N.Z. BREWERIES, LTD

Hokitika Guardian, 15 July 1926, Page 4

N.Z. BREWERIES, LTD

[ay TEimoiiAPir —PElt iuikss association.! AVELLINGTON, July 14. The third annual meeting of the New Zealand Breweries Ltd. was held to-day. The President, Alt- Bankair, presiding, stated that the gross profit was £602,429. From this amount £493,899 was deducted, being tlie amount paid to the Government for beer duty,, leaving a net profit of £109.540 for tlie year, which is better than hist year liy £G,320. I o this had to ho added the amount carried forward from last year’s profit and loss account, vizi, £11.920 Gs lid, making a sum of £121,400 17s 2d. Out of this amount, interim interest of 5 per cent. £25.000 was paid in September last, leaving a balance of £9G.4G(> 17s 2d to lie dealt with. From this sum the directors propose to strengthen the reserve fund by allocating £50.000. which will then stand at £12.5,000, and to pay a further dividend of 5 per cent, £25,000 on the share capital of the company, making ten per cent for the year; aiul to carry forward the balance ol £21.40(5 17s 2d to the account.

Afr Bankair said that since they last met, the national option poll (had been taken, with the result that there was found to be a greatly increased majority of electors opposed to prohibition. The poll in 1922 showed that the.electors by a. majority of 17.G05. defeated prohibition, while in 1925. this majority was increased to 30.177. “Parliament is now in session,” lie said, “and the Governor-General’s Speech forecasts the introduction of a Licensing Bill, which we may reasonably look forward to, including provision for an extension of tenure 1 , winch is urgently nooded, to the owners of hotel propeities. to meet the growing demands of our travelling public, and particularly the ever-increasing number of tourists who are attracted to the Dominion and who desire more accommodation than is at present afforded.”

“ One result of the licensing poll was the carrying of Restoration in the electorate of Ohinemuri, which, after 17 years under “"No-Lic-ense” conditions, resolved, by the necessary three-fifths majority, to revert to licensed hotels. As most of you are aware. I was personally desirous of putting into effect in this electorate a system which would have given a trial to a scheme, the main principle of which has obtained a considerable share of support from the Dominion. Unfortunately, the proposal did not appeal to a majority of the owners of properties within the electorate, who were concerned in it, and an opportunity may have been lost.”