Abraham and Williams Ltd

Horowhenua Chronicle, 30 October 1915, Page 2

Abraham and Williams Ltd

$ DIRECTORS' ANNUAL REPORT. From Mr Nicholson, local manager lor Messrs Abraham an<l Williams, Ltd., llii! Chronicle is iu receipt/ oT the direclors annua] report I'or tin; year ended 30th September :-• -"Your directors have pleasure in congratulating shareholder;* on tlie good results oi the past year s operations. A most gratifying feature is the greatly improved linancial position of the company. Since the 30fii September, 11)08, the reserve fund ua« been increased by £20,000 and during the same period the, direct liabilities have decreased by over £'100,000 and the turnover has been well maintained in spite of the fact that tin 1 capital account lias only increased by C1I.I:m during the seven years. Your directors propose to adhere strictly to the cautious policy which has been followed In the past and which is manilesl in the an pie reserves now built up. The net return for the y-ear, alter making In') allowance fof all expenses of management, bad and doubtful debts, etc.. amounts to £13,34<ns 8d to which must he added the sum of £2074 17s h» brought forward from lasi. year, making a total of £-15,420 19s 2d. The interim dividend paid for the half year ended 31st March last absorbed L' 2712 & Crl, leaving Cl 2/.78 13s 8d to he dea.lt with. Of tills sum £'5000 has been added to the reserve hum which now stands at £'25,000. Uur directors recommend that a dividend at the rate of 0 per cent per annum on the paid-up capital be declared for the half year just elided and that flip balance lie carried forward. If is anticipated thai at least £'2000 will be required to meet the new taxation. In accordance Avitu the resolutions carried last year, the nominal capital oT the Company was increased by creation ot 20,000 shares of £5 each of ivhich 20.000 are preference shares carrying the right to a fixed cumulative dividend at the rate of £<> per centum por annum on the'capital paid up thereon respectively. The whole of the shares have been offered tc the shareholders, but no formal attempt has been made so far to offer them to Hie public. During the year fifteen members of the staff have enlisted. Prospects for the coming season are promising, and it is evident that all farmers' produce will continue to make good prices. I n accordance with the Articles of Asoseiation the ollowing directors retire, viz., Messrs Ormonrl C. Cooper and Hugh G. Williams •who being eligible offer themselves for re-election. Mr J. IT. V. .Strang, who was appointed on the resignation 'if Mr H. Toogoofl, retires under the Articles of Association and offers himself for election. The auditor?;. Messrs Rutherford and Connell and Mr 1\ 1/. Sim, offer themselves for re-election.— R. S. Abraham, Chairman.' 1