D.S.C. COMPANY. LIMITED.

New Zealand Herald, Volume XL, Issue 12240, 8 April 1903, Page 3

D.S.C. COMPANY. LIMITED.

ANNUAL MEETING. A SUCCESSFUL TEAK. The annual meeting of the Direct Supply Company was held yesterday in the company's premises, Queen-street. Mr. John Brown (chairman and managing director) presided, and there was a good attendance of \ shareholders. The annual report was presented, as fellows: — Your directors have pleasure in laying before you a balance-sheet showing the result ot | another year of successful trading, 'the net profit lor the year is £82-13 6s 3d. Your directors recommend "a dividend ot 10 per cent, per annum (an interim dividend for the halfyear at this rate having been paid in October last), together with a bonus of 5 per cent, on shareholders' payments: also a bonus of 5 per cent, on the wages of warehouse employees who have been twelve months in the service of the company, and are not already in receipt of a commission, and that the sum of £1900 be carried to undivided profits account, which will then amount to £11,032 16s lOd. In order to obtain the advantages ot concentrating various branches of the company's manufactures, arrangements have been made for the erection of a combined factory and store on a site facing Victoria Quadrant. Mr. Upton retires from the Board by rotation, and. is eligible and offers himself for reelection. On the lamented death of Mr. O. B. Waymouth, the company's auditor, the directors appointed Mr. E. "Waymouth to fill the position, lie offers himself for re-election as auditor for the ensuing year. The balance-sheet to February 28 last was submitted as follows: — BK. £ s. d. Capital account, 120,000 shares at 10s, less uncalled 120,000 shares at 2s ... 48,000 0 0 Cash on deposit 13,704 12 7 Bills payable 3.045 1 3 Outstanding accounts 2,810 19 4 Bank of New Zealand 62?, 0 8 Reserve fund of undivided profits 8,334 411 Premium on shares sold 8% 11 11 Profit and loss account, balance, less interim dividend 5,546 4 0 £82,917 14 8 OR. £ s. d. Freehold and leasehold properties and working plant, less reserves 6,299 011 Stocks in hand and in transit at Auckland and branches ... 59,143 16 1 Bills receivable and outstanding accounts, less reserves 16,603 10 3 Cash in hand and in London ... 851 7 5 £82,917 14 8 I PROFIT AND LOSS ACCOUNT. | DR. £ s. d. I February 23, Wages, vent, insurance, bad debts, etc. ... 16.192 17 4 Balance 8,310 14 5 £24.503 11 9 I OR £ s. d. March 1. Balance forward ... 70 8 2 February 28, 1903—Gross Profits on sales 24,433 3 7 £24,503 11 9 The Chairman, in moving the adoption of the report, said he had much pleasure in congratulating the shareholders on another successful year, for he thought it must be considered fairly satisfactory that the Council was again able to pay 10 per cent, on the subscribed capital, 5 per cent, on shareholders' purchases, and carry a very substantial amount to the undivided profits accountWhile the profit for the year exceeded that of any year in the history of the company, it did not bear the same relative proportion to the turnover as in times past. The business was increasing so rapidly that the company had been enabled to sell at a lower rate than I formerlya policy which had been beneficial j both to buyer and seller, and which the comI pany was determined to carry out so far as j they could in the future. From the balance- ! sheet it wotdd be seen that in reality £80.000 1 was embarked in the business. They had found it necessary to employ this large I amount in tho business to cope with its size | and maintain the position it now occupied. The report stated that a new store and factory was to be built in Victoria Quadrant, i This had become necessary owing to theI large stock held by the company, arid also i for tho purpose of concentrating tho comj pany's different factories and workshops under one roof. A contract for the erection of the building would be let within a fortnight. When the building was completed J the company would be able to"exercise much i closer supervision in carrying on their work ! than had" been the case in the past. Tho | shares, it would be noted, had all been allotted, this being partly duo to the increase in the business of the company. Ho moved the adoption of the report and balance-sheet. Mr. H. A. Gordon seconded, and the motion was carried unaniiiously without discusI sion.

On the motion of the chairman, seconded by Mr. J. B. Gilfillan, Mr-. J. H. Upton was unanimously re-elected a director. Mr.. Upton returned thanks and stated that he would continue to do his best in the interests of the company. Mr. J. Ca.llnan moved the reappointment of Mr. E. Waymouth as auditor at the usual fee of £20. Mr. G. Winstone seconded, and the motionwas unanimously adopted. The Chairman moved a vote of thanks to the staff, stating that a large amount of the success of the business was duo to the manager and to the staff he had collected about him. Mr. A. R. ' Morrison (manager) returned thanks on behalf of the staff. The Chairman intimated that the dividend and bonus would be payable after ten o'clock to-day. > A vote of thanks to the chairman closed the proceedings.