ABRAHAM AND WILLIAMS

Evening Post, Volume XCVI, Issue 139, 9 December 1918, Page 4

ABRAHAM AND WILLIAMS

ANNUAL MEETING. Mr. R. S. Abraham (chairman), Abraham and Williams, Ltd., in moving the adoption of the company's report and balance-sheet for the year ended 30th September last, which stated that the net return for the year, after making full allowance for all expenses of management', taxation, bad and doubtful debts, 10 per cent, war bonus to staff, allowance to officers at the front, etc., amounted to £12,485 Os 2d, plus £4307 14a lid, brought forward from last year, making a, total of £16,792 15s Id for distribution. A dividend of 6 per cent, per annum has been paid on the paid-up capital 6f preference shares, and it was recommended that a dividend of 8 per cent, per annum on the paid-up capital of ordinary shares of the company be declared for tho twelve months just'ended, of which the sura of £5128 3s by way of interim dividend was paid for the half-year emted 31st March last. Taxation for the year amounted to £6416 153 6<l, and has been paid out of revenue, leaving taxation reserve account at £10,000, and £5000 has been transferred to dividend equalisation reserve account. The balance, £1476 8s 2d, will be carried forward. The estimate of- taxation for the_ current year approximates £8000, which is fnlly covered by the taxation reserve account. New business instituted at Taumarunui and Te Kuiti is proving remunerative, and a further extension of business at Raetihi has now been arranged, and suitable premises have been acquired. In reference to tho business, the Chairman said that, considering the very heavy disabilities under which they had been working, he was justified in congratulating shareholders on the balanca-sheet presented, though the net return was not quite equal to that of last year. The total figures showed a reduction in turnover of about £50,000 daring the year, but this was fully accounted for by the fall in values of stock and the depressed trade which was experienced owing to the severe winter conditions which had prevailed right through the district. On the other hand, the company's operations in land sales of various sorts had increased very materially. Very great confidence in the firm was being exhibited, and they had subdiviaional 'sales in hand from Hamilton, to the Wairarapa, Capital account showed an increase of £4600 only, probably accounted for by the demand for, money created by the war loans, and also possibly by the fact that investors were not yet prepared to pay a premium. This, he pointed out, would right itself in time. Earnings for 1918 showed "£56,468, as against £55,894 for last year, an increase of £574. On the other hand, charges showed an increase of £1025, leaving a net decrease of £574.

Land and income tax paid for the year amounted to £6416 15s 6d, as against £3508 paid last year. Next year the company would have to pay close on £8000, but this was fully provided for by taxation reserve account of £IU,OOO. The sum of £5000 had been added to their reserves in the shape of a dividend reserve, whilst their assets showed a surplus of £187,930 over their liabilities. The wool branch showed a reduction in amount handled, partly owing to the fact that a good deal of their wool had to go to Wanganui and Auckland, where they were not at present represented, bat steps were being taken to remedy : this matter, and in the near future they ' hoped to be able to handle all their clients' wool. Generally, the Chairman said, the prospect* of the concern were most encouraging. Naturally, they must expect some time to elapse before they could obtain, ttie fall result of their work in new districts, but they felt sure that before long shareholders would be perfectly satisfied with the'resulte. > Mr. Abraham referred to the number of the staff who had, left owing to the war; consisting of 35 out of an original staff of. 57, and he considered that the staff left were entitled to a- hearty vote of tiianks for the manner- in which- they had faced the heavy work which had fallen on their shoulders. The report' and balance-sheet were adopted.