COMMERCIAL.

Press, Volume XLV, Issue 7190, 29 October 1888, Page 4

COMMERCIAL.

THE DRAPERY AND GENERAL IMPORTING COMPANY OF HEW ZEALAND. The fourth annna? meeting of the above Company was held on October 25th in toe Board room of the DJ.C., High street, Mr B. Hallenatein presid ng. Alter reading the report and halanwsheet, aaid—Gentlemen* I beg to move the adoption of the report. When doing so at oar last annual meeting I stated that though I could not coogratalate shareholders on an improved scate of things in New Zealand, I felt sore that sooner or later a torn for toe better would come. To-day I think lam justified in congratulating you on the of a torn lor the better having arrived, principally caused by the increase of our exports, by a steady rise in the value of our productions, by the gradaal development of our local industries, and by a renewed activity Lnour gold, and coalfields. Though it may !be some time yet before there is a corresponding improvement in business, this must follow, as I feel sore we shall have a period of steady prosperity, in which I hope everyone will participate. I now move the adoption of the report, and in doing so I beg again to draw the attention of shareholders and customers af the DIC. to the grand principle of pajing cash for tbeir purchases, which I feel convinced is a benefit to them in more than one way. Mr J. B, Scott said—l hare much pleasure is. seconding tile report which, in the face ofi the depressed times through which we bean been passing, is very satisfactory. I feel sore tfcafe a period of prosperity, as foreshadowed by the Chairman, is before us in which an β^tiflhltehrnpnt Hfe , * the DiC. most greatly participate. I have been a customer and a shareholder since its start, and I have found it a great benefit to mew I hanre that confidence in the management of the D J- C that I would advise any investors: to apply for as oaany shares as they can. hold. The report and be dance-sheet were then received and adopted. The Chairman skvfced he had just received a wire from Kir Brown, the Christchurch manager, &ayi!ng t-h^ fc si™*** stocktaking, the business lor September and October showed &. steady increase over previous years. Ke, the Chairman, had also much pleasure ita informing shareholders that their «Tpf»rif x><-<? in Danedin was ia the same direction, with one exception, each, week's rt:turns being larger than the corresponding: week last year. Mr R. E, Hart "was td&cted as one of the Directors. On the motion of M't G. P. Pargoiiar, s<fonrted by Mr Siev-wright, a resolution was carried— "That th»i number of Directors be increased to fou* ; that Mr William Felsbe a Director of t\ w Company; and the Directors may detern line in what rotation the Directors shall a o oat of office." On the motion of Mr Hart, the auditors —Messrs George Joachim and G. P. Austing for Dunedin, and Mr F. H. Barns for Christchnrch —were rtvetected. at the same remuneration as last year. Mr Hare said be did not think that we could get three gentlemen of greater ability for tnis work, and in whom the puldifc would have mose r^iffsflfHy l r^ m TOTB OF THAHSH. a vote .of* thanks and confidence in the Dlrectoire,. managers, and stafll He said it was a difficult task in tanee throoßh which we lead passed to g**e •attataction. He and hi', friends had had a good many dealings wit) H the D.La, and. h». had, always iooad that they woe treated with pSitZmiuufiu entSL

