GOOD YEAR

Wairarapa Times-Age, 8 October 1940, Page 6

GOOD YEAR

OPERATIONS OF W.F.C.A. LTD. i INCREASED TURNOVER. BUSINESS AT ANNUAL MEETING. General satisfaction with the position of the W.F.C.A., Ltd,, was expressed at the annual meeting of shareholders, held in the board room. Mastorton, yesterday. Mr V. E. Donald, chairman of directors, presided over a small attendance. Leave of absence was granted to three directors, Messrs. C. M. Bowden. Trevor Beetham and Hugh Williams, who were unable to be present. Seconding the motion for the adoption of the report and balance sheet, Mr. T. Jordan, after expressing his personal regrets that there was not a larger attendance of shareholders, as by attending they would show their appreciation of what was being done in their interests, said the past year had been one of increased anxiety for all. In 1939, they had to meet difficulties due to ’ import restrictions and since then they had encountered added difficulties—those of a fiendish war, which would leave a very deep imprint on the company’s operations. It was satisfactory to have a turnover of £lOB,OOO while the bank liability was slightly less than it was the previous year and little more than half what it was in 1926. Stocks in 1926, in round figures, stood at £160,000 and were now £168,000. On the whole, th’ere were many items on which to congratulate the company, considering all the circumstances. At the preceding annual meeting, Mr. Jordan observed, he had appealed to shareholders to give greater support to their own company and he thought the turnover this year was some indication that that support had been increased. He repeated his appeal and asked shareholders to be faithful to themselves and to the company. Mr. Jordan pointed out that the company employed 274 people in its various branches. In Masterton alone the staff numbered over 100. That was a big item in the life of the community. “We will be called upon to do a great deal more than we are doing before this war is finished,” said Mr Jordan. “We are faced with the compulsory war loan and companies must foot the bill. It will cost this company £3,700. We are faced with the excess profits tax and I hope the compapy qualifies for some of that.” Unless everyone did more than they were doing and did without something they had been used to, they might lose the right to live their own lives in .their own way without asking anyone’s permission whether they could live or not. MANY DIFFICULTIES. Mr. F. C. Davie said he was surprised to see such a small meeting, in view of the difficulties which faced the management in these times. It was most gratifying that they had put forward the balance sheet they had presented. Shareholders should attend these meetings to find out what was taking place. It was up to every shareholder, more particularly at the present time, to take an interest in this concern and in the restrictions placed on it, to see if they could combat some of them. He congratulated the management and the directors on the year’s operations. The retiring directors, Messrs. V. E. Donald and H. G. Williams (representing ordinary shareholders) and C. M. Bowden (representing the preference shareholders) were re-elected unopposed. Messrs. Sellar and Sellar were reelected auditors. CONTACT WITH STAFF. Mr. J. G. Brechin said that during the year it was the policy of the directors to take the whole of the members of the staff —270 —from the juniors to the seniors into their confidence. The result had been a revelation not only to him but to others. He had the privilege of meeting the members of the Wellington staff and giving them a short address, and the general manager, Mr. Cunningham, had explained the whole of the business to every individual. Mr. Brechin said he was surprised, as he watched the faces of even the smallest boys on the staff, to find how interested they were and how intelligently they were listening to what Mr. Cunningham said as he described in simple language the operations of the business

. 4-the difficulties of the heads of d'epartments, and the anxieties of the directors. Mr. Brechin said he had attended meetings of the staff -at the Pahiatua and Dannevirke branches and the same thing had happened there. In both cases questions were invited and it was rather arresting;' especially on one occasion, to find that some questions were put and that they were easily answered, but would just as easily have been overlooked if they had not been asked. He. had met individual members of the staff since then and speaking as a director representing .the preference shareholders, he considered the move one of the finest policy planks ever adopted by any company. The suggestion had been put forward’ in the first place by Mr. Cunningham and had been endorsed by Mr. Donald and the . directors. By taking members of the staff into their confidence, every one was shown how individually and collectively they assisted in making a a profit and prevented losses and it gave them additional interest in the company's affairs. Mr. Brechin referred, to the very fine display made by the firmjs Wellington branch and he especially, asked Masterton people, whether shareholders or not, who were visiting Wellington to have a look at the Wellington shop, the display of which was second to none. It was a revelation of how it was possible to make a display which was attractive to the eye and also was a businessgetting one. The same thing applied to Dannevirke. Pahiatua and Masterton and to the smaller centres. It gave him very great pleasure, this year especially, to move a very hearty vote of thanks to the staff, from the general manager to the youngest member, to be recorded in the minutes and conveyed to the staff. The motion was carried with acclamation. INTEREST OF DIRECTORS. Stating that he appreciated the remarks of Mr. Brechin. Mr. J. H. Cunningham said it was pleasing to note that the directors had taken a very live interest in the staff and the meetings with the staff, held each year! at which information was given to the members of the staff upon the operations of the company, had been attended by some of the directors. He felt quite sure that the staff at the

various branches appreciated the fact that they had been taken into the company’s confidence and had been given information to which they were really entitled. It was no one man show and the full-hearted support of every member of the staff had been a big factor in producing the financial result which had been achieved. He appreciated the remarks of Mr. Davie that under existing conditions a good many difficulties had to be met. Nevertheless, by the full-hearted co-operation of the staff and the shareholders, the company should draw even more business. The Wellington shop had been brightened up and this had brought in additional business. They did not want to rest on their laurels and were alwayfe open to accept any suggestions to still further improve matters. After referring to the satisfactory position of the company's stock-in-trade and to the fact that the firm was able to supply certain goods not procurable elsewhere —a position of affairs which he believed the public appreciated—Mr. Cunningham thanked Mr. Brechin for his remarks and said that with the help of every member of the staff they would endeavour to do even better in the future than in the past. Mr. Davie referred to the value of artistic window dressing and congratulated the firm on its window dressing in Wellington.