YEAR OF SUCCESS

Sun (Auckland), Volume III, Issue 694, 20 June 1929, Page 12

YEAR OF SUCCESS

FARMERS’ TRADING CO. ANNUAL MEETING INCREASE IN TURNOVER Enthusiasm for the future, and I a report of larger net profits and turnover every year, tyere the features of the 13th annual meeting of the Farmers’ Trading Company, Ltd., yesterday. The chairman of directors, Mr. James Boddie, presided over a large attendance of shareholders. IN his address to the shareholders, Mr. Boddie said that the balance sheets of the company were becoming better every year. During the past 12 months there had been a consistent movement forward. The turnover was £61,000 greater than in the previous year, and there was an increase of £7,000 in the net profit. With conditions generally improved throughout the country, there was a happy augury for the immediate future. The company was better equipped than ever for an expansion of business, but this depended largely on the support of the shareholders. TRIBUTE TO MANAGER Paying a tribute to the general manager, Mr. R. A. Laidlaw, the chairman said that the company possessed a man of outstanding business acumen, foresight, sound judgment and the ability to win the confidence of the directorate and all with whom he came into contact. Referring to the issue to present shareholders of 200,000 B preference and ordinary shares at 14s and Ss respectively, the chairman said 938 shareholders already had taken up 97,810 shares. If there were any of the 200,000 shares Ifeft not allotted, they yVould be offered to holders of debentures which it was proposed to redeem. Later the public would have the ‘ opportunity of taking up what were left. The directors for some tinie had realised that, despite its progress, the business was not sufficiently capitalised. More capital was wanted, so that dependence on outside capital could be minimised. The new issue had been received in a manner which had exceeded expectations. INCREASED DIVIDEND Those shares that had been written down would be written up again as soon as the finances of the company warranted the step. The time did hot appear far distant for this. In the meantime an increase on the dividend for ordinary shares from eight to ten per cent., and on preference shares from six to seven per cent., afforded some compensation. The annual report and balance sheet, already published, were adopted without discussion. Commenting on this fact, directors

said that it a change from the days of the company’s adversity, when there was plenty of criticism levelled. In a brief speech Mr. Laidlaw said the company aimed at making its premises an increasingly attractive shopping centre by the establishment of new departments which would bring increased business to all sections. Messrs. F. Colbeck, J. H. Hayward and M. E. Worsp, retiring directors, were re-elected unopposed. Hutchison, Eliffe and Cameron* were reappointed auditors.