DIRECT SUPPLY COMPANY.

Auckland Star, Volume XXXVII, Issue 86, 10 April 1906, Page 5

DIRECT SUPPLY COMPANY.

ANNUAL MEEf-ING.

j The annual meeting of shareholders in 'the Direct Supply Company was held this afternoon im the company's office* IMr. John Brown, c&airman of directors, 'presiding; The annual report was as I follows: "In laying before" the- share--1 holders the result of the year's opera* tions the directors report that the net rjprofit for the year ending February 28 is £5084 14/11. The directors-recom-jinend a dividend at the rate of eight per cent, per annum, of which four per cent, was paid as an interim dividend in October last. They also recommend that a bonus of five per cent, be paid on all ; shareholders' payments, * and that the balance be carried forward. The lamented death of Mr. L. I>. Nathan caused: a vacancy on the board, and the directors invited Mr. N. A. Nathan to fill the seas. He now retires from the hoard, but is eligible and offers himself for re-election. It will be necessary for the shareholders to elect an auditor for the ensuing year. Mr. W. Wallace Bruce was appointed by the board on the resignation of Mr. E. Waymouth, and offers himself for re-election. BALAXCE-SH BEE. Liabilities: Capital account, 120,000 shares at 10/, £60;000; uncalled. 120,000 at 2/, £12,000— £4S,000; cash on deposit, £123,752 4/11; .bills payable, '£7510 12/10; outstanding accounts, £3281 12/8; Bank of New Zealand, £6847 17/4; reserve fund of undivided profits, £12,252 16/10; profit and loss account £5555 7/6, less interim dividend £2381 2/1—£3204 5/5; total, £104,879 10/. Assets: Freehold and leasehold properties and working plant, £8714 0/9; stocks ml hand and in transit at Auckland and branches, £72,§31 18/8; bills receivable and outstanding accounts £24.968 2/8, less reserves £1633 0/5--£23,333 2/3; cash in hand. £198 8/4; total, £104.879 10/. PROFIT AND LOSS ACCOUNT. ■ To wages, rent, insurance, and general expenses, £18,004 18/7; balance, £5585 7/6; total, £23,590 6/LMarch 1, 1905, by balance forward, £470 10/3;. February 28, 1906, by gross profits on sales, £23,089 13/6; unclaimed dividends, £-30 2/4 f total, £23,590 6/1. In moving the adoption of the report and balance-sheet, the chairman said: As you will see by the balance-sheet, the net profit for the year is fully 10 per cent, on the paid up capital of the com* pany. The reorganisation of our,industrial departments has taken much longer than was anticipated, and as a consequence the earning power has been much less, .more especially in the case of our large new factory which has been bulit and equipped to meet not only the present demands of trade, but that of any" reasonable increase in the" future. 1 am pleased to say that the difficulties and losses in the initiation of a large manufacturing concern have now been overcome, and that the result for the last six months has been satisfactory. The most pleasing feature of the year's operations has been the satisfactory re- j turns of the last six months, mainly due ! to the .better organisation of our manu- j facturing plant, which required much: time and experience to develop. The first half of the financial year did not show good results, the second was much, better owing to the , reasons I have given. While the competition of late years has increased, I can see no reason why, with our appliances, the returns of the past should not be fully maintained in the future. I. beg to move the adoption of the report and balance-sheet. The dividend will be payable on and after tomorrow." The motion was seconded by Mr J. H. Upton, and without discussion the report and balance-sheet were adopted. The chairman proposed that Mr N". A. Nathan be re-elected director. This was seconded by Mr T. Peacock, and carried unanimously. ....>■

Mr E. Queeree proposed that Mr W. W. Bruce be re-elected auditor, and this was agreed to. The chairman proposed a vote of thanks to the manager, secretary, and staff. Their position had been a trying one during the last 18 months or two years. Industrial affairs were not to'be brought to perfection in a short time, and it required very great patience, pertinacity and capacity to bring things to the state he thought they had brought them. He thought the thanks of the shareholders were, due to the staff both in the Queen-street establishment aiM in the workshop, for the painstaking manner in which they carried out their duties. Mr J. Calnan seconded the motion, which was unanimously adopted. Mr A. R. Morrison returned thanks on behalf of the staff, and the meeting then terminated. .