SUCCESSFUL YEAR

Waikato Times, Volume 119, Issue 19892, 22 May 1936, Page 6

SUCCESSFUL YEAR

WAIKATO TIMES COMPANY. DEVELOPMENT OF PAPER. LABOUR PARTICIPATES IN PROFITS. “ Perhaps the most pleasing feature of the year’s operation has been the remarkable development of our paper,” commented Mr A. E. Manning, managing-director, at the annual meeting of shareholders of the Waikato Times and King Country Press Ltd. last evening when Mr G. W. Hyde, in the absence of the chairman, Mr C. L. Mac Diarmid, presided over a large attendance of capital and labour shareholders. “ We have made wonderful progress in all departments, the circulation and advertising* especially showing a marked advance,” continued Mi’ Manning. “ The circulation in the country districts and in the town has grown amazingly, despite large increases over previous years. We have established agencies in Te Awamutu and Ngaruawahia and at the beginning of next month we are opening an agency at Te Aroha.” Referring to the year’s operations, Mr Manning said that the company had experienced a satisfactory year from a financial standpoint and he was sure that satisfaction would be expressed at the directors’ recommendation that a dividend of 5 per cent, be paid to labour shareholders. A substantial subsidy had. also been allocated to the Employees’ Superannuation Fund.

The staff had increased by ten during the year, the number of employees now being 88. In conclusion Mr Manning referred to the co-operation of the staff and the happy relationships existing between all members.

A resolution authorising the payment of an interim dividend of 2£ per cent, to the capital shareholders (making a 5 per cent, dividend for the year) and a 5 per cent, dividend to the labour shareholders was carried. Messrs H. J. Greenslade and W. H Paul, the retiring directors, were reelected unopposed and the chairman announced that at a meeting of the staff Messrs J. C. McCready, GGoldsbrough and P. A. West were elected as labour directors. Mr Hyde, on behalf of the directors, congratulated the managing-director and staff on the successful year’s operation and Mr J. H. Edgecumbe. on behalf of the capital shareholders, also paid a tribute to the work of all employees of the Company. Both expressed pleasure that the labour shareholders were again to participate in the profits.