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Evening Star, Issue 12767, 21 March 1906, Page 4

It is always pleasant to see a local business prospering on sqund lines, A Prosperous and the New Zealand Drug Concern, Company are to be warmly congratulated upon the condition of affairs disclosed at the twentyseventh annual meeting, which was held in Dunedin yesterday. The chairman’s analysis of the balance-sheet pointed to the growth of what was already an extensive husmess, to increased capital, and to prudent management. Without entering into details, it may be noted that the net profits for the year amounted to £16,000, representing a substantial increase and enabling the directors to deal with a balance of over £24,000 —a task which they appear to have performed in accordance with wise principles. Another prosperous year - is also anticipated. Mr Kcinpthorne's retirement was mentioned by directors and shareholders with sympathetic appreciation, and it goes without saying that his counsel and experience will be greatly missed. The good wishes voiced by Mr William Ur own will lx; echoed by the community, to -whom Mr Kempt home is favorably known in many ways—especially for big good work during the memorable patriotic movement. The company liave attained their present position under his management, and it is to-be hoped tliat he may now enjoy a long period of good Jtealth and the relief which lua retirement secures from the work of active management and from, tire anxieties he lias so long carried. The new manager (Mr J. W. Henton) has started well, and we can wish. Irim nothing better than tliat lie may enjoy as excellent a reputation as his predecessor when he comes to retire. As regards Mr Mitchell’s expression of hope that the directors may soon be able to revert to the payment of a. 10 per oent. dividend, we axe inclined to suggest, that 7 per cent, is a good enough hgure, and that sound finance is likely to be satisfied with that liberal rate for some time. It appears to bo thought that the fees paid to the directors are somewhat scanty as a recompense for the successful control of a business with a capital of over £200,000, and steps ;ire to be taken to remedy the defect. Mr John Mill went so far as to say that the chairman (Mr W. Brown) was being “sweated"! Ivernpthornc. Prosser, and Co.'s New Zealand Drug Company has always been a popular concern, and its present prosperity and stability are very gratifying.