NEW ZEALAND DRUG CO.

Wanganui Chronicle, Volume 80, Issue 70, 24 March 1937, Page 10

NEW ZEALAND DRUG CO.

BURDEN OF HIGHER LABOUR COSTS DUNEDIN, March 22. “As indicated by me a year ago, improvement in sales turnover has been well maintained,” said Mr. W. F. Edmond, chairman of directors, when moving the adoption of the annual report at the 58th annual meeting of Kempthorne, Prosser and Co.'s New Zealand Drug Company, Ltd. this afternoon. "The better prices now being obtained for our primaryproducts, particularly wool, have provided greater spending power for all sections of the community, and also promise well for the coming year. We can therefore look forward to the near future with a fair measure of confidence in so far as trading is concerned; but, at the same time, we cannot overlook the increasing burden of higher labour costs brought about by lhe present Government’s labour legislation. The increases in land and income tax are also a heavy impost which, in my opinion, will have a tendency seriously to restrict the development of industry in the Dominion.” Since last meeting a new sulphuric acid plant at Westfield had been completed, and was working satisfactorily. The directors had also deemed it advisable to make extensions to the plant and buildings at the Wanganui works, which were now being carried out. These additions would give ample scope for greater manufacture, placing the company in an excellent position. The chairman paid a high tribute tn the services extending over practically 50 y r ears of Mr. William Taylor, who has retired from the position of general manager, but who is retaining a seat on the board. The directors’ report and the bal-ance-sheet were adopted, and a final dividend of 4i per cent, was approved, making 8 per cent, for the year. Messrs. F. W. Mitchell and W. O. McKellar were re-elected to the directorate.