DIRECT SUPPLY COMPANY.

Auckland Star, Volume XXX, Issue 86, 13 April 1899, Page 8

DIRECT SUPPLY COMPANY.

SHAItEHOLDEKS' ANNUAL MEET-

ING

Ihe annual meeting of shareholders in the Djrect Supply Company (Ltd.) j was held on March 30th in the fine j new buildings just completed for the i company. There was a good attendance, Mr John Brown, Chairman of directors, presiding. Annual Report.—Mr Gray read the annual report as follows: — The annual report for the year ending- March 30, 1899, was read as follows:—Your directors have much pleasure in presenting- the sixth annual report and balance-sheet for the year ending February 28, 1899. The trading operations for the period have resulted in a net profit of £3914 1/10, which AYe consider to be most satisfactory under the trying conditions of the past year, business having to be carried on in temporary and unsuitable premises, and being for a time much disorganised in consequence of the late destructive fire. 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 divi-

cleml" of, 71, per cent on capita], with a further bonus of 5 per cent, on payments made by shareholders duringl the. year, and that the sum of £1508.18/11 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 no doubt that a further loss of over

£2000 has occurred through the partial disruption of our business, and the £reat 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 increasingl 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 architect, 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 first-

class stock selected from the best American, European, and Coloaial 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 furthering1 the interests of the company as 'they have done in the past. Mr John Brown retires by rotation, but ißjeiijgiW6^. and offers hinisejf lor fa^volves! upon the meeting- to elect an auditor for the ensuing- year. — (Signed) JOHN BROWN, Chairman.

In moving the adoption of the report the chairman said he congratulated shareholders upon the very favourable results of the last year's 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, tbgether with the loyal and hearty support of

their numerous shareholders. The returns simply astonished the Board. They were in a,n 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 sma.ll numbers, the object being to distribute them as widely as possible. Their premises were somewhat delayed in erection, but their patience had been rewarded hy getting possession of such a magnificent block of buildings.

It was a credit to Messrs Nathan and Co., also to the architect and the con-

tractor. On Tuesday business would be carried on. There had been some delay in the arrival of the lighting plant. That was, however, to hand.

In four or fiyo weeks they hoped to install the electric cash system.

! Mr J. H. Upton seconded the adoptoin -fit the reports, which was agreed to wjthqui Qisciission. '■*•■■< ■ ffi • * , The Chairman intimated that he retired by rotation from the directorate, and, on the motion of Mr H. G. Wade,

was re-elected

Mr O. B. Wayniouth was re-elected auditor.

1 Votes of thanks were accorded the directors, and also tfye 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.