TOBACCO SALES

Wanganui Chronicle, Volume LXXXIII, Issue 20108, 29 March 1928, Page 11

TOBACCO SALES

CARRERAS LTD. EXPANSION OF BUSINESS. Flourishing finances and an expand-ie-g Business ww the principal factors mentioned by the chairman of Carreras, Ltd. (Mr Bernhard Baron) at the twenty-fourth annual meeting of shareholders held in London recently. Mr Baron, in his address, stated inter alia as follows: — 4 ‘lt is a great pleasure to me to be able once again to congratulate you upon a successful year’s trading. You will see from the profit and loss account that the balance available is £1,880,000, including £62L000 brought forward from last year, and you will readily understand that in a year when we were called upon for over 'half the period to bear an additional duty of 8d per lb. placed on tobacco, the figure mentioned has been made possible by a very largely increased turnover. “The increased duty is not the only difficulty with whiZi we have had to contend, as with the continued expansion of our business we have found ourselves limited for factory space, and in spite of all the overtime and all the ingenuity that we could devise we have not been able to fulfil all the demands made upon us by the increasing sale of our productions. I regret to say that we are still behind with our orders, and many of our customers have been disappointed through not receiving goods promptly. Tn the coming year, however, I hope that all these things will be remedied and we are anxiously awaiting the completion of our new premises in Hampstead Road. That work is being pushed ahead with all possible speed. We shall have a tobacco factory wuich will be a model, not only for this country but for the whole world. It is my

great desire that I may live to roe it in working order. “When once we get going in our new factory I am convinced we shall be able to develop and extend our trade still further, for, as I have said to you at previous meetings, I regard the whole world as our field, and the big building in Hamstead Road will serve as a base from which to extend our operations and activities in ways and places which at present we are hindered from exploring. I am pleased to tell you that during the two months of the new financial year our business has shown very satisfactory progress. “There is one other matter I would like to mention, and that is to remind you that an increased business requires bigger stocks and additional financial resources. We require money to pay for building our splendid new factory, also for putting into it the most upto date machinery and equipment. This year, therefore, your directors have recommended that a new issue of shares should be made at a price which, while it gives the shareholders a substantial benefit, will also yield to the company the money necessary to provide for the extension of the business. I feel confident that the additional cash resources will bring to the shareholders a satisfactory return and strengthen the position of the company.” The increase of capital was approved. ______