DRAPERY AND GENERAL IMPORTING COMPANY (LIMITED).

Otago Daily Times, Issue 8627, 17 October 1889, Page 3

DRAPERY AND GENERAL IMPORTING COMPANY (LIMITED).

» The fifth annual meeting of the above company wa3 held yesterday (October 16) in the Board room of the D.1.C., High street,Dunedini Mr B. Hallenstein presiding.

The fifth report and balance sheet was sub' mitted as follows:—

The directors beg to submit to shareholders the fifth yearly report and balance sheet of the company, for the period from 20th August 1888 to 20th August 1889. The not profits, after deducting salaries, fire insurance, travelling expenses, interest, charges, advertising, stationery, rent, and Government fees; and after allowing for depreciation of stock, amount to £5633 8s lid, which the directors recommend to be appropriated as follows :— To payment of a dividend at tho rate of 7 per cent, per annum (as against 6J per cent, last year) ... ... £2937 17 0 To addition to fixture and building sinking fund, whioh will then stand at £2750 (.last year £250) ... ... 1500 0 0 To balance to bo dealt with as a bonuß of 4porcent. to shareholders outhe amount of their purchases (last year 31 per cent.) ... ... »• 1200 11 U £5833 8 11 Shareholders have been requested to aend In their stamped invoices so that the exact amount of bonuse3 can be ascertained. The dividend and bonus (if approved) will bo payable at the company's offices, Dunediu and Ghristehurch, on or after November the Ist. It will be gratilying to the shareholders to learn that notwithstanding a continued dullness throughout New Zealand, the company's busineis or volume of trade both in Chriitchuroh and Dunedin has again increased. A tabulated statement made out by the secretary from the analysis book, shows an increase in nearly every department. The directors have every confidence in belieting that the D.I.C. is now established on a firm foundation, and under ordinary good management and judicious economy roust continue to prosper. As provided by the Articles of Association one director retires on the present occasion, Mr Bendix Hallenstein, who, being eligible, offers himself for re-election. The auditors, Messrs George Joachim and Q-. P. Austing, for Dunedin, and M. b\ H. Barns, for Christohurch, retire, and being eligible, offer themselves for re-election. Grant P. Farcjhak, /Erectors.

Balance Sheet at 20th August 1889. LIABILITIES. Augmt 20,1889. £ B. d. £ s. d. To Capital, 250,000 shares it 10s ... ... 125,000 0 Oi Le3s unallotted, 81,398 shares at 10s ... 40,699 0 0 Less uncalled, 168,602 shares at 5s ... 42,150 10 0 82,849 10 0 . 42,150 10 0 To Sundry creditors ... - ... 1,251 17 4 Bills payable... ... ... 3.000 0 0 Fixed loins ... ... ... 9,079 12 6 Hallenstein Bros, and Co. cash advances ... ... ... 28,170 2 0 London liabilities ... ... 20,769 19 0 Contingent liabilities ... ... S2;S 0 2 Fixtures and buildings slnkiDgfußd 1,250 0 0 Profit ... •■• >•• 5,638 811 £112,241 10 8 ' ASSETS. August 20,1899. £ s. d. By Stock and thipments afloat ... 72,337 15 7 Kent and other debts, Dunedin, Christchurch, and London ... 5,785 2 7 Warehouses, fixtures, and plant in Dunedin and Christchurch ... 32,689 310 Cash in National Bank of Hew Zealand, Limited ... ... 1,313 7 7 Cash in hand... ... ... 116 1 1 £112,241 10 8 Profit and Loss Account. August 20,1889. £ s. d. To Disbursements: salaries, fire insurance, travelling expenses, interest, charges, stationery, advertising, rent, property tax, and license fee for the year ... 22,365 8 7 Profit ... ... ... 5,638 811 £28,003 17 6 AngUßt 20,1888. £ s. d. £ 8. d. £ s. d. By Balance ... .... 4,077 11 5 Less dividend 2,733 13 6 Less bonus on shareholders' purchases ... 831 010 Less fixtures andbuildinge sinking fund 250 0 0 3,814 14 4 — 202 17 1 August 20,1889. By goods account... 27,741 0 8 £23,003 17 6

