D.I.C. ANNUAL MEETING

Evening Star, Issue 19699, 28 October 1927, Page 10

D.I.C. ANNUAL MEETING

SHAREHOLDERS QUITE PLEASED Tiio report presented yesterday at the forty-third annual meeting of the Drapery and General Importing Company of New Zealand announced that £7L276 10s Cd was available for division, and that the directors proposed to pay dividends at the rate of (5 per cent, per annum on preference shares for the half-year ended August 20 and at the rate of 10 per cent, per annum on ordinary shares. Mr E. I. Halsted, chairman ot directors, moved the adoption of the report. Mr D. H. Rogers, in seconding the motion, said ho thought the shareholders were extremely fortunate. They went to the meeting year after year and listened to an able and informative address from their chairman, and* a few days later they received satisfactory dividends. Shareholders might bo inclined sometimes to_ take a little lor granted and to consider that dividends were plants which flourished luxuriantly in New Zealand, That was hardly the ease—they did not—they required a good deal of cultivation, u’igurcs in the balance-sheet gave ample evidence that wise cultivation, as he might put it had been forthcoming in the affairs of the company. Questions were invited and shareholders were given opportunity to speak us to the affairs of the company, but the only response was from one man—“ "We are all satisfied ”—and the motion was put and carried unanimously. Messrs R. L. Halsted and Allred Ids were re-elected directors cu the motion of Mr 11. W. Glendinning, seconded by Mr J. G. M'George. Air H. W. Mitchell moved and Air E. R. Bossence seconded the ic-elcction of the auditors—Messrs William Brown and Co. for Dunedin, Mr J. W. K. Lawrence for Christchurch, Mr E. 1!. Dymock for Wellington, and Mr T. Railingall for Wanganui—and this was agreed to. Mr H 11. Sykes moved a hearty vote of thanks to the directors, the managers, and the stall's. He was sure his fellow-shareholders vould agree with him that they were most fortunate in having such capable management. It was the whole-hearted cooperation of the directors, managers, and staffs that had made the operations of tho company so successful. Mr G. Matthews seconded the motion, which was carried with larked heartiness. The Chairman said that tho Board of Directors appreciated very much the vote and tho remarks of Mr Sykes, Jt was quite true that the past year had been a, somewhat trying one, and the directors of their company had sliared anxiety with most other business people. Fortunately they had been so well served by their managers, Mali's, secretaries. and their London buyers that thev had come through extremely well, as the figures just considered slowed. Tho directors did their best, but it was the managers and stall's who Had to do tho slogging and the lion’s share of tha work.

Air G. Crow returned thanks on behalf of the managers and the staffs. It was always very gratifying to know that tlie results from one’s year’s work hud been satisfactory, and he thought it was particular!v so on this occasion, because tho conditions during the year had not been too favorable. Aloney had been tight and competition keen. Ihe position said a good deal for their organisation and also for the calibre of their stalls in the various branches. He would like to relcr to the good work of their London stall', which never got an opportunity to get into the spotlight. It was duo largely to their good work that they were able lo show such good results. They wore very fortunate in having their own London stall, under Air A. W. Halsted. Tho sta'f know the requirements of the New Zealand business.

Mr C. ill. Ck'censlade, the oldest employee of tlm company, said lie joined at its inception, and could say that it was owing to the consideration shown to the staffs that Mich good results had been obtained Men and women would always respond when they were fronted properly, and he thought the I).LG. management could bo congratulated on the way it treated its sen.-a.ius.