condition, all department’s being thoroughly up-to-date.

•Mr. Doddrell, in support of the former’s remarks, said that the true value of the stocks was evident during the stock-taking, and he added that the share-holders could feel proud of the stocks and equipment. Mr. T. Corson paid a tribute to the work of the manager, secretary, and staff on the very satisfactory result of the year’s working, as shown by the accounts. The retiring directors, Mr. TI. E. Bright and Dr. A. L. Singer, were re-elected unopposed and Messrs. Graham and Dobson were re-elected auditors.

The meeting concluded with votes of thanks to the staff _ and to the chairman, following which supper was served, and the share-holders viewed an interesting display of the latest spring fashions. At a subsequent meeting of directors, Dr. J. W. Williams was elected chairman for the twentieth term in succession.