BENEVOLENT INSTITUTION TRUSTEES.

Otago Daily Times, Issue 10240, 24 December 1894, Page 3

BENEVOLENT INSTITUTION TRUSTEES.

A meeting of delegates of local bodies for the purpose of electing representatives to the Benevolent Institution Trustees was heid at the Town Hall on the 3rd inst., when there were present:-Messrs J. Roberts (Taieii), Charlea Haynes (Palmerston), H. Gourley (St. Kilda), Isaac Green (North-Sast Valley), D. Baxter (Naseby), C. Fisher (South Dunedin), R. Mill (Kawksbury), J. Horsburgh (Mormngton), Thomas Ross (West Harbour). A. Solomon (Cromwell and Alexandra), P. Miller (Clutha, and Tuapeka connties, and Roxburgh, Balclutha, and Lawrence boroughs), Thomas K. Sidey (Caversham), John Watson jun. (Port Chalmers) W. Robertson (Maori Hill), A. M»theson (ftoslyn), James Green (Waikouaiti and Waihems counties), J. Robin (Bruce county and Milton borough). Mr J. Robin, who was voted to the chair, said the only business was to elect six members to the Benevolent Institution Trustees. , The following nominations were received:— Messrs J. Green, R. Chisholm, H. Gourl«y, A. Solomon, Colin Allan. W. Bndgman, I). H. Hastings, C. Fisher, J. R. Monson, and R. I Wilson. ■ , , • , I The first six mentioned gentlemen were elected. HOSPITAL TRUSTEES. A meeting of delegates of local bodies to electsix representatives to the Hospital Trust was mibsonuently held, and attended by the following eentlemen :-Messrs J. Green (Waikouaiti and Waihemo counties), P. Miller (Clutha county and Balclutha borough), loaac Green (North-iLast Valley), J. Robiu (Bruce county and Milton borough), T. K. Sidey (CaverKham) A Matheson (Roslyn) H. Gourley (St. KUda), T. Rosa (Vest Harbour), J. Roberts (Taieri county), W. RobertBon (Maori Hill), C. Fisher (South Dunedin), J. Horsburgh (Mornington), J. Watson (Port Chalmers), J. Toomey (Green Island), and R. Mill The following being the only candidates nominated were declared duly elected:—Messrs W. Wills, J. Green, S. Myers, H. Clark, P. Miller, and J. Robin.

THE DRAPERY AND GENERAL IMPORTING COMPANY OF NEW ZEALAND LIMITED (D.1.C.).

The tenth annual meeting of the above company wag held in the board room o£ the D.1.C., Danedin, on iAie 3rd insfc., Mr B.Hallenstseia presiding. ." ~ . Tho following report or the direstors was taken as read :—

The directors beg to submit io shareholders the tenth yearly report and balance sheat of the company for the period from. 20th August 1893 to 20th August 1594. , . The net 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 £269 18s Id. As provided by the articles of association, Mr Willi Fels retires on the present occasion, and being eligible, offers himself for re-election. The auditors, Messrs George Joachim and G. P. Austing, for Dunedin, Mr F,. H. Barns, for Christchurch; and Mr Robert Wilbeifoss, for Wellington, retire, and being eligible, offer themselves for re-election.

