RADIO INDUSTRY.

Auckland Star, Volume LXIX, Issue 189, 12 August 1938, Page 3

RADIO INDUSTRY.

DIFFICULTIES FACED.

AUCKLAND FIRM'S SUCCESS. FAITH IK THE FUTURE. "Shareholders will appreciate the difficulties which have confronted us as fairly large employers of labour, and will feel that we have come through a rather trying year with very satisfactory results," said Mr. W. J. Truscott, chairman of directors of Radio (1936), Limited, addressing the annual meeting of the company this_ morning. "The directors are recommending to shareholders payment of a dividend of 1/6 per share, which will absorb £7650. We are providing, or have provided,

reserve for our silent partner, the Government, of £5790, for which amount we have received very little in return. "We have set aside a property redemption reserve which now stands at £1134, and have provided maximum allowable depreciation on our buildings and on our plant and machinery. We have added to our cash reserve, -which now stands at £5601. "The existing plant, where necessary, has been brought up to date by the addition of £906 worth of new machinery, and we are in a better position now than at any time before in our history, to meet competition.

Burden of High Costs. "A* manufacturers, along with nu*iufacturers generally throughout New Zealand, we have been disappointed with the treatment meted out by the Government. They have increased our working costs, by higher wages —which in our case has amounted to a 52 per cent increase. We have had working hours decreased to 40 hours per week, so that our costs have been substantially higher than at any previous year.

"However I am one of those who believe that the majority of thinking, people throughout New Zealand to-day are fast coming to realise that efficient and economic secondary industries are as vitally necessary to the well being of New Zealand as are primary industries, and resulting from the negotiations which I have conducted personally on more than one occasion during the past year, I am satisfied that irrespective of the Government that is in power the I time is not far distant when secondary industries will receive more attention and be fostered to a far greater extent j than in the past.

Strong Competition.

"Our labour cost is approximately 2$ times that of the English manufacturer, by reason of the fact that we employ all males on the standard of wages assessed by the Arbitration Court, whereas in England 91 per cent of the employees are females working on mass production piece work system for an average of 30/ a week. "I personally have very great faith in the future of your company and I have very much pleasure in proposing the adoption of the report and balancesheet and in proposing for confirmation the recommendation of the directors that a dividend of 1/6 per share be paid for the year ended June 30, 1938. The report and balance-sheet were adopted and the dividend approved. ,It was resolved that the directors' fees for the year be unchanged at £350. The retiring director, Mr. D. T. Lewis, was re-elected unopposed and the auditors reappointed. A vote of thanks to the directors and staff was carried unanimously.