DIRECT SUPPLY CO., LTD.

Auckland Star, Volume XXXIV, Issue 89, 15 April 1903, Page 7

DIRECT SUPPLY CO., LTD.

A SUCCESSFUL YEAH

The annual meeting of shareholders in the Direct Supply Company Ltd., was held on the afternoon of Tuesday, the 7th inst., at the Queen-street office, and was well attended. Mr Jchn Brown, chairman of directors, presided.

Annual Repoi't: The annual report was submitted and read as follows:

"Your Directors have pleasure in laying before you a Balance Sheet shoving the result of another year of successful trading. The net profit for the year is £8,240 6/3. Your Directors recommend a dividend of 10 per cent, per annum (an interim dividend for the halfyear 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 warehouse employees who have been twelve months in the service of the Company, and are not already in receipt of a commission, and that the sum of £1,900 be carried to Undivided Profits Account, which will then amount to £11,082 16/10. In order, to obtain the advantages of concentrating various branches of the Company's manufactures, arrangements have been made for the erection of a combined factory and store on a site facing Victoria Quadrant. Ml" Upton retires from the Board by rotation, and is eligible and offers himself for re-election. On the lamented death of Mr O. B. Waymouth, the Company's auditor, the Directors appointed Mr E. Waymouth to fill the position. He offers himself for re-election as auditor for the ensuing year. Signed for the Board of Directors, J. Brown, Chairman and Managing Director. Mr H. A. Gordon seconded the resolution, which was agreed to without discussion. Mr J. H. Upton was re-elected a director, and Mr E. Waymouth was appointed auditor. Mr Brown moved a hearty vote of thanks to Mr Morrison and the staff of the Company for the way in which the business of the Company was conducted. Mr Morrison returned thanks on behalf of the staff.