SOUND

Evening Post, Volume CXIII, Issue 142, 17 June 1932, Page 11

SOUND

BRIGKMD PIPE INVESTMENTS

BRIGHTER PROSPECTS

A note of confidence-regarding the company's future was struck by Mr. T. E. Clark, chairman of directors of Consolidated Brick, and Pipe Investments, Limited, in his address to shareholders at the third annual meeting, which was held in Wellington yesterday i afternoon. - ' ,

Mr. Clark" said it-was much regretted that tho directors were unable to Tecoinmend the payment .of a dividend for ■the financial year just ended; but shareholders would readily appreciate that with business in its present depressed state, the real concern should be to guard, thejnvestments in the company so as to keep them intact until improved times pnablod them to show some return..* The past year had been decidedly .worso. than the previous year in regard to sales, but he was pleased to say that the prospects were brighter, and it would appear, that work had been withcld so long as.to have created tho position .that much must bo done in tho early future in completing sewerage schemes' and erecting buildings which could no longer be done without.

Although prospects were brighter, the directors ,wero. placing no false hopes in a revival, of trade conditions, and had prepared for even worse times. The financial position was sound. The overdraft at the bank was practically negligible (the total for the trading companies and the consolidated companies being only £816 <*s' 6d), and the | directors: expected to be able to pay tho debenture interest in September next without unduly increasing that figure.

Mr. Clark referred to the high stocks, the first-class order- of the factories, and the greatly improved quality of the company's products, and said that the directors had met every 'decrease !in business with a decrease in overhead j expenses, thus endeavouring to live within the'means of the company.

"In conclusion, let ,mo impress on all shareholders that, in my opinion, the position of the company, in spite of its inability to pay dividends, is still absolutely so.und, and unless the turnover drops to any further appreciable extent, it will remain sound, but dividends cannot be expected meanI while . . . All that is required is

for-sales of tho company's products to reach about the same volume as they have averaged for the last thirty years.'' Messrs. Gilfillan and Gentles, of Auckland, retiring auditors, were re-elected.

The Autumn Exhibition of the JTew Zealand Academy of-Fine .Arts continues to attract interested crowds of visitors to the Art Gallery. Two further prints of

the wood-cut. "Houghton Bay, Wellington," by W. J. Cooeh, and the aquatint,

"Study of a Head," by Geo. Woods, have been sold. The exhibition, will close tomorrow night after the drawing o£ the public art'union at 9 o'clock.