DECREASED TURNOVER

Poverty Bay Herald, Volume LII, Issue 16202, 27 November 1926, Page 16

DECREASED TURNOVER

CALL TO SHAREHOLDERS IviME HOPEFUL OUTLOOK Though the past, year's working of the mercantile side of the Gisborne Sheepfanners’ F.M. and .M. Co. has shown a marked decrease, as compared with the previous year, there is a more hopeful prospect- for the future, according to the chairman of directors, Mr. .1. Yt • Nolan. At the annual meeting to-day, lie urged the shareholders lo give this side of the business as well as the freezing side,, their fullest support, and so justify the extensive investment which it represented.

•' 1 am sorry to soy that on the mercantile side, our turn-over shows a considerable decrease as compared with the previous year, much the largest, arnoun# being in the returns from our Tolaga Lay branch,” Mr. Nolan stated. “ One finds, on looking through returns for similar periods of other mercantile businesses in various parts of the Dominion that, with very few exceptions indeed, a similar result lias obtained. This, however, is no excuse for the decrease in our tigurcs, for had we been getting the support from our shareholders that we are entitled! to and should have, the result would have been the oilier wav about.

“ The outlook so far for the present season is much more hopeful. Overhead expenses have been considerably reduced, and changes effected 1 in otherdirections, which, with your loyal support-, your directors feel assured will undoubtedly show a much more satsifaotory result at the expiration of the current season, and, they hope, enable them to make usual rebates and l pay a dividend. The achievement of this result, however, naturally depends on the amount of trading done by yourselves and others.”