D.I.C.

Evening Star, Issue 20321, 1 November 1929, Page 4

D.I.C.

SATISFACTORY POSITION DISCLOSED Tlwv forty-fifth annual meeting of shareholders of the Drapery and General Importing Company of New Zealand, Ltd., was held in the Somerset Lounge yesterday afternoon, Mr E. I. Halsted presiding over a large attendance. The Chairman expressed pleasure at the large attendance, and especially at the large number of ladies present. The directors’ annual report and balance-sheet stated that shareholders were paid,the customary discount of 2} per cent, on their purchases for the first six months of the year in May last, and would receive it for the second six months of the year on November 1. The not profits for the past year, after making full provision for land and income tax, were £45,027 2s 6d, which, with £40,920 os 8d brought forward from last year, showed a total to ,tho credit of profit and loss account of £85,947 8s 2d. The new Wellington premises were opened for business on February 28 with most gratifying results. The whole of the building was now completed, and the office portion was being rapidly filled by tenants. The company’s holding of New Zealand Government Inscribed Stock had been sold, and the profit realised above book value had been added to the reserve fund. On May 1 an interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half-year ending February 20. which absorbed £7,500, and leaves £78.447 8s 2d, now available for division. This sum the directors proposed to deal, with as followsTo payment of dividend at the rate of 6 per cent, per annum on preference shares for half-year ending August 20, 1939, £7,500; payment of dividend at the rate of 10 per pent, per annum on ordinary shares, £17,877 11s lOd; addition to reserve fund (which will then stand at £80,000), £7,420 15s lOd; balance to be carried forward, £45,649 0s 6d. The adoption of the rexwt and balance-sheet was moved by. the chairman (whose address was published in yesterday’s ‘Star’). The motion was seconded by Mr C. Stanley Smith. Mr D. Rogers said that when he wfls overseas he had visited shops in many different places, and he had not seen a shop window with a more attractive or more artistic display. than that seen any day in the D.I.C. in Dunedin. (Applause.) Mr D. E. Theomin said that he was agreeably surprised by the figures given showing the increase in stock. Looking at the now warehouse in Wellington, and considering that such, a big business was carried on with a compara-

lively small stock, he thought .the dirctors and branch managers had something to be proud of The average stock in four branches was £50,000, which was a very satisfactory figure to shareholders; Mr P. L. Halsted said a great deal of attention was paid to stocks, and he thought the company’s business was carried on with as raininmum a stock that it was possible to carry. The motion was carried. The retiring directors, Messrs H. E. Hart and W. Pels, were re-elected. The retiring auditors were re-elected as follow:—Dunedin, Messrs William Brown and Co.; Christchurch, Mr J. W K. Lawrence; Wellington, Mr E. R. Dymock; Wanganui, Mr T. Ballingall. On the motion of Mr Gilkison, a vote of thanks was passed to the directors and staff for the excellent work done during the past year. The Chairman said that a few months ago Mr Myers had been appointed assistant general manager, which was perhaps the reason why a tumour had been circulated that Mr Crow was retiring Mr Crow had been associated in tho management of the company for twenty-eight years, and he hoped lie would serve for many more years. Tho company was extremely well served at all points by its managers and its'Strong and capable staffs Mr G. Crow returned thanks on behalf of the managers, stating that it was always gratifying; that the result of one’s work had proved satisfactory, and he felt sure this feeling Was shared by the "managers and the staff.