DRAPERY & GENERAL IMPORTING COMPANY.

Dominion, Volume 5, Issue 1270, 27 October 1911, Page 8

DRAPERY & GENERAL IMPORTING COMPANY.

AX.NTAL MEETING. (By i'elesraph —Press Association.! Dunccfin, October 25. The annual mooting of the Draper:.- and General Importing Company was hold today, y.x. Emit lla'.lenstfiin presiding. The annual report, stated that the net profits for the year are £21,616 17s. 7d., which, with .€7353 2s. M. brought forward from lar.i, year, shows a total amount to the credit of the profit and loss of £28,974 17s. lid. An interim dividend on the preference shares absorbed £5750, leaving £25,224 19f. l!d. available for division. This sum the directors propose to deal with as follows: Payment of dividend of 6 per cent, per annual on the preference shares for the half-year ended August 20, £3750; dividend of 7 per cent, on ordinary shares. £?.'3? 19s. 6d.; to addition to reserve fund (which will then stand at £32,«0>, £SCCS : lif.lanc-e to be carried forward, less bonusof 2 per cent, to holders of ordinary chares on amount of purchases, .£9037 os. sd. In moving the adoption of the report, the chairman said the net profits showed an increase of £5927 over the previous year's figures. He also referred to the benefits resulting from the increased and improved accommodation at Christchureli and Wellington. The company had increased its reserve funds and undivided profits from £1200 in 1895 to over £40,000 today, and hod further provided out of profits very considerable sums for improving premises and strengthening the coinpauy in various ways. The chairman also paid a tribute to the managers for the careful way in which they had watched the stoch. The expenditure had been reduced by nearly £11' D. The report was adopted. The retiring directors, Messrs. 11. E. Hart and E. Hallcnstoin were re-ek-cted.