SASH & DOOR COMPANY.

Taranaki Daily News, 29 July 1921, Page 6

SASH & DOOR COMPANY.

SHAREHOLDERS’ MEETING. The thirty-eighth annual meeting of the New Plymouth Sask and Door Factory and Timber Company, Ltd., was held on Wednesday afternoon, Mr. Newton King, chairman of directors, presiding over a large attendance or shareholders. In moving the adoption of the report and balance-sheet, the chairman .said that the company had had an uiuisually good year in all branches. The previous sear their business bad shown a satisfactory growth, but for the past year there had been a still further growth in all directions. In the past great difficulty had been experienced in getting supplies of timber, and after going into various propositions the directors had now purchased 1760 acres of bush at Koru. They were hopeful that this would prove exceedingly profitable. Shareholders were indebted to Messrs. Skinner and Connett for their valuable help in this purchase. Some of the plant was on the site, and there would be no delay in erecting the mill buildings. The company was now able to do all its ow i haulage and so make a, considerable saving. Book debts now stood at £6891, a big reduction as compared with. 1916, when they .stood at over £lO,OOO. This reduction had been made, too, in spite of a large increase in turnover. All the old accounts had been liquidated, and the securities held most satisfactorily realised. The present book debts had been carefully scrutinised, and were absolutely good. The buildings had been repaired and renovated, and the whole factory put in order. The chairman said that the heavy income tax payable by the company had caused the directors an immense amount of worry. Instead of a reduction as promised last year by the Prime Minister, the maximum had been increased to Ss Ud in the £. The very small percentage allowed for depreciation on plant and buildings meant tint the tax was really 10s in the £. In 1914 the maximum was Is 2d to Is 4d, and now it. was <Ss 9d. It, should be remembered that the smallest

shareholder pays the full or “millionaire’s” tax in a large company. On the other hand the debenture tax was only 2s 6d to 3s. The department was now going Into the possibility of altering the present system. In no other part of the world was the New Zealand system followed. Be felt that the proper method was to charge the tax on the income of the individual. Referring tc. the factory staff, he saftt that at no time had the staff been such a good one, and it was a pleasure for the directors and management, to work under existing con-* ditions. fie was pleased, too, to see that some of the staff were now shareholders, and were present that day. The trade In pinus insignis lad been added to the business and was growing satisfactorily. Mr. W. H. Skinner, in seconding, said it was due to shareholders to know what was being done al Koru. Some twelve months ago directors had inspected several timber areas in the north of Auckland. These proved a disappointment, and so they turned their eyes nearer home. The Koru property was 15 miles from New Plymouth, and here they had an area of finest milling timber, equal to anything to be found in NAv .Zealand. Tl'ls purchase would place the future of the com- | puny on a very sound basis. The motion | was carried. [ The retiring directors, Messrs. Newton King, R. Cock, and J. S. Connett, were re-elected. Mr, Hugh Baily was re-elected auditor at a fee of £5O. On the motion of the chairman.- a hearty vote of thanks was carried to the manager and staff. Mr. Reid, the manager, in i*-furn!ng thanks on behalf of the staff, said the vote was thoroughly well deserved. There was probably no similar business in New Zealand with a better staff. Mr. J. S. S. Medley moved a hearty vote of thanks to the directors, and that they be voted an honorarium of £250 for their services. He had to congratulate the board upon bringing the company to its present, satisfactory position. At a subsequent, meeting of directors, Mr. Newton King was reelected chairman.