ABRAHAM AND WILLIAMS, LTD.

Shannon News, 9 November 1923, Page 3

ABRAHAM AND WILLIAMS, LTD.

ANNUAL MEETING OF SHAREHOLDERS. The twenty-second annual general; meeting of shareholders' yof Messrs \ Abrahami and Williams, Ltd., was held at Palmerston on Wednesday. There were present: Messrs R. S. Abraham (chairman of the board, in the chair).

The chairman addressed the meeting and referred to the improvement in trade which he forecasted laßt year. Dairy produce, meat and wool were all fetching good prices on the Home markets. The income tax payable by companies such as theirs was still hampering the progress of the oountry and increasing the cost of living to farmer* and others. Turning to. the balance-sheet, the capital account remained at the same figure as Mast year. Bank of New Zealand showed a reduction, of>,'£l6,ooo and sundry creditors an increase of , £BOOO. The head office of the com-, pany was now at Wellington, where' l • Mr W. D. Hunt is managing director, Mr R. S. Abraham having taken up the position of chairman of theboard of directors. The balance sheet showed 'the gross earnings for the year under reviewamounted to £68,307 as compared with £53,781 last year, an increase of* £14,526, equal to about 27 per cent.. The expenses vfqr the year, including provision for depreciation of build-, ings and bad and doubtful debts totalled £43,676, as against £52,603, a.; decrease ol' £892-7,' equal to about 17/ - per cent. The net profit tor the yearis £24,631, against £1778 ,in 1922, an, increase of £23,453, and made up the . increase in gross profit of £14,526-, and by the saving in management expenses of £8927. Last.year the ary shareholders received no divide end, and to pay the preference dividend of £4921 and income tax totalling £14,924, the general, reserve \va& _ -' drawn upon lor £IO,OOO, the taxes reserve account for £4530, and the divi-J (Send for £79. For tihe year just ended,out of the net profit of £24,631.' tliu directors have been able to set aside •'£7640 for income tax, to ..pay the preference dividend of 6 per cent., absorbing £4921, to pay a dividend .of 5 per cent, on ordinary shares absorbing £10,563, and to carry forward £2955, winch 'is a very satisfactory showing. The liabilities and assets show sonne moderate variations. The capital remains at £293,200, and the reserve account is also unchanged at £20.50tt. ■ Bank voverdral't has been reduced by £15,768 to £61,923, sundrycreditors' account for about £B2OO more; sundry debtors are higher by £61,894; bills receivable are lower *>y ; £43,914; gjoods and merchandise are higher by about £6OOO. v Mr Abraham then moved the adoption of the report and balance sheet and that a dividend of 5 per cent. for the year ended September 30, 1923, be paid on the ordinary share capital. ' • .

Mr R. E. Beckett seconded and gave it as this opinion that tlhe balance sheet' was particularly; gpod this year inasmuch as provision, was made out of the, year's profits for, the income tax payable thereon. Mr J. W. Whiytaker asked' forf some information relating to the ui*f tribution of the profits as outlined in* the directors' report attached to the" balance sheet. Mr W. D. Hunt ex r ; plained to Mr Whittaker tfaat whilst the balance sheet was made up to and as at September 30, 19*23, the preference dividend for the second half year was. paid as at October 1.,1923, and. was taken cognisance of in the report.

The ' motion was then put by the chairman and carried. On the motion of the cfhairrnan, the re-election of the Boa xd of Messrs P. §. Larcomto and A, K. Simpson was confirmed. ... ; ■■■-'■"■ The chairman moved a hearty vote of thanks to the staff. " With an experience of over 40 years, he could say it was as. good a staff as the company had ever possessed. He referred to the close association of the two staffs (Messrs Wright, Stephenson and Abraham and Williams) under the direction of Mr W. D. Hunt as managing director of both companies. ?-■,. .. Mr P. L.. Sirhi seconded the motion which was canned. Mr P. M. Sladden responded on behalf of the staff. Mr W. D. Hunti expressed . his thanks for remarks made, and said that Tie was able to copy a number of the good methods used.in the con- ._ duct of Abraham and Williams 1 busi- , ness for the beneflUof Wright, StepI henson and Co. »