COMPANY AFFAIRS.

Auckland Star, Volume LXII, Issue 280, 26 November 1931, Page 4

COMPANY AFFAIRS.

LEYLAND-O'BRIEN CO. At the annual meeting of shareholders in Ley land-O'Brien limber Co., held yesterday, the chairman, Mr. C. V. Houghton, said the company's operations had not shown suck satisfactory results as usual, owing to the fact that the trade throughout the Dominion was in a most depressed state. Mr. Houghton said it was regrettable that," owing to the dull state of trade, it had been necessary to dispense with the services of some xn_embers of the staff because there was nothing for them to do. In other cases a reduction of 10 per cent had been made in wages and salaries. It •was fortunate that from the time of its inception the company had adopted a conservative policy, which kad_ enabled the directors to recommend a dividend. The report and balance-sheet were adopted, and the retiring directors, Messrs. C. V. Houghton and W. B. Leyland rein acknowledging a vote of thanks accorded to the directors and staff, Mr. W. B." Leyland said the directors had anticipated the present crisis, but had not thought it would be so severe or would last so long. A larger dividend could have been paid, but the directors deemed it wiser to •conserve the company's resources. The chairman announced that the luisi 'dividend .of 5d a 5 per cent 2or the yeair, was immediately payable.