ABRAHAM AND WILLIAMS

Evening Post, Volume CVI, Issue 104, 30 October 1923, Page 3

ABRAHAM AND WILLIAMS

* A DIVIDEND OF 5 PEB CENT. The-report.of the directors of Abraham and Williams, Ltd., for the year end 30th September, 1923, records that the hopes of improved trade operations, as expressed in their report of last year, have been verified. The net return for the year,' after allowing for all expenses of management, depreciation of plant and buildings, bad and doubtful debts, .-.mounts to £24,631 11s 6d. and, added to the sum of £1448, 10s brought forward from last year, makes £26,080 Is \6d available. A preference dividend for the year at 6 per cent, has been paid and absorbed the sum of £4921 4s. After providing for estimated land and income tax for the current vea'r, say, £7640, and payment of preference dividend, the sum of £13,518 17s 6d remains available for distribution. The directors recommend that a dividend at the rate of 5 per cent, be declared, which will absorb the sum of £10,563 10s, and that the balance, £2955 7s 6d, be carried forward. Messrs. Wright, Stephens, and Co., Ltd., made an offer as at Ist March last, to purchase ordinary shares in the company at par, paying for them in second lien debentures, bearing 6,per cent, interest in their company. This offer was accepted for shares representing £62,380 of paid-up capital. The directors consider that under the circumstances ruling at the time; the offer made by Messrs. Wright, .Stephenson, and Co., Ltd., was a liberal one. Mr. R. S. Abraham has now retired from active management of the concern, but retains the chairmanship of the board. Mr. W. D. Hunt, managing director of Messrs. Wright, Stephenson, and Co., Ltd., has been appointed managing director of Abraham and Williams, Ltd. : Prospects for the current year for all classes of farmers' produce appear to he good. High pices are ruling for dairy produce, wool is steady' at last year's prices, whilst it is confidently hoped that good prices will be maintained for mutton and lamb during the ensuing season. The directors to retire are Messrs. P. ■ S. Larcomb and A. K. Simpson, who offer themselves for re-election. The auditors, Messrs. Rutherfurd and Connell, and Mr. P. L. Sim, also offer themselves for re-election.