By order of the board,

Mr Hallenstein Baid: Gentlemen, I could have wished to have met you oa my return from Europe under circumstances more prosperous. As it is, the balance sheet which has just been circulated amougst you is only a reflex of the times through which we are passing not only here but in all parts o£ the world. There has been a fearful decline in the price of our staple productions, which is the main cause of all our troubles. Never before, at any rate in our time, have I known the products of the soil and of the animal world so low as in 1893 and 189*, and while this is the case manufacturing and business of every kind must suffer. In the case of New Zealand,this has been aggravated by the financial crisis in the u-.ighbouring colonies, and ia our particular ease, as has already been alluded to by Mr Hart, when presiding at the laßt annual meeting, by the throwing into this market of large surplus stocks of drapery from Australia, which had to be sold at any price, and you know people will run after cheap goods, though in nine cases out of ten, not being exactly what you want, they turn out the dearest in the end. However, this sort of competition compelled the company to sell during the year at prices which could not leave a profit, butthiswasthonght preferable ratherthan keep, especially goods of fashioa, over for another season. I must also uot forget to mention that the going out of business of two large wholesale soft goods houses—Messrs M'Arthur and Co., of Auckland and Wellington, and Meases Edwards, Bennett, and Co., of Christchurch— whose extensive stocks were distributed all over New Zealand, further depressed business. But we are not likely to have a repetition of such occurrences for some time. In Melbourne stocks are gradually reduced, and are adjusted to the altered state of things, for the imports, which during the boom years ran up to about 23 million pounds sterling, are at the present time 12 to 13 millions. It is therefore to be hoped that the waedingout process there, aB | well as here, has about come to an end, which will be better for sound aud strong concerns like ours. I do not believe in extravagant profits—on the other hand we must have a living profit—and it is better for everyone if - our trading and financial firms are in a position and justified to pay a dividend. The directors and managers have had a most anxious time, and under the circumstances, I feel sure they did their best, otherwise there might have been an actual loss, which to my certain knowledge has been the case in many private firms. If we are not in a position to pay a dividend we have at auy rate kept our capital intact, and we have been enabled to take off the usual depreciation from stock. We could have shown and declared a small dividend and bonus by not making the necessary reductions, bub in my opinion this would have been the first step towards going downhill. Only one thing would perhaps have justified ub doing so, that is :if we could be sure that we had a very prosperous year before us, in which we could have made good the provisions thut ought to have been made iv the previous year, but this also would be a very doubtful expedient. Though better times are sure to come round again, and the very slight rise in gome of our exports is just the silver lining amongst the dark clouds, still it would be unwise to depend upon sudden prosperity returning. As far as the D.I.C. is concerned, and it refers to all trades and industries, the only prudent way is to reduce expenditure to the income—in fact, this will be forced upon all who do not wish to go under in the stream. To do so wisely and without affecting our efficiency will be the most difficult task to be faced by everyone, from the Government down to the working man. All who are wise will recognise that we have arrived at a period of great and permanent changes, aad if we manfully face the position we shall be none the less happy, iudeed, we shall be all the happier for having overcome difficulties. Fortunately we live in one of the finest countries on the earth, and one in which the necessaries of life bread, meat, and milk — are cheap. You will see from the balance sheet that our gross profit has been nearly £7000 leas than last year, though the turnover has, I believe, been larger, while the prices obtained were smaller. Purchasing shareholders will probably still have the best of it for some time to come, but I feel sure better times will come round again, when all-classes will be able to make a fair profit and can afford to pay a fair profit in buying from others. I now beg to move the adoption of the balance sheet and report, and I

recommend that the small b'alauce of £289 be carried forward. I am sorry that we have this year to pans tha dividend and bonus, after having paid same regularly for the last nine years. However, as far as the purchasing shareholders are concerned, they have had more than a bonus and discount in the price at which they have had their goods. Mr Hart seconded the adoption of the report and balance sheet, which was carried. He could add very little to what the chairman bad already said. It was a fact, which no one could gainsay, that trade was very bad nnd the outlook not satisfactory. Some few months ago the directors could see that a bad year had to be fsiced, when they at once gave instructions to discontinue issuing Bhares. Of course the restriction would be now removed, as the public was in full possession of the company's last year's work. Archdeacon Fbnton, speaking on the balance, said a safe policy was by far the best, »nd better not to pay a dividend than to injure capital. Mr Sbodmok proposed the re-election of Mr Willi Ms an a director, which was seconded by Mr Morrison and curried. Mr Hart proposed the re-election oE the auditors ah the sainu remuneration as last year. They did their work thoroughly and most efficiently. Seconded by Archdoscou Fhnton, ana carried. Mr B. Sihvwihght, iv proposing the. usual vote of thanks to the directors and officers of the company, said he felt confident that shareholders would not withhold their sympathy from the board in the trying timss through which the company was passing—times of unprecedented badness in every trade such as hs had never experienced during a residence of over 31 in Now Zealand. Under the circarastances it was not surprising that they would not pay the customary dividend. He was sure the shareholders would be satisfied with ths careful explanation of the chair nan, and that the officers had performed their laborious duties faithfully. Mr Morrison seconded the vote of thanks proposed by Mr Siavwright, and said his experienca had been the sara*! as the company's. He hoped for better things in future, but the outlook 'was not very pleasant. The Chairbiah returned fchanka on behalf of the directors, managers, and staff. At a time like this it was gratifying to have the sympathy of the shareholders.