MCKENZIES STORES.

Manawatu Standard, Volume LIX, Issue 161, 9 June 1939, Page 5

MCKENZIES STORES.

THE YEAR REVIEWED. DIFFICULT TRADING. WELLINGTON, June 8. Aloving the adoption of tho annual report and balance-sheet of McKenzies Department Stores, Sir Charles Stat ham, who presided at the anmuil general meeting yesterday, said he was sure that shareholders would agree that the company’s position was a sound one. In valuing the assets of the company a conservative- policy had been continued and shareholders could feet that ’the values placed on any of the asset items on the balance-sheet could be definitely sustained. After making all reasonable allowances and providing for ( known contingencies, tho trading companies finished tho year with a net profit of £81.863. The position actually was a little better than last year. as the* net. ] balance before deducting social security tax was £87,953, which compared favourably with last year’s net profit of £85,352. 1 After paying the dividend authorised’ by shareholder* Inst Juno tho directors carried : forward £61,011 to this year’s profit and loss appropriation account, the chairman added. From this year’s profits the com- r pany had already paid an interim dividend of 7 per cent, last December, and the authorisation of a final dividend of 7 per cunt., as recommended, would leave to add to tho carry-forward to tho profit and loss appropriation account £11,424. There would then be a total of £72,436 undivided profit* to carry forward to next year’s accounts. „ (

Tho motion was seconded b.v Mr J. M. A. Hott, who commented upon tho excellent trading results and tho sound liquid position of the company. Air J. R.. McKenzie, managing director, acknowledged the assistance of all who had helped to bring about the results shown in the balance-sheet,. Tho year, lie- said, bad not been an easy one, and the company had endeavoured to adjust its opera tions to carry the burden and respou sibililics imposed on all businesses by legislation. It bad also had to restrict its overseas business in conformity with the licensing requirements instituted last December. New stores opened since May, 1938, had brought the total of trading units to 33, all of which wore operating successfully. Mr McKenzie referred with regret to the retirement from the general managership on medical advice of Mr ’l'. B OusscoL who was retaining a seat on the directorate, and expressed confidence in his successor, Air A. \Y. Duncan. “Wliile the immediate future so far as our business is concerned may seem a lit-' tie obscure, I am optimistic enough to feet that before long this country will emerge from its diflioulties,” Mr AlcKenzio concluded. “Naturally the success of our business is bound up with the successful future of New Zealand. Our company, as you know, operates entirely in New Zealand and with its associated enterprises is a substantial factor in the business life of the community. I feel certain that, our organisation will soon adapt itself to tho new requirements and be ready when the opportunity is more favourable to expand its service to the public.” On the motion of Ain iP. Myers the recommendation of a. final dividend payment of 7 per cent, to all shareholders on the register at June 8. 1939, was approved. Tho remuneration of the directors, other than tho managing director, was fixed at £909. Tho retiring directors, Sir Charles ■Stathani and Mr llott, were reappointed. A hearty vote of thanks for services during the year was accorded t.lio stall. Air Gusscotf. returned thanks for the references to his work, and to the stall' for co-opera-tion and loyalty during his term as general manager.