ABRAHAM & WILLIAMS, LTD.

Dominion, Volume 4, Issue 977, 18 November 1910, Page 8

ABRAHAM & WILLIAMS, LTD.

ANNUAL MEETING. The annua! meeting of' Messrs. Abraham and Williams. Ltd., was told on Tuesday at the company's rooms, Falmcrston North. Mr. K. S. Abraham in the chair. In moving the adoption of the report and balance-sheet, the chairman referred to the scvero crisis experienced two years ago, .-expressing the opinion that the experience thus gained had been most useful to the managers of the concern, and had resulted in a severe pruning of unprofitable accounts, with a reduction of liabilities of over £60.000. After referring to the very successful year, which had enabled the board to make an exhaustive' writing off, and put the company in a' better footing than it has ever been on be-' fore, the chairman went on to call the attention of shareholders to the necessity of increasing the capital of the'concern, and so enable the managers to meet the numerous explications for profitable advances which they, were now constantly compelled to refuse. He regretted that the Government had r.ot seen fit to remedy the anomaly, which now exists under the Land and Income Tax Assess* , men t Act, whereby, holders of shares in , such industrial concerns, holding land for business purpoEjs are mulct with addi- [ tional graduated tax in proportion to i their holding in such company. He was, however, pleased to see that, in. reply to a, question put by Mr. D. Buick, the ' Prime Minister had promised to consider the matter next session. The chairman i further referred to the rosy prospects of i trado.in the Dominion, particularly in re- '' gard to wool, frozen meat, and dairy pro- > rtuce. This was only marred by the dry , spell being experienced on the East Coast > which, if it continues, must seriously L •'ffect values of store stock, and rednce ■ the profits os, farmers generally. This, - however, might bo altered by a week's • good rain at aay time. In. rega-rd to ths : wool business, he referred to the good ' results obtained by thoee who sold locally - last year. • On the average, growers from , this district were from Jd. to'. Id. per lb. to the good on London prices. The advent of .the foreign buyer had quite'altered the tone of' the local sales, and ho hoped ■shareholders and clients'•. would support , them freely. He regretted, however, that he could hot say the same-of the hemp industry, and he wm concerned that the Government had not seen their way to 9 adopt the business'proposals of the Mana- . watu Plaxmillers' Association, whose sug- . "restion was that a good bonus should be given for labour-saving machinery, and new methods of using New Zealand hemp to be .recouped by on exoort duty of 2s. 6d. per ton on all hemp exported. In conclusion, the chairman expressed his satisfaction at the energy and work of tho secretary, Mr. Holmes, and tho staff generally, who, notwithstanding the depressing time through which the company had. passed, had assisted so materially in producing tho good results of the year under review. Tho returns submitted showed an ■ in-' crease in tho turnover of £193,000 notwithstanding the heavy' reduction effected in liabilities. Commission account shows £5803 increase, fat stock account' £996, good account £615. and wool an increase of Z032 bales handled. A dividend of 5 per cent, was declared, and a substantia! amount was carried forward! ' Messrs. Cooper and Porrittwere re-elected directors; and Messrs. Kuthcrford and Connell 'and P. L. Sim were reappointed auditors.