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PROFITABLE SALE.

JONSON GARLICK PROPERTY.

I SHAREHOLDERS PLEASED.

$ AT DIVIDEND AND BONUS

' Smiling faces greeted the chairman of flirectors of the Tonson Garlick Company Jo-day when he opened the thirtieth finnual meeting. After a long sequence of dividendJess terms the company is in a position to pay an 8 per cent dividend as well as a bonus of 5 per cent. This altered condition has been brought about by the sale of the company's Queen Street'freehold to the Fullers Vaudeville proprietary. The chairman (Mr. W. H. Bartleet). Bt to-day's meeting, stated that the purchase price was £75,000, and in reply to a shareholder he stated that the property thus disposed of stood on the company's books at approximately i £53,000. The deal was eminently satisfactory to both parties. Discussing the loss of £2000 odd in the trading department last year,, Mr. Bartleet said the past twelve months had been an exceedingly difficult period for the furniture trade. In a time of depression people Avould apparently continue to buy motor cars, but apparently the furnishing of their homes was the last thing they thought of. The position, too, had been accentuated by the action of some concerns in doing business on the no deposit plan. Their company could have maintained a big turnover had they been willing to adopt these methods of extended credit: However, they had not had capital to do it, and probably it was as well that they had not. He stated that during the past year the company had purchased Butcher's furniture business in Karangahape Road, and purposed carrying on at that location.

Several shareholders raised the question of a dividend which had been declared in 1921, and had not been paid. They considered it was still due. One lady said she had been told the dividend ■would be paid when the bank would allow it. The chairman explained that this dividend had been sanctioned subject to the discretion of the directors, who would have paid it had it been in the power of the, directors to pay it. Any claim in $he matter had lapsed. Some shareholders voiced the opinion that the amount of capital that would be available would not all be needed for the altered business, and that a return of a portion to shareholders might be possible. The chairman replied that this aspect ■would receive due consideration from the directors. In a statement to the meeting, the manager, Mr. A. Menztes, said that when the property deal was completed, and also the present sale of stock, the company would not owe a penny to anyone, and all its. stock would be paid for. Messrs. C. H. Priestley and G. H. Wallace, retiring directors, were reelected directors, and Mr. H. C. Robinson was re-appointed auditor. The directors* remuneration was fixed at £400, after which a vote of ttiairVs was accorded to the staff.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AS19270525.2.80

Bibliographic details

PROFITABLE SALE., Auckland Star, Volume LVIII, Issue 121, 25 May 1927

Word Count
479

PROFITABLE SALE. Auckland Star, Volume LVIII, Issue 121, 25 May 1927

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