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Evening Star, Issue 15657, 23 November 1914
We direct particular attention to the abstract published in our adThe D.I.C. vertising columns of the share list of the D.1.C., together with a certificate by that wellknown accountancy firm of Wm. Brown and Co. of the financial position of this mercantile institution. The circumstances under which it was established are well within the memories of those who have lived in Dunedin since the early eighties, and for the benefit of those who belong to a younger generation wo shall recount them briefly. It was founded here in 1884 by' the late Mr Bendix Hallenstoin—one of the most-enterprisingi far-seeing, and philanthropic citizens that Dunedin has ever possessed, and on her roll of honor are inscribed many' names that have always been (and will so continue) regarded with affection and esteem. Naturally, be was assisted with the advice and with the capital—capital, be it remembered, that represented the honest toil and successful business enterprise of men who in their day and generation helped to build up the commercial reputation of the two chief centres of Australia-—of his brothers, -who, like himself, were typical merchants and good colonists. In the course of time, full of years, full of honor (for he had sat in the halls of the-Legislature, and had there established a record for probity and pure minded patriotism that was his real reward for much time given and money expended in the public interest), and with the word success writ large over all the industrial enterprises with which his name was associated, Bendix Hallenstein was gathered Unto his fathers. But these enterprises, managed according to the tradition and policy of their founder, continued to prosper, and to-day T they are among the most solid of the business assets of this Dominion. Notably, the D.1.C., with its ramifications throughout New Zealand, and with extensive branches in Christchurch and Wellington, while the headquarters remain in Dunedin. To-day its paidup capital represents a quarter of a million sterling—to bo exact, £241,708; it disburses over £92,000 per annum, of winch £19,000 is paid in wages alone. The employees number over 700, and the management is entitled to take credit for practical patriotism, inasmuch ns, while it has not neglected to do its share in contributing to the local funds, it has not, as a consequence of the war, discharged a single individual figuring on its pay toll. Moreover, immediately- on the outbreak of hostility, the Company encouraged their men, who were eligible, to enlist in the Expeditionary Force, byagreeing to give half-pay to all who were accepted for service, and by keeping their positions open for them on their return to New Zealand. In their vrious enterprises the company paid in salaries and wages in New Zealand itself £67,CCO per annum; have their buying staff in London, and control and ship their importation® through the same channels as other mercantile firms in the Dominion. We are not mentioning these incidental features for the purpose of “boosting” this particular concern in any way; but solely for the purpose of supporting the contention of its management that it belongs wholly and almost entirely to New Zeeland. because the great bulk of its capital is held here, its welfare is bound up with that of the Dominion, and in turn it. prosperity as a trading concern react® oq the community in which it does business. Thera is one paragraph in the certificate issued by William Brown and Co. to which we desire to draw special attention. They inform the public that a certain proportion of the capital stock is held by residents in Germany. That is perfectly true. These titocklioldera (two son a and four daughters) are the children, not of the original founder of the company, but of his brothers, and their homes have for years been in Germany. While Germany is at war with our country the dividends on their investments (representing capital that lias always remained in New Zealand) are, in accordance with the law, held in suspense, as it were, and will bo retained in New Zealand till the Government otherwise order. We think that wo have said enough to convince every _ fair-minded individual that any agitation against the D.I.C. is not only senseless, but unjustifiable. The only effect of its continuance will be to do injury to a large body of local shareholders and to throw out of employment. a number of the community who for many years have found the company to be considerate and liberal employers of labor. Fair play is bonny play, and the D.I.C. having made its position clear in a straightforward way is entitled to the consistent support of its constituents in every part of the Dominion.
Evening Star, Issue 15657, 23 November 1914
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