DRAPERY AND GENERAL IM-

Evening Post, Volume XCIV, Issue 109, 5 November 1917, Page 3

DRAPERY AND GENERAL IM-

PORTING COMPANY.

ANNUAL MEETING. (PUBLISHED BT ARRAaGEHEKT.) The annual meeting of shareholders in the Drapery and General Importing Company was held in the Express Con? pany's board room last Tuesday afternoon. Mr. E. I. Hallenstein presided over a fair attendance.' The Chairman, in moving the adoption of the annual report and. balance-sheet, said the patiiotic spirit displayed by their staff since the declaration, of war had continued to be manifested, very few of those eligible for service having waited to be called in the ballot. The roll of honour now contained 53 names. Eight had, unfortunately, laid down their lives, three of them since' they met last. Others had- been wounded, some of them badly, but he trusted that ere long most of them might be back in the company's service: The ladies of the staff had been indefatigable in helping along eyory good movement, and he would particularly like to mention the D.I.C. Girls' Club, which met regularly to knit and sew for the boys at the front. The net profits for the year amounted to £21,588, and, although these were £3056 less than in the preceding year, the directors ventured to consider this result under present conditions eminently satisfactory. The turnover had grown in all three branches, and their gross profits were greater by £6613 than last year, but their expenses had increased by £9666. Income tax had been, a heavy charge on the company's profits, and would be very much heavier in the current year. For some time- the directors had pursued the policy of providing for the coming year's income tax before striking the yearly balance, and the whole of the estimated taxes for next year were already provided for. Apart from taxation, expenditure had grown under practically every heading, and was likely to continue to grow still further during the currency of the war. The directors recommended the payment of the usual dividends and bonus on shareholders' purchases, and the addition of £3000 to the reserve fund, which would then amount to £60,000. To this fund might be added "£21,000 of undivided profits proposed to be carried forward to next year's account, making £81,000 in reserve. The only noteworthy alterations in the balance-sheet figures were that their sundry creditors had decreased by £10,500, while amongst the assets their stocks were £10,000 heavier, and sundry debtors £17,000 less than a year ago. Stocks were the heaviest in the company's history. Not only were the prices of almost all commodities still rising by leaps and bounds, but every month it was becoming increasingly difficult to buy most goods at all, and, when delivery had been secured, the scarcity, of shipping, high freights, insurance, and charges of all sorts helped to swell the landed cost. Captain Sundstrum seconded the motion. He complimented the directors on having carried on the business so satisfactorily. He said that the shaveholders could rest assured that the directors would conserve their interests. The fact tnat the net profit for the year was £21,588 18s 9d was indicative of the large volume of business done. It was pleasing to note the caution exercised by the directors in setting aside so much to the reserve fund. The motion was carried. Messrs. H. E. Hart and W. Fels were re-elected directors, and Mr. J. S. M'lnnes was re-elected auditor. On the motion of Mr. Wilson, votes I of thanks were accorded to the directors, managers, and the staff for their woric during the year. On the motion of Captain Sundstrum, a vote of condolence was jassed to the members of the company who had suffered so much as a result of the war. He specially referred to the supreme sacrifice made by the sons of Messrs. de Beer and Fels, both of whom were killed in action.