DOMINION BREWERIES, LTD

Dominion, Volume 31, Issue 241, 8 July 1938, Page 14

DOMINION BREWERIES, LTD

A Record Turnover

Auckland, July 1

At the annual meeting to-day of Dominion Breweries Ltd. the chairman, Mr. L. J. Stevena, said that the past year was one of remarkable expansion with a record turnover. In the first three months of the new financial year the output had increased by 40 per cent, compared with that for the same period or last year. . It wan decided to grant a bonus ot < J per cent, to employees on last years wages and an immediate increase of 7* per cent, on current rates. The nominal capital of the company was increased from £250,000 to £uoo,ooo. The managing director, Mr. 11. J. Kelleher, referring to the Dominion’s financial future, urged credit regulation. He said the Australian banks had increased their advances by GO per cent, over the 1931 basis. The Dominion bank advances should be capable of an increase in like proportion without danger to the country’s financial oecurity. There should lie definite adjustments of the currency to the prices of goods so that the New Zealand pound would be stabilised in purchasing power and there should be safeguards against an undue contraction of credit. '