D.I.C.

Press, Volume L, Issue 15111, 29 October 1914, Page 5

D.I.C.

ANNUAL MEETING. The thirtieth meeting of shareholders in the Drapery and General Iraporting Company of New Zealand was ; held in the New' Zealand Express Company's buildings, Dnnedin, on iriday" afternoon last. There was a fairly numerous attendance of those interested m the company, and Mr K. I. Hallenstein occupied the chair. The annual report presented to the meeting has already been published. The Chairman, in moving the adoption of tho report and balance-sheet, said :—"The period with which our accounts deal was one of progress and prosperity in the Dominion. I am glad to say that the D.I.C. fully shared m this happy state of affairs, as is evidenced by tho figures you now have before you. Our turnover has again established n record, while our net profits are practically identical with those of last year, amounting to the substantial sum of £21,250 10s or, with tho amount brought forward from hist year, i:3d/>S!) 14b 4d. The usual dividend on preference shares has l>een paid, and your directors now propose to you to declare a dividend at tho rate of 0 per cent, per annum for tue past, half-year on preference shares, a dividend "of 7 per cent., on the ordinary shares, together with a bonus of 2k per cent, to ordinary shareholders •on the amount of their purchases. Sales of shares during the year have realised a premium of £12(j, which amount aas been carried direct to the reserve fund. We now suggest a further addition to this fund of JL'SB74, which will raise it to the very satisfactory figure of £.30,(XM). There will still remain to bo carried forward to next year a balance of £14,069 15s sd, less the amount of the bonus. During the courso of-tho year our Wellington manager represented to us tho urgent necessity of providing more space for the rapidly growing showroom departments—mantles, millinery, and underclothing— and, as there seemed no other method of extension, he recommended the reiinquishment of the furniture section and devoting tho floor space occupied by it to the departments named, and to the refreshment rooms. Your directors agreed to this suggestion, and the furniture stock was sold as it stood to the late head of that department. .Our A\ elhngton house now possesses probably the finest showrooms in tho Dominion, and I am glad to say that the volume of trade immediately responded and showed that the step* taken was a wise one. In Christchurch we hsivo ako been spending money on tho improvement of our Cashef street front- i age—we hare put in island windows, and doubled our window display, greatly to the benefit of all departments in the house. You will bo pleased ! to learn that tho expenditure involved by both these alterations has been provided for out of the year's profits, i lurnmg to tho balance-sheet our paid-up cepital has increased by £858 J O3. There now only remain ISfiQ shares unallotted. The*poS? adopted las. year of issuing these shares in lots of 10 only to probable customers of the company i s being adhered to. +£oii ry + T edltors remain afc P*c- rstocks and shipments afloat show a reduction of nearly £9000. in fact they are lower than they have been for'many years past, winch, in the face of a conbtantly growing turnover, speaks volumes for the caro and attention of our managers. Sundry debtors have grown by £20,600, entirely accounted I- i y temporary cash investments which are available at any time they may be required. Warehouses, fixtures and plant stand at £5242 less than in the last balance-sheet—owing to depreciation written off, to tho s ale of a section in High street, Xhin.edin, and two Harbour Board leases no longer required for our own business purposes. Our gross profits are about £900 less, and our expenditure about £800 less than last year. You will like to hear something from mc in regard to tho prospects of the current year as affected by tho war. We, in Xew Zealand, are extremely fortunato to be so far distant from tho field of action and to find our trade and commerce bo little interfered with. Everything points to a bountiful season, to uninterrupted export facilities and to excellent prices for our products, so that I see little cause for pessimism. Our returns, in common with those of other business houses, are suffering, and are likely to continue to suffer to_ some extent, but T am hopeful that there is still a small margin of profit, and that at the end of the year we may bo able to show something to tho good. We have not ■ dispensed with any of our staff on account of tho war, and I am sure all shareholders will endorse the action of the directors in placing those employees who have joined tho Expeditionary Force on half pay. Wo hop* , they will all return safely and be 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 aro using vigilancd and caro in this direction. It is fortunate i that, owing to, the conservative policy pursued for so many years, the company stands to-day in an exceedingly strong position, and that we can look forward J with equanimity to whatever the future may hold in store. I have much pleasure in moving the adoption of the bal-ance-sheet and report, and tho payment of dividends and bonus as therein proposed Mr W. A. Moore said lie had much pleasure in seconding the motion. Shareholders were to be congratulated on the result of the year's transactions, and had every reason to bo satisfied ' with the profits. It was also gratifying .to noto that reserves account, with the present allocation and the balance carried forward, aggregated £04,000. equal to over a fourth of the capital. The general public, too, had been well catered for, as exemplified by the large volume of business done. With regard to tho prospects of the coming year he recognised that it was difficult to foresee the result of-the effects of the war, bufc with freedom of shipping facilities and the nrosDect of good prices for all exports, he fancied that the Dominion would not suffer to any great extent. It behoved them, therefore, to buy as the y had b?en in the habit of buying. Tho motion was carried without discussion. Messrs H. E. Hart and W. Pels were re-elected directors, and Mr J. E. McTnnes auditor. Mr George Joachim said they had a very fair dividend, an excellent reserve fund, and a substantial balance carried forward. These had been brought about by the good judgment of the directors, tho good management of the managers, and "devoted attention on the part of the staff, and they were due a hearty voto of thanks, which he had pleasure in moving.

The motion was carried by acclamation.

The chairman said ho had- to thank Mr Joachim very sincerely for his remarks, and those present for the war they had carried the motion. No doubt there was truth in what Mr Joachim had said as to a great deal of care and ability on tho part of the staff being ' necessary in such a big company as the D.I.C. had

now become. The directors had had a considerable amount of thought and work, but after all their work ****** small and they conld actually do little as compared with the managers and tho staff. He was sorry that their Dunedin manager (Mr Crow) was not present to'thank the meeting himselr, on behalf of the managers and staff. In their managers in tho three places, and in X were *«» pleasant part of the staff to mako it as year as nnaaihle.—(Applause.)