BLACK AND WHITE CABS

Evening Post, Volume CXIII, Issue 130, 6 June 1927, Page 11

BLACK AND WHITE CABS

DIVIDEND OF 10 PER CENT,

BlacJc and White Cabs Limited held their second annual general meeting on Thursday, 26th May, when some sixtyfive members were in attendance.

The success of the first year's, operations was outlined by the chairman '/Mr. JL W. M'Villy), who, in presenting the report and balance-sheet, pointed out that the generous support which had been accorded Black and White Cabs Limited from the inception not only continued to manifest itself, but also showed signs of. even greater enlargement. The yearly turnover had exceeded the expectations of the directors, and the working expenses had been so satisfactory that it was possible, after payment of appropriate repairs and maintenance and making adequate provision for depreciation, to pay not only a divider " at the rate of 10 per cent, per annum as from the date of commencement of operations, but also to carry forward surplus profits of £1380 13s lid. The expanding business, ho said, had necessitated the acquisition of suitable freehold properties at both Wellington and Auckland, on each of which sites extensive garages were being built, and it was anticipated that the Wellington office and garage at Abel Smith street would be completed Bhortly. Shares for the new issue, said Mr. M'Villy, had been offered to the public without special advertisement, with the result that a response equal to the company's requirements had been made, and that a considerable proportion of applications were received from present shareholders. The latest movements of the Yellow Cab and Truck Manufacturing Company in America • were closely studied by the manager, Mr. E. J. Gait, who had visited Chicago during the year. The company would shortly venture upon further fields of transportation which the directors had reason to believe could be profitably operated.