Abraham & Williams, Ltd.

Levin Daily Chronicle, 7 December 1918, Page 4

Abraham & Williams, Ltd.

A PROSPEROUS YEAR.. The adjourned annual meeting of Abraham and Williams, Ltd., was held at Palmerston on Monday. There was a good attendance of shareholders. The [Directors reported that the net return for the year, after making full alJowauco for all expenses of management, taxation, bad:and doubtful debts, 10 per cent war bonus to staff (allowance to officers- at the front, etc.) amounted to £12,485, to wKiich sum must be added the sum of £4307, brought forward from last year, making a total of £10,792 for distribution. A dividend at the rate of 6 per cent per annum had been paid on the amount of the paid-up capital of preference shares a-ndi they recommended that a dividend at the rate of 8 per cent per annum on the amount of the paid-up capital of the ordinary shares of the company be declared for the twelve months just ended. Taxation for the year amounted to £6416, and had been paid out of revenue, leaving taxation reserve account at £10,000 and £5000 has been ' transferred to dividiend equalisation account. The balance, £1476 8s 2d will bo oarriedi forward. The estimate of taxation for the current year approximates £8000, which is fully covered by the taxation reserve account. The new business instituted at Taumaranui and Te Kuiti in the King Country is provin gre muneartive and a further extension of business to the fine field offered at Raetihii has now been arranged. In moving the adoption of the report the chairman of the board, Mr R. S. Abraham, spoke of the great victory which the Allied arms had won and the assurance of a lasting peace. He said tfot, considering the shortage of staff, i the increased cost of living necessitating higher salaries to officers, the enormous increase in the cost of supplies and the heavy taxation, he was justified in congratulating the shareholders on the year's results. The total figures showed a reduction in turnover of about £50,000, which was accounted for by the fall in values of stock and; depressed trade owing to the severe winter. On the other hand operations iu land sales, thanks in a great measure to the good work done by Mr Oscar Monrad, had increased very- materially and they had sub-divisional land sales in hand which would tax the energies of the Department for many months to come. Fresh agencies had been opened up at To Kuiti, Raetihi, Pio Pio, Otorolianga, Owhango and other-smaller centres, and in every case .their advent had been welcomed and they had at once obtained a good share of the business going. The proposals of the""report an regard to payment of dividends were endorsed. Mr Oscar Monrad, who has retired from the management of the land department owing to pressure of private business, was elected ti director in the place of the late Mr Ormond Cooper, to whom the Chairman paid a tribute. Messrs P. J. Sladden andi H. G. Willianjs were re-eleoted directors. Hearty votes of thanks were passed I to the _ Chairman, directors and staff I for their eerrioes during the year.