ADAIR BROS., LIMITED

Poverty Bay Herald, Volume LXIII, Issue 19123, 18 September 1936, Page 11

ADAIR BROS., LIMITED

IjeWer business year

u\ 28TH ANNUAL MEETING

i» GROUNDS FOR OPTIMISM

Aii -'improvement in the volume and value Jof business done by the firm during this past j _-ar, despite the growth of new competition in Gisborne, was noted by' the chairman of directors of. Messrs. Adajri Bros., Limited, addressing the shireliolders of the company at the annual general meeting, held last evening. In Moving the adoption of the report hnd balance sheet, as reviewed latfely in the Herald', Dt. J. V. Mdliamsjj chairman of directors, remarked with Satisfaction upon the. growth oi thi ccimpany’s business despite increased opposition. The"- balance sheet disclosed a very satisfactory? position, continued the chairman, <so satisfactory indeed ; that the directors were able to recommend a dividrilid of 4* per cent. If the recomm(indention of the directors was accepted, the t Company would have maintained a progressive rise in the rate of dividend front 2£ per-cent at the-depth of the ‘‘stump, in 1953, to. 3 per cent in 1934, ?4 per cent in- 1935,. and 4j per cent iii the current year. He considered that;.' Optimism tor the future was w.ell and that by gradual stages it 'would be possible to reach the old ditjujerid rate of 8 per cent in due counsel* LOYALTY OF SHAItEHOLDERS The] chairman, pointed out, however,; thst/ fa ordev to., attain, . inost. desi result j evfepy . sliareliplder should dosljH or her utmost to assist the compaiy.’d business. There were increased difficulties, arising from recent legislation) with Tegard to shorter hours, highjes wages, and increased taxation, in to the always keen competition of (business rivals. If the loyalty of the shareholders was accorded, however, there was no reason to fear a setback.

An < interesting development of the business commented on by the chairman had ibpen. the placing of a van on the road, to carry the Cash Stores goods to ths furthest parts of the district, and esfje&ally to the railway camps. The venture promised exceedingly well, he added, In, conclusion, Dr. Williams paid a tribute to the*loyal and efficient work of .'the) staff to bbth premises under the company’s controjj .apd remarked. That the sa'tisTacfory 'butcPme of the year-was due to the loyalty and co-operation of the staffs. DIVIDEND RATE ADOPTED

Shareholders were assured by jUr. C. H. Ambridge, in seconding the. chairman’s motion, that a careful check had ,bebn made of the stocks, by himself arid Mr. E. T. Doddrell, and that the values quoted in the balance sheet represented conservative figures on the coriipanv’s trading stocks.' These, lie said, were in first class condition and thoroughly up-to-date in quality and range.

The motion for the adoption of the report and balance sheet was carried unanimously, and the shareholders agreed to the recommendation of the directors in regard to the dividend rate. Dr. A. L. Singer and Mr. s J. C. N. Thomas, retiring directors, were returned unopposed', and Messrs. Graham and Dobson were re-appointed as auditors of the company. " t -

A vote of thanks to the manager, secretory and staff was'' moved by Mr. T. Corson, who warmly endorsed the comments of the chairman as to the loyalty of all officers and staff members in the employ of the shareholders. Messrs. H. Gilmer, manager, arid E. A. Muis, secretary, acknowledged the vote of thanks, and assured the meeting that the staff as a whole appreciated the value of co-operative effort, and the maintenance of the present good relations with the directors and shareholders. A vote of thanks to the chairriian concluded the business of the meeting, and shareholders later partook of light refreshments, in the course of an enjoyable social hour.