DENTAL AND MEDICAL

Evening Post, Volume CXXXI, Issue 127, 31 May 1941, Page 6

DENTAL AND MEDICAL

LOSSES BY ENEMY ACTION

The annual general meeting of shareholders of the Dental and Medical Supply Co., Ltd., was held yesterday. Dr. E. W. Giesen presided. He said the year's trading was very satisfactory- Theirs was one essential business, .so they had less difficulty in getting import licence? and overseas exchange. "We have lost several shipments by enemy action, as was to be expected.1 he said, 'but practically all have been made good and our stocks are in a very satisfactory position. Trading tor the year has been excellent. The turnover is greatei than it was the previous year, and that was the besi year we had ever had. Gross profit was £1100 better than last year, and appropriation account shows a balance of nearly £tfooo It would have been natural for shareholders to expect a dividend higher than last year's, which was 5 per cent., but a 5 per cent dividend on capital takes almost £3000 "But when a company has enough funds to distribute £3000 to the shareholders, said Dr. Giesen, "it has, at the same time, to hand over about £5000 to the Government, so, although we have a favourable balance of almost £8000. if we declare a dividend of 5 per cent, the whole amount is accounted for— £3000 tc the shareholders and £5000 in taxes. So you will see why the directors recommend the paymem of a 5 per cent dividend But we are in the happy position this year thai we are providing for almosi al) we will require to pay by way of taxation. This is another reason why we say the year's trading has oeen satisfactory !l He also said the overdraft was almost £8000 more than 12 months ago. This was readily accounted for They had £824 more cash in transit; they had to take up £950 compulsory loan: and they had increased stocks by over £10.000 It was inevitable thai thf overdraft should be higher, but this would automatically work itself down as good? were disposed of. With the- hazard? of war none knew what was aoing to happen but. apart from this, they could look forward with every confidence to the trading of the company for the year just started The report and balance-sheet were nn.-,p.tprt including' payment of a 5 per rent dividend Th<-- retiring director Mr A E Allison, was reelected unopposed Auditor? were- reelected as follows: Pattnrk Feist and Jack Wellington: J. F Buddie and Son, Auckland: Stringer and Bridge. Chrifichurrh. MarLenn and Pat^rson. Dunedin A vote of thanks to the directors and to the staff was carried.