MESSRS DALGFTY AND COMPANY

Otago Witness, Issue 2545, 24 December 1902, Page 8

MESSRS DALGFTY AND COMPANY

(Feom. Oub Owk Correspondent.) - ' LONDON", November ' 7. 1 Yesterday afternoon, at the offices of r the company, 96 Bishopsgate street Within, - tho eighteenth annual meeting of shareholders in. Messrs Dalgety and Co. was held, Mr <E. *T. - Doxat presiding. In moving the adoption -o£ the report and statement of _ accounts, the Chairman said that since the time of their last meeting up to the end of their business, year—namely, to the 30th June last— the drought, in, Queensland, the greater portion of New South, Wales, and the northern portion of South Australia had continued unabated. Although as. a whole the remaining States of the Ccmnion r wealth had been more favoured, even there the rainfall was in many places deficient. On thei whole, New Zealand had had a very fair season, and had benfited by the increased demand and lr"her prices ruling for her wheat, oats, fodder; *tc. It might be difficult for pers.ons in this country to realise fully the effects of this seven, years' drought, which ' had not only caused fearful* losflesV-m the flockß and herds of the various- States affected, but had led to the ex"pimditure'' of enormous Bums in the purchase of feeding stuffs in tbe attempt to save'at'-lea-at tho most valuable portions of the stock, (although" in many cases even this, outlay, had jailed to avert losses, pnd numbers of ; sneer* had had to be slaughtered for the "mere sake* . of their skins. This had also naturally reacted on the* volume of business generally, the impoverished station-holders not being in a posi-. tion to spend much money on improvements)or requirements. But in spite of all this, they chairman thought the shareholders might be*., congratulated on the fact that, after . making what they considered full provision for all ascertained and estimated bad and doubtful debts and decreased value of securities as they stood on the 30th June last, the board ha«C been able to show a sum of no less than £121,880 to the credit of profit and loss account. This would have enabled them to pay their usual dividend on the half year at the-, rate of 8 pel cent, per annum, and to add tho sum of JE4B4B' to the large amount already carried forward last year. Unfortunately, how- ' ever, the drought had not yet broken up, and. although some slight relief had been .afforded! ' by partial showers and thunderstorms, the situation was still a very serious one, and, in view of the further los3es which must have taken place during the last few months ancl the anticipation that reduced commissions rnuafc be looked for (although that might be partially mitigated by the rise in the price of wool), during the coming year, in consequence of the smaller amount of produce to be dealt with, it had been deemed prudent only to recommend the paymegi, of a dividend at the rate o£ G per cent, for the past sue months, making-, with the interim dividend paid in May last, T per cent, for the year, and the carrying forward of the substantial sum of £51^880 to tha credit of profit and loss new account. Until the whole of the drought-stricken areas had had an ample and continued rainfall, he did not think the directors could be blamed even if they were eventually proved to have erred on the side of over-caution.' It was the conservative course they had always pursued which, had placed the company in a^iomparatively easy position to face temporary set-backs qf this kind. I In conclusion, the Chairman observed, re-gsoli-Mjr ib« futuie, h« couid calx fS9

that - everything depended on the seasons in In the most favourable circumstances, however," it .must take, some time .before the pastoral and commercial interests could entirely recover lost ground, but they had had experience of droughts (though not for such & length of time) and losses before, and yet the country had come up smiling after a time, and those who had held their own during the hard times had reaped the benefit. It could be well imagined that the directors and managers of a company like Messrs Dalgety and Co. had had no easy task in the management of affairs during such a period as had been passed through, ana he thought the shareholders ehould realise that to their careful management and to the exertions of the staff generally, both'here and in the coloniesj the present ecund position of the company was largely due. He~then moved ■the payment of "a dividend of Ss'per share, free from income tax, to be paid on and/ after the 17th November; also' that foI,BBO 14s ~ be- 'csfrried' forward -to the next account. ■• The motion— was 'seconded by Mr Churchill, and, in reply to a question, the Chairman said the 'object of the -special - reserve was to equalise dividends if required. •Mr Arthur Palmer Blake, Mr Charles Churchill, and Mr Joseph Dowling were re-elected directors of the company, and Messrs Gerard Van der-Lind.and Son were reappointed auditors "for tfie year ending 30th June, 1903, at a remuneration of £200. -'