DIRECT SUPPLY COMPANY.

Auckland Star, Volume XXVII, Issue 89, 16 April 1896, Page 3

DIRECT SUPPLY COMPANY.

It is pleasing to note thab the D.S.C. Co-operative Stores of Auckland has had a successful year. The reporb eubmifcbed bo the annual meeting of shareholders showing the result of twelve months' operations must be to them of a very encouraging character. High dividends among public companies are not now the order of tbe day, bub 7£ per cent., wibh addibional 5 per cent, aa a bonus on shareholders' purchases, speaks for itself. The following is the report:—The annual meeting of the Direct Supply Company (Limited) was held on March 31sb ab the Company's store. Mr T. Peacock waß in the cbair. The following reporb was presented by the directors : "In presenting the third annual reporb the directors are able to congratulate the shareholders upon the business done during the year, and upon tbe satisfactory position of the Company. The general business has far exceeded the trade of previous years. The turnover has increased very largely in comparison with the increased cost of management. The neb profits of the year are £3,194 5s 2d, which with £1,116 la 7d, broughb forward from lasb year, amounb to £4,310 6s 9d. This the directors propose to deal with as follows : To carry to reserve fund, £2,451 15s 8d ; to write off tho balance of preliminary expenses incurred in floating bhe Company, to write off depreciation on leasehold property and machinery, to make ample provision against any loss on outstanding accounts, and to declare a dividend and bonus to shareholders equal together to 1_ per cent, on bheir shares, ana a further bonus of 5 per cenb. to shareholders on the amount of their purchases during the year. The Company haa paid off in the course of bhe year £9SI of debentures which would have matured in 1898. One encouraging feature of the year's operations has been the large bnsincss done by shareholders. The benefits derived from our co-operative system muat continue to attract small investors, who receive a substantial bonus on their purchases, as well as interest on bheir shares. The _ directors take this opportunity of reminding shareholders that ib rests with themselves to largely increase their profits by making known the advantages we offer. The directora desire to express their appreciation of the liberal manner in which Messrs L. D. Nathan and Co. have meb them with regard to rent, a decided concession having been made by them. Mr T. Peacock retires from the Board, but is eligible, and offers himself for re-olection. Ib devolves upon the meeting to appoint an auditor for the year. The dividend and bonus will be payable at the office of the Company on April 9th, 1896.— For the Board of Directors. (Signed) Thomas Peacock, Chairman." . .

The Chairman, in moving the adoption of the report and balance-sheet, congratulated the shareholders on the successful year's business. Referring to the placing of £2,451 15s 8d to the reserve fund, ho stated that in addition to tho usual function of a reserve fund, viz., the equalising of dividends when necessary, the money was being employed in the business, and thus assisting in makiug profits, and this led him to say thab further capital could profitably be employed in the business without requiring a corresponding increase in the expenses. This could besb be effected in tbe way indicated in the report, by bringing moro prominently before the notice of their friends the advantages of tbe co-operative system, and thus secure a large number of shareholders. The report and balance-sheet bb presented were adopted, and Mr Peacock, who retired from tho Board by rotation, was re-elected. Mr Waymonth was appointed auditor for tbe enßuing year.