DIRECT SUPPLY CO.

Auckland Star, Volume XXXIII, Issue 77, 2 April 1902, Page 2

DIRECT SUPPLY CO.

ANNUAL MEETING

The annual meeting of the Direct Supply Company (Limited) was held this afternoon at the company's cooperative stores, Queen street. The annual report for the year ending April 2nd, 1902, was read as follows: —"Your directors have pleasure in laying before you a balance sheet, showing the results of another year of successful trading. The profit for the year is £7570 14/. Your directors recommend a dividend of 10 per cent, per annum (an interim dividend for the half-year at this rate having been paid in October last) together with a bonus of 5 per cent, on shareholders' payments; also a bonus of 5 per cent, on the wages of employees who have been twelve months in the service of the company, and are not already in receipt of a commission; and that che sum of £2025 be carried to Undivided Profits Account, which will then amount to £8334 4/11. Mr James Russell, to the regret of the B has resigned his position as director, on his departure from the colony to take up his residence in England: Mr L. D. Nathan has been appointed a director in his place. Mr H. A. Gordon retires from the Board by rotation, and is eligible, and offers himself for re-election. The meeting will require to elect an auditor for the

ensuing year." Balance Sheet—Tire following balance sheet for the year was submitted : — Liabili ties—Capital account, 120,000 shares at 10/, £60,000; less unallotted 9SBO at 10/ (£4940), less uncalled 110,120 at 2s (£11,012), £15,952; cash on deposit,'£l2,o79 0/9; bills payable and outstanding accounts, £3012 13/2; Bank of New Zealand, £100 4/1; reserve fund of undivided profits, including premium on shares sold, £6309 4/11; profit aud loss account (balance £7570 14/, less interim dividend £2458 17/10), £5411 16/2;— total £70,960 19/1. Assets.—Freehold and leasehold properties and working plant, £6940 1/ (less reserves, £656); stocks in hand and in transit'at Auckland and branches, £51,190 19/; bills receivable and outstanding accounts, (less reserves, £1692 1/11)—£12,680 19/3- mortgage, £430; cash in hand, £427 19/10;— total, £70,960 19/1. Profit and loss account, March Ist, 1901, to February 28th, 1902:— To wages, rent, insurance, bad debts, etc., £15,130 12/2; balance, £7870 14/; — total, £23,001 6/2. By gross profits on sales, £23,001 6/2. The report and balance-sheet were adopted, on the motion of the actingchairman (Mr. J. H. Upton), seconded by Mr. Peacock. Mr. Upton congratulated the shareholders on the excellent results r* the past year, and the financial position of the company. Mr. H. A. Gordon was re-elected director, and Mr. O. B. Waymouth au'tlic usual votes of thanks were accorded to the directors and the staff.