GRIFFIN AND SONS, LTD.

Colonist, Volume LV, Issue 13801, 26 August 1913, Page 6

GRIFFIN AND SONS, LTD.

18th ANNUAL MEETING OF

SHAREHOLDERS,

The 18th annual'meeting of shareholders of Messrs. Griffin and Sons, Ltd., was held at tho company's office last evening, Mr. Jas." Boon, chairman of directors presiding. The directors' report and tho balance ■sheet, etc., as printed, wero taken as read. The report stated:—"ln presenting the accompanying 'balance sheet and profit and loss account for the period ended June 30th, 1913, your directors have to report .that, compared with last year, the position shows a: .marked improvement. . Though there has boon no decline in the cost of raw material, and a considerable advance.in the price of labour, the sales have materially increased, and slightly better prices have been obtained for some lines of tho company's manufactures. This has*re-, ■suited in larger gross trade profits, as will bo seen from the accounts. .After, writing off depreciation and bad debts, and including the amount brought forward last year, there remains £1863 ISs 5d to the credit of profit and loss, which sum your directors propose to carry forward. The. end of the .financial year of the company has been altered from the 31st May to the 30th June, the latter being a more convenient' da to. The directors retiring by rotation are Messrs. Cock and• Roughton, both of whom are eligible- and offer themselves, for re-election." In moving the adoption of same Mr. Boon said that it would bo noticed that thero was a decided improvement in the company's business as far as turnover was concerned, that for tho year past, being a record. Although a substantial profit was made, the directors did not think it advisable to declare a dividend, it being necessary to build up ,a strong reserve fund in view of contingencies. It was gratifying to find the sales increasing so considerably, especially in Nelson _ and Marlborough provinces. The principal causes operating against the company as a dividend-paying concern were the increased cost of labour and the shortago of juvenile labour. The cost of raw material had also increased to a certain extent in almost every line the company used. There was a chance of some of these materials decreasing ia cost during the year entered upon. Tho I shortage of juvenile labour, however, j was the- principal drawback, and it did not- touch Grifh'ns' alone another manufacturer in the town had personally informed him that ho would, have to give up altogether one or two of his most profitable lines as at tho time necessary he was quite unable to get tho labour he required. Concluding, Mr. Boon said that the sales of biscuits had shown a very considerable increase, a fact that the directors viewed with much gratification. He then moved tlio adoption of tho report and balance sheet.

Mr. John Hayes seconded tho motion. Mr. Goo. Batchelor, referring to the balance sheet, asked why "discounts'"' and "interest*' were not kept separate instead of being lumped. ! Mr. Goo. Griffin, secretary and mani ager, said that this Was done because ■it was so shown on the returns whicS had to bo furnished to the Tax Department. The greater part, at least threefourths, was interest on loans. ! Mr. Batchelor said that he was perfectly satisfied with the answer he nad foctly satisfied with _ the answer. Ho had asked the question at tho request of other shareholders. Mr. Geo. Bennett said that it was unfortunate that the company could i not pay a dividend, but the. tradespeople of the place got some- return by the expenditure among' them of the wages received bj- the workers in the factory. The shareholders in private lif<>. woro not sharers in any indirect benefit, but apparently that could not bo helped. In reply to Mr. Geo. Batchelor, the Secretary gave information as to the rate of interest paid. The chairman said that tho money could not by got cheaper, and if it .had to bo <>!•.:.ihiixl at the present time, not us cheaply. Messrs. J. H. Cock and W. A. Iloughton, retiring directors, wero re~ olec.ted.Mr. F. A. Bamford was re-elected auditor at the same remuneration, ten guineas. The chairman moved a vote of thanks to tho management and staff. Tab directors were very satisfied with the manner in. Which th© work iiad been carried on, and assured the shareholders that the management' was efficient and economical. . . | Mr. Duncan (a director) seconded tho motion, paying tribute- to tho energy I and zeal of Mr. Griffin as secretary and manager. Ho believed that the company was emerging from its period of struggle to better times, and bej spoko loyalty from the shareholders. The motion was carried with ation.Mr. Griffin, in expressing his thanks, said that he had to .acknowledge- tho great assistance that ho had received; from both the office and factory staff. | Tho year had indeed been an arduous i one, and had it not been for the loyal ! assistance of those ho had mentioned, with increased sales', the showing would not have been nearly as good. The_increase in the cost of raw materials had been a serious handicap, but there were signs of relief, and as Mr. Duncan had said, he believed that the company was emerging into'a period of better results. He was glad to say that the increase in sales had been mostly in "tho better class of goods, which gave tho best return. If one and all ' pulled together there was good ground for the belief that tho concern would give good returns to the shareholders. He appealed to the shareholders to support the local industry by demanding "Griffins' "goods. A great deal of manufactured goods were being imported into tho town and. district when the local article was equally good. Mr. Wf. Rogers moved a hearty voto of thanks to tho directors and endorsed Mr. Griffin's appeal for the support of the local manufactures. Mr. Hayes seconded the motion, which was carried with acclamation. Votes of thanks to tho Press and the chairman terminated the proceedings. x