DRAPERY AND GENERAL IMPORTING COMPANY.

Otago Daily Times, Volume 17149, Issue 17149, 31 October 1917, Page 7

DRAPERY AND GENERAL IMPORTING COMPANY.

'ANNUAL MEETING.

The annual meeting- of shareholders in the Drapery and General Importing Company was held in the. Express Company's board room yesterday afternoon. Air E. I. llallenstcin jiresidod over a fair attendance.

The Chairman, in moving the. adoption of the annual report and balance sheet, said the patriotic spirit displayed by their staii Since the declaration ot war had continued to be manifested, very few of those eligible ior service having- waited to be called in the ballot, Tho roll of honour now contained 58 names. Eight had, unfortunately, laid down their lives, threo of them sineo tlu-y met Jast. Others had boon wounded, some of them badly, but he trusted that ere long most of them might bo back in tho company's service, 'ilio ladies of the staff had been indofatigablo in helping along every good movement, and ho would particularly like to mention tho D.I.C Girls' Club, which met reguarly to knit and sew for the boys at the front. The net profits for the year amounted to £21,5:8, and, although these •were £3056 less than in the preceding year, the directors ventured to consider this result, under present conditions, eminently satisfactory. The turnover had grown in all three branches, and their gross profits were greater by £6613 than last year, but their expenses had increased by £9666. Income tax had been a heavy charge on the company's profits, and would be very much heavier in tho current year. For somo time- the directors had pursued the policy of providing for the coming year's income tax before striking the yearly balance, and the whole of the estimated taxes for next year were already provided for. Apart from taxation, expenditure, had grown under practically every heading, and was likely to continue- to grow still further during the currency of the , 'war. Tho directors recommended tho payment of the usual dividends and bonus on shareholders' purchases, and the addition of £3000 to the reserve fund, which would then amount to £60,000. To this fund might bo added £21,000 of undivided profits proposed to be carried forward to next year's account, making £81,000 in reserve. The only noteworthy alterations in the balance sheet figures were that their sundry creditors had decreased by £10,500. while "amongst the assets their stocks wore £10,000 heavier, and sundry debtors £17,000 les3 than a year ago. Stocks were the heaviest in the company's history. Not only were the prices of almost all qommoditiees still rising by leaps and bounds, but every month it was becoming increasingly difficult to buy most goods at all, and,_ when delivery had been secured, the scarcity of shipping, high freights, insurance, and charges of all sorta helped to swell the landed cost. ' Captain Sundstnim seconded the motion. He complimented tho directors on _ having carried on the business so satisfactorily. He said that the shareholders could rest assured that tho directors would conserve their interests. The fact that the net profit for the year was £21,588 18s 9d was indicative of the large volume of business done. Ifc.*svas pleasing to note the caution exercised by the directors in setting aside so much to the reserve fund. The motion was carried. Messrs H. E. Hart and W. Fels were reelected directors, and Mr J. S. M'lnnes was re-elected auditor. On the motion of Mr Wilson, votes of thanks were accorded to the directors, managers, and the stall, for their work during tho year. On the motion of Captain Sundstmm, a vote of condolence was passed to the members of the company who had suffered so much as a result of tho war. He specially referred to tho supreme sacrifice made by the sons of Messrs de Beer and Fel.