THE DRAPERY AND GENERAL IMPORTING COMPANY OF NEW ZEALAND (LIMITED).
The sixth annual meeting of the above company was held in the board room of the D.I C, Dunedin, yesterday, Mr B. Hallenstein presiding. The minutes of the previous meeting were read and confirmed. After reading the report and balance sheet, Mr Hallenstein said : Gentlemen, I have much pleasure in moving the adoption of the report and balance sheet, which on the whole is very satisfactory. Until the middle of August, when the present labour troubles commenced, our business both at Dunedin and Ohristchurch has been steadily on the increase. The New Zealand and South Seas Exhibition greatly increased our sales, and, as will be seen by the figures, notwithstanding that our expenses are this year £25,238 as against £22,365 last year, our profits have risen from £5638 to £8025. Unfortunately we have had to face uufore.*jen loss in repairs to our Christchurch warehouse, caused by the decay of timber uped in the construction of the building. The directors thought it wise to meet this outlay amounting to £1225, out of thiß year's profit, and to reduce the warehouse and fixtures account by that amount. The directors intended to increase the dividend, but under the above circumstances think it prudent not to do so. I need not tell you that every business and all classes of the community are suffering more or j less from the present labour troubles, but I am hopeful that the ultimate outcome will result in permanent good both for employers and employed. So good a country as New Zealand cannot long be under a cloud. Whatever mistakes have been made — and they have been made on both sides — in the long run the good sense of the community will prevail, and lead to general prosperity to all classes. Mr Dixon seconded the adoption of the report, which was received and passed. In reply to a shareholder, the Chairman stated that the number of shares taken up had not been very considerable during th c last year ; he believed about 90 new shares had been added to the number. The fact was the directors did not think it advisable to push the Bale of shares, as it was their intention after a while to issue them only at a premium, and they had! refused large applications. Mr Grant P. Farquhar, the retiring director, was re-elected. The auditors, Messrs George Joachim and G. P. Austing (for Dunedin) and Mr F. H. Barns (for Christchurch) were re-elected. A vote of thanks to the directors and staff responded to by the Chairman, terminated the meeting. Sixth Bepobt and Balance-sheet, submitted at the Annual Meeting of Shareholders, held ab the Registered Office of the Company, High-street, Dunedin, on Monday, October 27, 1890. The directors beg to submit to ihareholders the sixth yearly report and balance-sheet of the Company, for the period from 20th August 1890. Ibe net profits, after deducting salaries, fire in»urance, travelling expenses, interest, charges, advertising, stationery, rent, and Government fees, and after allowing for depreciation of stook, amount to £8,035 18a 6d, which the direotors recommend to be appropriated as follows : — To payment of a dividend at the rate of 7 per oent. per annum (as against 7 per cent, last year) ... ...£2,960 0 8 To addition to fixture and buildingsinking fund, which will then stand at £5,000 (last year addition£l,soo) ... 2,250 0 0 To writing off cost of repairs to Ghristchurota building ... ... 1,225 6 0 To balance to be dealt with as a bonus of 4 per cent, to shareholders on the amount of their purohases ... 1,590 11 10 £8,025 IS 6 The dividend and bonus (If approved) will be payable at the Company's offices, Dunedin and Ohristohurch, on and after November the lßt. Ab provided by the Articles of Association one director retires on the present occasion, Mr Grant F. Farquhar, who, being eligible, offers himself for reeleotion. The auditors, Messrs George Joachim and Q. P. Austing, for Dunedin, and Mr F. H. Barns, for Christchuroh, retire, and being eligible, offer themselves for re-election. Bendix Hallknstkin I r) ,_ anfn ,. Wm. Bowdbn, Secretary. BALANCE 9HEKT At 20th August 1890. LIABILITIES. 1890. August 20— To capital, 250,000 shares, at 10s ... £125,000 0 0 Less unallotted, 80.519 shares, at 10a ... £40,259 10 0 Leaa uncalled, 169,481 shares, at 5s ... 42,370 5 0 82,629 15 0 42.370 5 0 To sundry creditors ... ... 1,354 3 0 Bills payable ... ... 6,000 0 0 Fixed loans... ... ... 14,279 15 11 Hallcnstein Brothers and Co., cash advances ... ... 23,839 18 11 London liabilities ... ... 17,572 15 6 Contingent liabilities... ... 1,058 17 0 Fixtures and buildings sinking fund ... ... ... 2,750 0 0 Profit ... ... ... 8,025 18 6 £117,249 13 10 .ASSETS. 1890. August 20— By stook and shipments afloat ... £66,997 11 3 Bent and other debts— Dunedin Ohrlatchurch. and London ... 7,062 9 1 Warehouses, fixtures, and plantin Dunediu atrd Ohriatohurch 41,633 1 1 Cash in National Bank of New Zealand (Limited) ... ... 1,460 15 4 Cash in hand ... ... 65 17 1 £117,249 13 10 profit mm xoss account. 1890. August 20— To disbursements: Salaries, fire iniusurance, travelling expenses, interest, charges, stationery, advertising, rent, prop erty tax, and license fee for the year ... £25,238 15 4 Profit ... ... ... 8,025 18 6 £33,264 13 10 1889. August 20, By balance £5,638 8 11 Less dividend... £2,937 IT O Less bonus on s ha reholders' p v re bases 977 1 5' Less fixtures and buildings sinking fund 1,5.0 0 0jjutsj 323j06 1890. August 20. By goods account ... ... 83,041 3 4 £33,264 13 10 We have examined the books and vouchers and comparedthebankaocount of the Drapery aud General Importing Company of Hew Zealand (Limited) ; and the Ohristehurch balance aheet, as audited by Mr P. H. Barns ; and certify that, the above balance sheet is a oorrect statement of the poiltloa of the company's affairs on the 20fch .August 1690. Dunedin, 20th Ootober 1890
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