We have examined the books and vouchers and compared the bank account of the Drapery and General Importing Company of Hew Zealand, Limited; and the Christchurch balance sheet, as audited b7 Mr F. H. Barns; and certify that the above balance sheet is a correct statement of the position of the company's affairs on the 20th August 18S9. George Joachim, 1 . ... G. P. AUSTIKS, | Audl'o«- - 9th October 18:9. After reading the report and balance sheet, Mr Hallenstein said: Gentlemen, in moving the adoption of the report and balance sheet, I have again the pleasure of reporting a steady progress in the business of the company, both' at Christchnroh and Dunedin. While our turnover has increased, our expenses, as will be seen from the balance sheet, have somewhat decreased, in consequence of which we are enabled to increase our dividend, from 6£ per cent, to 7 per cent., besides paying a bonus of 4 per cent, on shareholders' purchases (as against 3| per cent, last year). We have also added £1500 to the building and fixtures sinking fund, as against £250 in the previous year. Last year while congratulating you on the improved outlook in the affairs of New Zealand, principally caused by the increase of our productions and by a steady rise in their values, I said it would probably be some time before a corresponding improvement in general business could be looked for. The experience of most business people is, that while things havo passed out of the stago of depression, they have hardly passed out of that of dullness. Unfortunately the errors of former years still come home to us, and I am afraid some washing up has yet to be done, and the sooner every public and private company and every individual face their losses, the firmer and more lasting will be our prosperity. It is then gratifying to find that the people as a whole have become cautious and careful, and arc either swelling the deposits in the savings and public bulks, or are reducing their general indebtedness. Addressing as I do over 1000 shareholders, there is one important fact which I wish to bring under their notice, and which justifies us in looking into the future with confidence and hope. It is the fact that, through all our years of depression, thsre has been a silent but steady progress in the development of our agricultural and pastoral resources, accompanied by a gradual development of local iudustries; and the late discovery of extensive gold-bearing quartz reefs in Otngo, and the partial success which has attended our river and beach dredgiug operations is likely to attract to our shores many of the men who of late years have left New Zealand. The New Zealand and South Seas Exhibition to be held in Dunedin promises to be a big success, and in tha hands of a most able president and experienced executive officers has grown in immensity and assumed an importance far greater than was ever anticipated by its promoters. Cheap steamer and railway fares in connection therewith will draw to our shores numbers of visitors from Australia, most of whom will travel through the colony, and becoming acquainted with our climate and resources, it is difficult to estimate the indirect benefit which all parts of New Zenlaud will derive from the exhibition. That such an attractive establishment as the D.1.0. both at Oliristchurch and Dunedin will participate in the- general impetus that will lie given to trade wo may r<-asomvbly hope. Our managers have prepared for it by heavier importations in all departments; and already—

| especially in the dross; mantle, aud milliuery departments—we Jiave been unusually busy. Here in Duuediu, in addition to our two dressmaking rooms, which are each managed by efficient heads, we have beeu obliged to open a third room, for which a competent dressmaker (Miss Boughen) has. arrived this week per Kuapehn, from London, whero f,or the last three years she has held n leading position with Messrs Marshall and Snellgrove, one of the most fashionable London houses. We are also lauding, per Ruapehu, a second shipment of fashionable dress material, laco goeds, &c, selected by our Mr SQward, with the assistance of Miss Boughen, in Paris, aud Brussels, Perhaps it may not be out of place especially for our lady customers to know that while we do all iv our power to please them, no department gives us more trouble than the dressmaking department —in fact there is more worry over it than iv the whole of the other departments together; and the worst is, instead of a profit it leave 3us a loss. While we pay higher salaries than are paid in Melbourne and Sydney, we cannot get anything like the prices which are paid for dresses there. I am sure ladies who have bought in Melbourne or Sydney will know this also, that on the whole they have as great difficulty to get suited there as here. I am afraid, gentlemen,1; I have detained you longer than usual. I will only add that it gives me much pleasure to express the directors and my satisfaction with the managers and our stall generally at Christchurch and Dunedin. lam sure :both Mr Laing and Mr Brown have the welfare of the company thoroughly at heart. Our staff is on the whole a mo3t efficient one, well disciplined, attentive, and polite, and intent upon oarrying out the principlo laid down by the directors which is : " to study the interest of our customers as well as that of the company." I now bea to move the adoption of the report and balance sheet. I hope the comiDg season will be one of prosperity to New Zealand. Mr SiEvvrmonT seconded the adoption of-the report, and said it must have been pleasant to the shareholders to listen to the interesting speech of the chairman; and expressed a hope that the directors would cause the speech to be published and circulated along with the report and balance sheet. It was also very satisfactory in these times to receive dividends at all, whereas this company promises to be sufficiently successful to pay increasing annual dividends, in addition to a handsome bonus to purchasers.

The report and balance sheet was then re- | ceived and adopted. On the motion of Mr Foster, seconded by Mr Geobqb, Mr B. Hallenstein was re-elected as a director. Messrs Joachim, Austing, and Barns, the retiring auditors, were re-elected. VOTE OF THANKS. Mr Reeves proposed a vote of thanks to the directors, managers.and staff; —the shareholders' experience proved that they could have every confidence in them, —which was carried with acclamation. Mr Hallenstein, in returning thanks, said their task had been a difficult and anxious one, but he hoped now their work would be easier and more pleasant.