THE D.I.C.

Press, Volume L, Issue 15108, 26 October 1914, Page 5

THE D.I.C.

AXXUAL MEETING.

(special to "the PIIESS.") MIXEDEN", October 24. At tho .annual-meeting of the D.I.C, Mr E. I. Hallenstein, who presided, in j moving tho adoption of the report and balance-sheet, said:— ' "You will liko to hear something j from mc in regard to tho prospects of tho current year as affecteu by tho war. "Wo, in Now Zealand, are extremely fortunate to bo so far distant from tho field of action and to find our trade and commerce so littlo interfered with. Everything points to a bountiful seaeon, to uninterrupted export facilities and to excellent prices for our products, so that I sco littlo cause for pessimism. Our returns, in common with those of other business houses, are suffering, and are likely to continue to suffer to somo extent, but I am hopeful that thero is still a small margin of profit, and that at the end of the year we may bo able to show something to the good. Wo have not dispensed, with any of our staff on account of the war, and I am sure alt shareholders will endorse the action of the directors in placing those omployees who havo joined tho Expeditionary Force ou half pay. "We hope they may all return safely and bo able to resume their positions with the company. Other items of expenditure outside' of salaries are mostly of a permanent character, and it is difficult to effect any material saving. . You may rest assured that your directors and managers are using viligance and care in this direction. It is fortunate that, owing to the conservative policy pursued for so many years, tho company stands today in an exceedingly strong position, and that we can look forward with equanimity to whatever the future may hold in store."

"Mr W. A. Moore, in seconding the motion, said tho shareholders wero to bo congratulated on the result of the year's transactions, and had every reason .to be satisfied with tho profits. Ifc was also gratifying to note that reserves account, with tho present allocation and tho balanco carried forward, aggregated £0-1,000, equal to over a fourth of the capital. Tho general public, too, had been well catered for, as by tho large volume of business done. With regard to the prospects of tho coming year ho recognised that it was difficult to foresee the result of the effects of the war, but with freedom of shipping facilities and the prospect of good prices for all exports, ho fancied that the Dominion would "not suffer to any great extent. It behoved them, therefore, to buy as they had been in the habit of buying. The motion was carried without discussion. Messrs H. E. Hart and W. Fek wero re-elected directors, and Mr J. E. McInnes auditor.