MILNE AND CHOYCE.

New Zealand Herald, Volume LXVI, Issue 20364, 19 September 1929, Page 9

MILNE AND CHOYCE.

RECORD YEAR IN SALES.

REDEMPTION OF DEBENTURES.

THE STAFF BONUS SCHEME

" Notwithstanding* a very Irving year in trade, Milne and Choyce, Limited, had a record year in sales, which icflects very great credit on the management and the assistants throughout the warehouse," said Sir George Elliot, chairman of directors, at the annual meeting of share* holders yesterday.

Dealing with tho balance-sheet, details of which were published in the Herald on September 6, Sir George Elliot expressed his satisfaction at the redemption of the £22,000 worth of debentures which were issued 20 years ago. They matured in June and were completely paid off out of the company's funds, with assistance from the bank. The interest paid out on that sum during the, whole 20 years amounted to £26,000. The sum of £4OOO would be paid to tho 665 employees of the company in the form of a bonus this year. The scheme had been in operation for a considerable period. The money voted was not paid over annually to tho employees, but was placed to their credit for use in particular circumstances, such as in cases of illness, marriage, financial stringency or departure from the firm's employ. Ono employee now had £SOO to his credit in the shape of accumulated bonuses and others had as much as £4OO, £SOO and £2OO. Tho scheme proved particularly valuable to employees who wished to draw uj;on such sums for part-payment of a house.

" Milne and Choycc have been running now for 63 years, and the company has been in existence for the past 28 years,"• the chairman added. " During the whole of those 28 years, without a break, it has paid an annual dividend, 7% per cent, in the first year and 8 per cent, for each of the .succeeding 27 years, which, although not a very high rate, has been vei-y steady and a fine return for the money originally put into the company. Very few businesses in New Zealand, in fact, have such a fine record as Milne and Choyce." The. profits in a high-class, conserva-tively-managed business could not be as substantial as those earned in a lowerclass business, because the profits received from the sale of a high-grade article were not as high as those earned from the sale of a low-grade article. Nevertheless, the amount paid in dividends had reached the huge total of £225,000 during the past 28 years of active operation. The firm was fortunate in having a staff as enthusiastic and loyal as any in New Zealand. On the motion of Mr. T. L. Galey, seconded by Mr. W. S. Whitley, the report and balance-sheet were adopted. The retiring directors, Sir George Elliot and Mr. C. Rhodes, were unanimously, re-elected. On the motion of Mr. J. Stuart Milne, the remuneration of directors was increased by £250 u year.' In thanking the shareholders for their expression of confidence the chairman said that it vas a pleasure.-to be associated with a business whicn was so remarkably well managed, enjoyed such a large turnover and proved l of such service to Auckland shoppers.

Mr. W. Dawson moved a vote of thanks to the staff for the extraordinarily good services performed during the year. It was seconded by- Mr. Whitley and carried.

In reply, Mr. J. Stuart Milne referred to the wonderful spirit prevailing among all departments of the establishment. The firm was very proud of its staff, which had every right, to be called "the Milne and Choyce family." It was a fact that the employees were the hosts of the store, and the firm was judged to a very great extent by their ability and courtesy. Messrs. Morris, Duncan and Gyllies were reappointed auditors.