ABRAHAM & WILLIAMS, LTD.

Wairarapa Age, Volume XXXI, Issue 10713, 28 November 1912, Page 3

ABRAHAM & WILLIAMS, LTD.

ANNUAL MEETING

i iiE (JUAIiUUX'S ADDRESS

Tilt'TO was a. small attendance of shareholders at tho 11th annual general 'mooting of shareholders of Messrs Abraham and Williams, Ltd., at tho company's offices in Palmerston North on Monday. TUK CHAIRMAN'S ADDRESS.

I In formally moving the adoption, of ! the balance shoot, tho chairman, Mr ] 11. S. Abraham, said :—"The result |of the past year's operations must | In' considered to be satisfactory, and 1 ! "lily heartily congratulate sharehoid- ! ers on the progress which lias been I I lie steady increase in the nnionnt of land devoted to the dairying industry must necessarily effect the returns of a. business of this nature, and the fact that we can. show an increase of £BB,OOO in our stock turnover, and of £">5.000 on our kind turnover in the face of this drawback and notwithstanding the fact that we are hampered by too small a capital with which to the requirements ol ihe. large slice of country in which we operate without loaning too he-av-ilv on our bankers, must bo taken as a satisfactory indication that- the general staff of the concern are giving a full and lively attention to their duties.

"Turning to the balance sheet, I regret that Ave can show such a small increase in capital, and I trust that our shareholders'will avail themselves of the opportunity now offered of increasing their investments in the concern.

"J.lic result of the year's operations will enable us to increase our reserve fund to £12,000, which is .» step in the right direction. Our bank account, shows a small reduction, and sundry creditors are less, by £3279, but in bills discounted a heavy increase has been made of some £21,000, mainly owing to present stringency of money market and the high price of stock.

"Our mortgage account lias increased being our liability in connection with our new wool store. Nctt profits show £9/509, as against £7650 after deducting the amounts carried forward and making full iillowanee. for all bad and doubtful debts.

"On the other side of the ledger f sundry debtors show a reduction of / L 7265. Tn our profit and loss account tliOj only items to which ] need refer are commission account, which shows an increase of £2036, and land commission account, which, notwithstand- ' ing that there has-he6n a larger turnover, shows a decrease of £167, which is owing to the fact that tho business witih die assistance, of iother agents has been very heavy. • 1 "Our total turnover in stock amounts to £898,280, and in land £205,337. Wool on. the other hand shows .a, considerable decrease, being 1329 bales handled less than last year. It ir. to he feared that many .of / our shareholders do not .sufficiently consider us in this respect. The facilities in Wellington which yve can now J offer in the way of showing wool ad- j a ai)cageously are equal to any firm, j "With respect to the general out- | look for our farming community you I .will, 1 am sure, agree with .me that j prospects were never brighter. All | eiasses of produco are at high values 1 with every indication that they are not likely to recede very much for the "ext. year or two. There is a general shortage of sheep with a decrease in uoi-1, which in Australia alone amounts to 200,000 bales. On*the other hand, the increasing earning power <;l tho masses is gradually encouraging a higher standard of living, whilst- the demand for cheaper > meat will gradually force the Contin- ' ental nations to open tliei.f doors to ■frozen meat.

Mien, again, Bcddoe, {he Canadian Trade Coimui&isionor, has lately Coipliasised the fact that there is a great opening for New Zealand meat, butter, etc., in .that country. . Thij call now l;<* via Vancouver . , - „ .. . ... and no tioulit fcliQ Pahftma Canal is opened Eastern Canada caii iilfici 1)0 supplied by this country. He points out that Canadians are not butter producers but butter consumers, as in their wheat growing count, nthey could carry/ but few cattle.

•"Canada with, a population of 8,000,000 W only 2, 500, 000 sheep against Nets' fertalld with her population of and ,24,000,000 sheep. Land in tlli.n dWmtry is ut higli values, but it seems: iilniost probable that prices for our fie at- country have not yet reached their to' ( 7. ()}' course with the expensive lands a higher class of farming is demanded, and more capita,] required, whicl) shows tlie necessity for increasing the capital oJ our own concern. "lieiore 1 conclude J may make a passing. .reference ; to the good workdone by our officers at all our branches. They are not all equally remunerative but in the face of the exceptionally keen competition we have to meet 1 am sure the result must feel gratifying. The returns from the Mar ton and Levin branches are exceptionally good."

The Chairman then, moved the ad-

option of tho report and balance-, shoot. DFSOUSSION. Tliis was seconded by Mr Beckett, who said that some shareholders would possibly consider 0 pet- cent a fairly low percentage for an industrial concern. He might point, out, , however, that since he joined the Board a few years ago a. very considerable amount for goodwill p;iid by the company, had been written off and a substantial reserve of £12,000 established, which. he considered a very fair amount as a guarantee against any possible deficiencies in the amounts owed by sundry debtors of the company. He saw no reason why the company should not pay 8 or 10 per cent shortly. He was intimately connected with the working of the concern, more especially at the Marton branch, where he lived and he considered the officers of the concern were entitled to very great praise for the way they looked after the interests of the company. Mr Bolt-oil supported the motion but considered the company should allow the reserve fund to reach £25,000 before they increased their dividends. After the Chairman had read the auditors report, the report and balance sheet were adopted. THE DIVIDEND. On the motion of the Chairman, seconded by Mr Davios, it yas resolved that a dividend of 6 per cent be declared on the paid up capital of the company for the operations of the half year, making with the interim dividend' paid in April .last 6 per cent for the year. APPOINTMENTS.

Mcssra W. A. Keiller and H. Toogood were re-elected directors; and Messrs Rutherford and Connel and Mr P. L. Sim Avere re-appointed auditors.

VOTES OF THANKS. On the motion of Mr Bolton ->econdod by Mr Gaccia Birch a .hearty, vote of thanks was passed to the officers of the concern aud on the motion of Mr Caccia Birch it was resolved that a special vote of appreciation be accorded to Mr Harold E. Abraham, the company's manager a.t Levin (who has lately resigned in order to take up an important position with Mr Newton, King of. New' Plymouth) for. the very satisfactory manner in 'which he ■ had attendedv.,to. -interests' of the company as manager at Levin.

SOME GENERAL REMARKS. ■ The Genera! Manager responded to the resolution on behalf of the staff, which he said was thoroughly deserved, and he gave credit to the officers of the various branches for the unselfish way in which tliey worked together, quite regardless of the individ- | iial interests of their respective bran. [ ches as long as the general good of i the concern was involved. He pointed out that the cost of living was now much higher and we must expect an increase in our trade expenses to enable us to retain our best inen j who would otherwise lie liable to be drawn awav by offers from other concerns. He hoped at the next annual meeting to bo ablo to show a considerable in-

tfoiif.u oq.} tu asuajo would enable the company to extend their business into profitable lines and so increase the earning power of the machine and incidentally better the positions and salaries of its officers.