HANCOCK & CO.

Auckland Star, Volume XLII, Issue 209, 2 September 1911, Page 9

HANCOCK & CO.

A PROFITABLE YEAR. At th" annua] meeting of Hancock and Go., !.*•!.. in Ijondon, the chairman (Mr. A. 11. Marks' stated that current liar>ilit includino; mortgaKc-s. showed a reduction of £SOOO. while essets were maintained at more than last year's level. Tl:•■ leasehold depreciation ftttid had incrc.'=ed 1.3- £2OBB. copitnl reserve by £l'i7". anil general reserve bv i'"> 000. up these reserves to nearly f.";').000. The profit and loss account also showed an increase of £.IOOO. figures n;.; hj must assure anyone havincr any r'oii'ut as to the stability of the company. The chairman said lie had learned not to prophesy unless he knew, and they must wait to see the effect of the legislation of last year. As it required RO per ceiit of the voters to decide whether they should be entirely without beer or liquor he confessed he had sufficient faith in the people of New Zealand to believe them not capahle of surrendering their national liberty in such a form. The company's property included some of tho host hotels jn the Domininn. but much more first-class hotel accommodation was necessary to provide for the increasing touring and floating population, which was so valuable to the Dominion. Shippins companies provided every opportunity for the vovaffer to travel in comfort; his troubles bejran when he arrived in the Dominion and found how limited was the first-class hotel accommodation. Mr. Moss Davis (managing director) seconded the adoption of the report, which was carried unanimously, as well as the chairman's motion. "That a final dividend be paid on the ordinary shares at the rate of 8 per cent, making, with February's interim dividend of 6 per cent. 7 per cent for the year; that £SOOO be paid to general reserve, making this reserve £15,000, and that after providing for the payment of dividend on the preference 9hares for the six months to March 31. the balance of £6654 be carried forward." Mr. Marks was re-elected a director.