YEAR OF PROGRESS

Auckland Star, Volume LXXII, Issue 193, 16 August 1941, Page 4

YEAR OF PROGRESS

K.D.V. BOXES' MEETING

"The past year was one of the most successful In the company's history and I am quite sanguine regarding future prospects: the Increase in turnover of practically £30.000 is indeed gratifying." said Mr. P. H. »-crgusson, chairman of directors, at the annual meeting of K.D.V. Boxes. Limited, yesterday, in moving the adoption of the report and balance-sheet. Mr. Fergusson said that the last year had been phenomenal so far as dairy production was concerned, but he was unable to forecast the future in that direction. Taxation had reached a very high figure and had absorbed no less than £67 10' of each £100 of profit. "With the present rate of taxation," said Mr. Fergusson. "it is most difficult for companies to pay dividends and at the same time set aside reserves which careful management dictates." He moved a special vote of thanks to the managingdirector. Mr. C. A. Capamagian. after which the company auditor, Mr. L. W. Swan, gave detailed information to shareholders. Mr. Swan showed how. since 1836. fixed assets had diminished steadily, while floating assets had Increased. Correspondingly, the liabilities had shown a reduction from a very high figure until they were practically negligible. The retiring directors. Dr. A. T. Begg and Mr. N. Edward Anderson were re-elected, and the final dividend of 4 per cent on the paid-up capital was declared payable on August 28. mating 1 per cent for the year. A special vote of thanks was passed to the secretary and staff, both of the office and factory, the manacing-director making special reference to the good services of the engineering department.