The vote was carried unanimously. Mr Hallenstein, on behalf of tbe Directors, managers, and staff, thanked the meeting for the kind war in which they had received Mr Selby'a motion. They would all try and do their best to make the affair a success. The following is the report and balancesheet:— The Directors beg to submit to shareholders the fourth yearly report and balance sheet of the Company for the period from 20th August, ISS7 to :!oi.h of August, 1838. The net profits, after deducting salaries, fire insurance, travelling expenses, interest, charges, advertising, stationery, rent, and uovemment fees, and after allowing for depreciation of stock, amount to £4077 11s sd, which the directors meud to be appropriated as follows : — To payment of a dividend at the rate of tfj per cent, per annum .. £"2733 13 6 To addition to tixturea iiul building sinking fund, which will thun BUwaaX&J&i 2aO 0 0 To baJancv u> bo dealt with as a bontu of 31 per cent to »t»*rehoMers oa tno amomit of their pnrciiii3ed 1093 17 11 £4077 11 5 Shareholder* have been requested to send iv their stamped invoices, so that the exact amount of bonuses can. be a,sctsrtaiued. The dividend and bonus {it approved) will be payable at the Company s OJiices, Dunedin aad Chrustchurch, ou and after Governbw the lO&h. The last twelve months have bceu of a most trying nature to every nrmaud Com pany carrying ou-business in New Zealand. Some have cither not been able to pay a dividend, or have had to lessen their dividend. In the drapery trade especially, as is well known, failoxes both in the wholesale and retuil have been many, and it has been a trying tune for even the soundest. Iα liie face of large drapery stocks beinK bh>"ovvn in the market, your Directors &hou£ht it prudent to sell at the closu of e&ch season any surplus stocks at cose price, rather Luaii ca*ry them over to tho next en&aoQ, and if .shareholders do not; receive us large a bouus as la<*t year, it has been more than counterbalanced by the reduced coat of their purchases. It will be gratifying to shareholders to learn that notwithstanding the general depression the Company's business or volume of trade both iv Christchurch and Dunedin, as is certified to by the auditors, has considerably increased. A. tabulated statement made out by the Secretary from the analysis book, shows an increase iv nearly every department. There lias also been during: the last twelve uioiuths an increase of over 30y new shareholders, and Che Company has now over IMX) shareholders —a very respectable numlier. B aLjLN OK-S HJSKT At acii August ISSB, Aug. 20.1SSS. liabilities. To capital, 250.MW shares,at 10s.. £125,000 0 0 Loss unallotted, 71.81$ scares at 103 .. - £33,939 10 0 Lo*s uncalled, 172,121 shaxes at 04 .. .. 43,030 5 0 Less calls in arrear .. 600 0 0 ~ Q £42.4-» 5 0 Snndrr creditors _ .. 1.U7 0 1 Bills payable 2.00U 0 0 iixedloans 8,300 0 0 Uallenstein Bros, and Co., cash advances .. .. - 31,951 10 6 London liabilities .. .. 14,107 0 6 ContiuKeut liabilities .. 967 4 10 Fixtures and building sinking fund . .. .. .- 1.000 0 0 Prottt .. .. .. -• 4.077 tl 5 Aug. 20th, 1888. assets. By stock and shipments afloat .. £62,612 15 LI Bent and other debts, Dunedin, Christchurch. and Loudon .. 3,924 11 1 Warehouses, fixtures, and plant in Danedin and Chj-islchurch 31,315 15 7 Cash ia National Bank of New Zealand, limited .. .. 1,3*111 I Cash in hand .. .. v 75 18 8 £99,300 IS 4 Profit akd Loss Account. Aug. 20th, 1888. LiAun.rriKS. .To disbursements: Salaries, tire, insurance, travelling expenses, interest, charges, stationery, advertising, rent, property tax, and license fee for tlie year .. «25,60117 11 Profit a „ ... „ ~ 4,077 11 5 £27,679 9 4 ISS7. ASSETS. By balance .. £1068 2 7 Less dividend .. £2637 & 9 j Less bonus on shareholders' purchases 931 S t Fixtures and building sinking fund 300 0 0 3888 9 4 £177 13 3 Aug. 28,1888. By goods account _ „ _ 27,53116 1 £27,679 » 4 We have examined the books and vouchers, and compared the Bank account of the Drapery and General Importing Company of New Zealand, Limited, ana the Christchurch balance-sheet, as audited by Mr F. H. Barns, and certify that the above balance-sheet is a correct statement of the position of the Company's affairs on tbe aoth August, 1888. IiEOKeB Joachim,! A G. P. Austins, J Audl tora. Dunedin, 15th October, 1888.