TONSON GARLICK, LTD.

Sun (Auckland), Volume IV, Issue 986, 31 May 1930, Page 11

TONSON GARLICK, LTD.

PROFITABLE YEAR ANTICIPATED Regret that the annual statement of accounts did not make a better showing was expressed by Mr. W. H. Bartlett, chairman of directors, at the thirty-third annual meeting of Tons on Garlick, Ltd., yesterday. The chairman said that a considerable portion of the loss on the year’s working had been made in the factory. The loss for the year had been £4,361, which had depleted the company’s reserve to £202, and which, together with £750 reserved for bad debts, left the company’s total reserve at £952. However, only a small portion of the loss was made in the year’s trading. It was gratifying to see that the book debts had been reduced by nearly £7,000, and that the bank overdraft of £6,526 had been wiped out, and a credit established of £249. That was naturally due to carefulness on the part of the management and to a careful scrutinising of accounts. In dealing with the factory, Mr. Bartlett drew the attention of shareholders to the fact that the company possessed a valuable asset in this property. During the last few* years the locality had been improved through the erection of modern buildings, and this was having the effect of creating an increasing demand for Lome Street property. The chairman expressed the opinion that there* was a probability of making a profit in the warehouse during the forthcoming year, provided market conditions were satisfactory. Owing to the increasing deman \ of the public for goods on hire-purchase, it was decided by the board to increase the company’s endeavours in this particular branch of the business, as it was felt that an increased turnover could thereby be effected.

The retiring directors were Mr. C. H. Priestley and Mr. H. Butcher. Mr. Butcher was re-elected, but no nomination was received for the seat vacated by Mr. Priestley, who did not seek reelection.