D.I.C.

Evening Post, Volume LXXVIII, Issue 107, 2 November 1909, Page 2

D.I.C.

THE DRAPERY AND GENERAL IMPORTING COMPANY OF NEW ZEALAND. LTD. ANNUAL MEETING. There was a good attendance of shareholders at 'the twenty -fifth annual meeting of the Drapery Importing Company, held in the Chamber of Commerce, Dunedin, on 26th Octobor. Mr. W. Fels (director) was in the chair. The annual report said that the net profits "for the past year were £15,583 4s 2d, which, with £3293 14s Id brought forward from last year's profit and loss account, showed a total of £18,876 18s 3d. On Ist May an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half year ended 20th February, which absorbed £3750, . and left £15,126 18s 3d available for division. This sum the directors proposed to deal with as fol- - lows: — To payment of a dividend at the rate of 6 per cent, per annum on preference shares for the half-year ended 20th August, 1909, £3750; to payment of a dividend at the rate of 6 per cent, per annum on ordinary shares, £6361 5s Id ; to balance to be carried forward, less a bonus of 2£ per cent, to shareholders on tha amount of their purchases, £5015 13s 2d The chairman, in moving the adoption of the report and balance-sheet, said : It is a pleasure to me to see you here to-day, at the company's twentyfifth annual meeting. Before dealing with this year's result it may not be out of place to indulge in a retrospect in regard to the development of the company during a quarter of a century. The first balanca-sheet>-j-of 30th October, 1885— shows the paid-up capital as £27,276. To-day it is £231,085, and our reserves and amount carried forward to profit and loss account are over £31,000, and therefore larger than the paid-up capital in 1885.^ Out of small beginnings, your business has grown to its present proportions, and to-day it must be counted amongst the foremost concerns in the Dominion. In 1885 the population of the colony was 575,000 ; ! to-day it is over IjOOO.OOO, and the progress of the D.I.C. has more than kept pace with that of the Dominion itself. New Zealand has received a slight setback in its prosperity, but on the other hand it is reassuring to note the world's market is- ir favour of our staple products — wool, wheat, dairy produce, and frozen meal. An easier money market in the Dominion is another sign of renewed prosperity for New Zealand. Of the original directors, Mr. Hart is still on the board. He is at present in London, and at the company's offices thero his mature judgment and experience are often appealed to. Mr. Soward, the first manager in Dunedin, then went Home as our London buyer, and until August of this year he has filled that position with ability and success. After twenty-five years of work for the company he has retired into private life, and in recognition of his services the directors have allowed him a pension, to enable him to ppend the eve of his life in leisure and ease. Mr. Ker, the first secretary of the company, in Christchurch, has for many years been . the company's auditor, and he has done very valuable service in that capacity. Owing to illness Mr. Ker was unable to complete his audit for the year, and the directors appointed Mr. R. Wilb'erfoss, of Wellington, a former auditor of the company, to audit the books at Wellington and Christchurch, and Mr. E. E. Nicholson was appointed acting auditor for the company. Mr. Ker is now on the road to recovery, • and will again be proposed as auditor of the company for the^nsuing year. Mr. E. C. Brown is stilf the energetic, popular manager in Christchurch, and hi& name forms the link between the early past and the very latest development in the history of the t D.I.C. On 23rd February last we opened business again in Christchurch in that well-known D.I.C. block, between Cashel - street and Lichfield - street — one of your most valuable assets. The new premises are pronounced by visitors to be the most attractive and up-to-date in Australasia, and from a fire protection point of view show quite an advance on the past; in fact, it has been adaiitted by underwriters that it is the only block of buildings in Christchurch which has profited by the lessons taught by that terrible conflagration of 1908. The architect, directors, and manager have spared no effort to make the Christchurch new buildings the best of their kind, and our shareholders and friends in Canterbury have shown their appreciation by a markedly increased patronage. While Messrs. Corrigan and Crow, our managers in Wellington and Dunedin respectively, were not occupying their present prominent positions in 1885, they have since so identified themselves with the best interests of the_ D.I.C. that any reference to its past is incomplete without mention of their names. On Mr. Crow's recommendation, we have just carried out some considerable alterations in the Dunedin warehouse, giving increased space to our importßnt drapery departments, and also to the growing crockery, ironmongery, and fancy goods sections, which our manager feels confident will repay very shortly for the outlay. In reference to the figures of the balance sheet, I must explain some of the striking differences aa compared with last year. I would premise by stating that our stocks have, as usual, been mosjt carefully valued and taken, all necessary allowances having been made. On account of the opening of the new Christchurch warehouse, this item has gone up from £126,831 to £144,709. The warehouse, fixtures, and plant havo increased from £122,780 to £173,479, the Chrisftchurch building and fixtures having cost about £51,000. The profit and loss account shows a profit for the year of £15,583, against £14,947 twelve months ago. After paying 6 per cent, on preference shares, we shall be able again to pay 6 per cent, on ordinary shares, and there will be a balance brought forward of £5020, against £3915 last year, less 2^ per cent, on shareholders' purchases. Considering the financial stress of last year, the disadvantage of carrying on the Christchurch business for six months and a half in temporary premises under heavy extra cost, and the expense of moving into the new premises, all of which has been paid out of last year's profits, the result ior the year be considered satisfactory. It is 'the intention of your directors to pursue the policy of extending the D.I.C. business steadily, and we feel sure that with the hearty co-operation of our shareholders and friends success will be with us. It goes without saying that we have to rely in this respect largely on" the manner in which the business is conducted by our general manager, managers, and their staffs, and it is a pleasure to me to put on record their zeal and efficiency. Gentlemen, I now bqg to move the adoption of the report ana*•.balancesheet. Mr. J. Lethbridge seconded the adoption of the report. It was very gratifying to find that the company was able to show a very substantial profit during the financial stress which had been experienced in the past year. This reflected very great credit upon the management. The motion for the adoption of the report and balance-sheet was carried unanimously. Messrs. Willi Fels and- E. I. Hallenstein, the retiring directors, were i"eelected unanimously. Tho auditor, Mr. A. J. Ker, was also re-elected. The meeting closed with a hearty vote of thtuilu to fits directorate and staff for their. Bpryices during the year.*