INCREASED PROFITS

Nelson Evening Mail, Volume 79, 11 January 1944, Page 3

INCREASED PROFITS

GOOD YEAR FOR GRIFFIN & SONS

ANNUAL MEETING OF SHAREHOLDERS

A 50 per cent, increase in the net profits in the past financial year was commented on by the chairman at the 48th annual meeting of shareholders of Messrs Griffin and Sons Ltd., held in the Nelson office of the company last night. Mr F. W. Hamilton, deputy chairman of directors, presided owing to the ill-health of the chairman, Mr T. Neale. It was decided to send a letter of sympathy to the chairman and to express the hope for his recovery. There were 12 shareholders present and 25 were represented by proxy.

In moving the adoption of the report and balance sheet (already published) the chairman said that the increase in profits was brought about by the management and the manager, and greater efficiency due to the co-operation of the heads of departments and th e staff. This had been achieved in spite of reduced prices for army contracts during the whole of the past year. Extra depreciation and allowance for any reduction in stock values when the war finished had been made in arriving at the net profit figure. The same conservative policy had actuated them in recommending a per cent, dividend and increasing the general reserve by £IO,OOO. In seconding the motion Mr P. C. Hurst remarked that the year had been a busy one and the volume of sales had been a record. The directors realised that these war contracts would not last for ever so they had taken precautions to see that the changeover to peacetime would be effected with the least possible occasion for upset in the business. In reply to a question the secretary, Mr C. H. Griffin, said that the directors’ fees to be authorised were for the year ending June 1943. The motion was carried. Two retiring directors, Messrs E. W. Hamilton and A. R. Dyson, were re-elected.

Mr E. R. Neale was re-appointed auditor.

It was decided that the remuneration to the directors for th e past year be £675, to be allocated as the directors thought fit. It was also agreed that the fees for the current year be on the same basis.

Mr Dyson moved a vote of thanks to the management, staff and workers in the factory. The figures supplied to the directors each month showed expert organisation. He had been struck with the efficiency of the factory and the team spirit that seemed to operate right through. A large share of the credit must go to the management. In seconding the motion Mr Hurst said that the good position was a result of teamwork and the excellent factory in Wellington. The chairman supported th e remarks and the motion was passed. Mr Griffin returned thankes on behalf of the staff to whom he also paid a tribute. He said the success was due to treating the workers as humans and not as machines. He mentioned that the staff of 250 had raised £6OOO for war loans. A vote of thanks to the directors concluded th e meeting