D.S.C.

Auckland Star, Volume XXX, Issue 76, 1 April 1899, Page 6

D.S.C.

KHAiBEHOLDEES' ANNUAL MEETING.

Sftier animal meeting1 of shareholders ih'fhe Ph-eefc Supply Company (Ltd.) wns held on Thursday in the fine m w buildings just completed for the eeniptiny, There win tt good ntteniipnßß, Mr John Brown, Chairman of presiding- , ... Annual Bepbri—Mr Grny read the | annual report ns fellows:— The annual report for the year endidff Mnroh 30, 1809, waa read Rfl to Ilows:—Your tlireeiora have much pleasure in presenting1 the sixth anpiml ropert ruul balnnee-eheet for tho yenr ending February 38, 1890, The trading1 operations for the period have resulted in a net profit of £8914 1/JO» which we consider to be most satis•faotory under the trying conditions irf the past year, business having to be carried on in temporary nnd unsuitable premises, and being for v time much disorganised hi consemtenco of the late destructive flre. The volume of business done for the year has been a large one, owing to the appreciation evinced by the public of the strong position the company occupies in being able to supply all goods at first hand, either from our own manufactories, or from those of Europe and America. Your directors recommend the usual dividend Of 7i per cent on capital, with a further" bonus of 5 per cent, on payments made by shareholders during the year, and that the sumot £1568 18/11 be carried to the reserve fund, bringing it to the substantial amount of £6013 9/. Our last annual meeting was held a few days after the fire which destroyed the whole of our stock and business premises, and caused a loss of £3250. There can be iio doubt that a further loss of over £2000 has occurred through the partial disruption of our business, and the great inconvenience caused to our trading, so that the total loss caused by the fire will be from five to six thousand pounds. The directors congratulate the shareholders on taking possession of their new premises, ■which have been specially designed and erected to meet the requirements of our fast increasing trade, and are about double the area of those destroyed by fire. The buildings, you will all agree, are amongst the finest of their kind in New Zealand, and are a credit to the owners, the irchitect, and the contractor, besides" being an ornament to our city. Your directors felt that the business of the company in the past fully warranted their securing the erection and long lease of the present handsome block. It has been decided to extend the boot and shoe department to our town business, and this will be kept thoroughly up to date with a firstclass stock selected, from the best American, European, and Colonial manufacturers, and will be under experienced and careful supervision. The directors have every confidence in looking forward to a prosperous future, and rely on the shareholders to give the same active assistance in furthering the interests of the company as they have done in the past. Mr John Brown retires by rotation, tru\t is eligible, and offers himself for re-election. It -devolves upon the meeting-<to elect an-auditor for the ensuing year. — (Signed) JOHN BKO'fcVN, Chairman/ In frioving the adoption of the report the chairman said he congratulated shareholders upon the very favourable', results of the last years operations. He referred to loss sustained by the fire, and said that Since then the directors, had "an anxious time. Indeed it was only by the closest attention of the directors tha they were in the present favourable position. As stated in the report the volume of business had been very large, in fact much larger than was anticipated, which -was due to the appreciation of the public, together *rith the loyal and hearty support of their numerous shareholders. The returns simply astonished the Board. They were in an exceptionally strong position both to buy and manufacture,' and the directors believed that though their business had been large in the past they had still a brighter future before them. During the coming year the directors proposed to allocate to the public the 2700 shares still held by the company, which were now at a premium of 2/. Now -that-they had made a fresh start they would allocate the shares in small numbers, the object being to distribute them as widely as possible. Their premises were somewhat delayed in erection, but their patience had been rewarded by getting possession of such a magnificent block of buildings. It was a credit to Messrs Nathan and Co., also to the architect and the contractor. On Tuesday business would be carried on. * There had been some delay in the arrival of the lightingplant. That was, however, to hand. In four or five weeks they hoped to install the electric cash system. Mr J, H. Upton seconded the adoptoin of the reports^ which was agreed to without discussion. : ,V ■'

The Chairman intimated that he retired by rotation from the directorate, and, on the motion of Mr H. C. Wade, ■was re-elected.

Mr 0. B. Waymouth was re-elected auditor.

The Chairman notified that the dividend would be payable next Wednesday. "Votes pf thanks were accorded the direct&rs, and also the staff, the names of Mr Morrison, manager, and Mr Gray, secretary, being especially mentioned. The Chairman said that in Mr Morrison they had a man'who had shown great ability in handling a trying position during the past year. It was largely due to Mr Morrison that they were able to pay a dividend this year. The Board thoroughly appreciated Mr Morrison's action, and also the great services rendered by Mr Gray; Mr Morrison returned thanks on behalf of the staff and himself.