ADAIR BROS. LTD.

Poverty Bay Herald, Volume XLIX, Issue 16212, 24 August 1923, Page 7

ADAIR BROS. LTD.

ANN DAT. MEETING

'Hie fifteenth annual genera) meeeting of the shareholders of the above-named company was held in their branch premises, the /Cash Stores, on Wednesday, 22nd August, .1923, at 8 p.m. The chairman (Dr. J. W. Williams) presided over a large representation of shareholders.

The annual report, which was adopted, included the following: ‘‘Your directors have pleasure in presenting herewith the fifteenth annual report, together with profit and loss account and balance-sheet duly audited, and lliey desire to congratulate the shareholders upon another successful year's trading and upon the satisfactory financial position of the company, The valuers report .that the stocks are in excellent condition, representing the values shown on the stock sheets. .The new system of paving rebates is working satisfactorily. The rebate is 2s in the £ off cash purchases, and Is 6d in the £ off monthly accounts, and at our Gash Stores branch shareholders are entitled to Is in the £ in departments not represented at the main premises, such as carpets, linoleums, household ironmongery, china, etc. The benefits of cooperation have been much appreciated, and our list of shareholders has been considerably increased since last annual meeting. During t lie year it was decided to commence the rebuilding of the Cash Stores premises, and in order to minimise the inconvenience to business the new building will be erected in three nr four sections. The first brick of contract No. 1 was laid on 19tli May by the chairman of directors, and this portion of the new premises will he shortly ready for business. Your directors recommend tbe following allocation of profits: Payment of a dividend at tlie rate of 8 per cent, (free of income tax) on paid up capital, placing' to reserve account £4OO, and to carry forward tbe balance £6OO 12s. The reserve account will then be £7200.”

In moving the adoption of the report, lho chairman referred to the sound financial position of the company and to the satisfactory year’s trading. In spito of the trade depression through which the district had been passing it was gratifying to note that the company was able to pay such excellent rebates to its shareholders, and also to maintain the usual , rate of dividend without drawing on its reserves. This, he considered, spoke well for the efficient management of the business, and for the loyalty of its rapidlv-in-creasing number of shareholders. The chairman also referred to the progressive policy adopted by Ihe company during the past year. It afforded him great pleasure in announcing that although it was only three months since the first brick was laid in

the new portion of the Cash Stores premises, the building was now practically completed. He made complimentary reference to the work of the architects, Messrs Burr and "Mirfield, and to the contractors, Messrs Webb Bros., in this connection. This will now give .the company on the Grey street corner a building with a ground floor space covering the whole of their quarter of an acre,’ and two additional showrooms over part of their premises, each lOOfi. by 24ft. The departments include Alan Chester, dresses, men’s , clothing and mercery, \ carpets, linoleums, with the addition of a new department, namely, household ironmongery, china, etc. The showroom - will be on the first and second floors.

Special reference ©was made by those present to the excellent services rendrd by the manager during a very difficult year, and a very hearty thanks was accorded to him.

It was resolved that the dividends be made payable on October 3, 1923. Mr H. E. Bright was re-elected to the directorate, and Mr T. Corson was elected to fill one of the vacancies. The other vacancy was filled by the apopintment of Mr. E. T. Doddrell, as managing director.

A resolution was recorded in the minutes-of. the company expressing thA •shareholders’ great appreciation of the services • rendered by Mr T. Holden, the retiring director, during his long association with - the board. since the inception of the company, and also to Air , R.. Robertson, the ✓ other retiring director. • •

Votes of thanks were passed as fol .lows :v. To the directors for ■ their .past year’s services, ..to the -secretary, and also to the members -of the staff for their loyal assistance and co-operation.