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D.I.C., Issue 15631, 23 October 1914
The annual moeliiiuc of shareholders of the Dniporv and General Importing Company was held this afternoon, Mr E. 1. " Hallenstein (chairman of directors) presiding. The Chairman said: Following our usual procedure, T will ask you to take the report and balance-sheet as road. The prriod with which our accounts deal was one of progress and prosperity in the Dominion. 1 am glad to say that the D.I.C. fully .shared m this, happy state ot" affairs, as is evidenced hy the figurex you now have before you. On!' turnover has again established a record, whilst our net profits are practically identical with those of last vear, amounting to the substantial sum of £24.2.50 lOs-lld. or. with the amount, brought forward from last, year, £;io,oßd 14s 4d. The usual dividend on preference shares has been paid, and your directors now propose to you to declare a dividend at the rate of 6 per cent, per annum for the past half-year on preference shares, a dividend nf 7 per cent, on the ordinary sbarcs, together with a bonus of per cent, to ordinary shareholders on the amount of their ])urchases. Sales of shares during the year have realised a premium of L'lL'B. which amount has been carried direct to the reserve fund. "We now suggest a. further addition to this fund of ,C 0,874, which will raise it to the verv satisfactory figure of :£o(J,0(J0. Tliere will still remain to be carried forward to next year a balance of £14,0(59 lost oil, less The amount of bonus. During the I course of the year our Wellington i manager represented to us the urgent i necessity of providing more, space for the. rapidly-growing show room depart-; ments —mantles, millinery, and underclothing—and as tliere seemed no other method of extension he recommended the relinquishment of ihe furniture section, and devoting the floor space occupied by it to the do-; pnrtments named and to the leireslimeul. rooms. Your directors agreed to this suggestion, and the furniture stock was sold as it stood to the late head of that department. Our Wellington house now possesses probably the finest show rooms in the' Dominion, and I am glad to say that the volume of trade immediately responded, and , showed that the step taken was a wise j one. In Christehureh we have also been | spending money on the improvement ot 1 our Cashe] street front-ape. We. have | put in island windows and doubled our ! window display, greatly to the benefit of all departments in the house. You will be pleased to learn that the expenditure involved by both these alterations has been provided tor not of the year's profits. Turning to the balancesheet, our paid-up capital has increased liy •I'J.OS 15s. Tliere new only remain 1,8(551 shares unalleted. The policy adopted last year of issuing these shares in Jots of 10 only to probable customers of the company is being; adhered to. Sundry creditors remain at practically the sumo figure as .last year. On the asset, side our stocks and shipments afloat show a reduction of nearly til,ooo ; in fact, they are lower than they have been for many \cars past, which, in the. i'aeo of a constantlygrowing turnover, speaks volumes for the care and attention of our managers. Sundry debtors have grown by .L' 20,000, entirely accounted tor by temporary cash investments, which are available at any time they may be required. Warehouses, fixtures, and plant stand at .t0,242 less than in the last j .balance-sheet, owing to depreciation written off, to the sale of a, section in High street, Dunedin, and two Harbor Board leases no longer required for our own business purposes. Our gross profits are about £1)00 less, and our expenditure about £BOO less than last year. You will like to hear something from ine in regard to the i prospects of the current year its affected by the war. We in Zea-I land are extremely fortunate to be so far distant, from the 'field of action, and to find our trade and commerce ! so little interfered with. Everything! points to a bountiful season, to uninterrupted export facilities and to excellent prices for our products, so that I see little cause for pessimism. Our returns, in common with those of other business houses, are suffering, and are likely to continue to suffer to some extent ; but I. am hopeful that there is still a small margin of profit, and that at the end of the year we mav he able to show something to the good. We have not dispensed with aiiv of our stall' on account of the war, and I am sure all shareholders will endorse the action of the directors in placing those, employees who have joined the Expeditionary Force on half-pav. We hope they may all return safely and bo able to resume their positions with the company. Other items of expenditure outside of sularies are niostlv of a permanent character, and it is difficult to effect any material saving. You may rest assured that vour directors and managers are using vigilance and care in this direction. It is fortunate that, owing to the conservative policy pursued for so manv years the company .stand to-day in an exceedingly strong position, and that we can look forward with equanimity to whatever the future may hold in store. I have much pleasure 'in movin" the adoption of balance-sheet and report, and the payment of dividends and bonus as therein proposed. .Mr W. A. Moore, in seconding the motion, said that shareholders had reason, to be well .satisfied, particularly in ihe statement that the reserve fund, with this year's allocation and what was carried forward, stood at £64,oCo—over a fourth of, the company's capital. The report, and balance-sheet; wero adopted. Messrs H. E. Hart and W. Fels were re-elected directors, and -Mr J. S. M'lnnes was re-elected auditor. Votes of thanks to the directors and staff were carried. .Mr 0. Joachim proposed this.
D.I.C., Issue 15631, 23 October 1914
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