ADAIR BROTHERS, LTD.

Gisborne Times, Volume XXVII, Issue 2489, 30 April 1909, Page 3

ADAIR BROTHERS, LTD.

ANNUAL MEETING OF SHAREHOLDERS.

The first annual meeting of shareholders in Adair Brothers, Ltd., was held at Townley’s Hall last evening. Mr. Arthur W. Rees (chairman iof the company) presided, and there was ’a large attendance of shareholders. The Chairman moved the adoption of the annual report and balance-sheet. The 'report was as follows: — - “In presenting their .first annual re’port and balance-sheet, the directors have pleasuro in reporting that, dokpite. tlie much-talked-of depression and 'tightness of tho money market, and our . large initial expenses (an inseparable incident tio all new undertakings) our first year has been eminently satisfactory in all respects, _ tho volume of business transacted during the period being far in excess of even our most banguino anticipations. The balancesheet and. profit and loss account, hereto attached, bear e’oquent .testimony to the ability and diligence of our employees, and to the loyalty of our patrons. During the oaxly part of our first year, by virtue of authority given at our first genera! meeting, the directors completed the: purchase of tho freehold of tho premises occupied, and shareholders are to bo congratulated : on the acquisition of so jsuitablo and valuable a site at what, it is contended, Is a most satisfactory figure. At a meeting of the' directors, held on the 5.5 t- February, 1909, a sub-committee, Consisting of Messrs A. W. Rees and J Sheridan, was appointed to investigate the hook debts and report there'on. After a thorough, and searching investigation those gentlemen reported most satisfactorily, and paid high tribute to the manager for the great care exercised in thb avoidance of bad and doubtful ’debts. In order to cope with the largely increasing volume of business, the directors deem it advisable that material alterations be forthwith made to ■'the premises, amongst which tho most ’important are: The conversion of the ' greater part of the upstairs into a ’commodious, well-lighted, and attractive ladies’ show-room (the present accommodation being deemed totally inadequate); the construction of a broad stairway through the front shop to givo access thereto; and the replacement of tho present shop and verandah by a more up-to-date and artistic structure. The nett profits of the year, tis shown in the profit and loss account, ’amount to- £2253 5s 7d, which amount is available) for distribution. The directors recommend that the sum shad be allocated as follows: (1) Payment of a dividend at the rate of ten pounds per cent, per- annum on paid-up caiptal as from the dato of payment of installments; (2) a bonus of 2-J per cent, on all purchases made by shareholders 'during the year; (3) a bonus of 3 per ‘cent, to the employees on salaries and wages earned ; (4) provision against had and doubtful debts —absorbing £1346 7s 2d ; (5) placing to reserve fund £SOO ; ‘and tho balance carried forward £406 ’JSs.5d. Total £2253 5s 7d. Tho directors who- retire as a result of ballot are Messrs A. W. Rees and J. Sheridan, 'who, being eligible, offer themselves for re-election. sPho auditors, Messrs A. Graham and H. M. Porter, retire, and, being eligible, offer themselves for reelection.”

In speaking to the motion, the Chair, Inan said that during the year the freehold property had been purchased, and 'time would show the wisdom of the investment. He wished to add his testimony t-o the loyalty of the. employees. Tlie year had been a successful one, but ‘he hoped to see an even more satisfactory balance-sheet next year. Mr. G. Brocklebank seconded the chairman’s motion, which was carried 'without discussion. Messrs A. W. Rees and J. Sheridan were re-elected directors of tho company. and Messrs A. Graham and C. G. Piosse were elected as auditors. A honorarium of £lO 10s each was voted to the retiring .auditors, and a sum of £SQ for division among the directors.

The shareholders then passed a special resolution for payment of a dividend at the rate of 10 per cent., a bonus of 2-£ per cent, on purchases made by shareholders during the year, and a bonus of 3 per cent, to employees on salaries and wages earned. On the .motion of Mr. J. Sheri dart a 'vote of thanks was passed to tho manager (Mr. C. Adair) for his efficient 'services during the year; and to the staff for their loyal co-operation.. A vote of thanks to the chairman brought the meeting to a close. , D