DRAPERY AND GENERAL IMPORTING COMPANY.

Otago Witness, Issue 3215, 27 October 1915, Page 49

DRAPERY AND GENERAL IMPORTING COMPANY.

ANNUAL MEETING. Tho thirty-first annual meeting of the shareholders in the Drapery and General Importing Company was held ip the New Zealand Express Company’s Buildings on Friday afternoon, Mr E. I. Hallenstein presiding. The Chairman said that immediately on tho outbreak of the war the company decided to place any of its employees volunteering for active service on half-pay, and to reinstate them on their return to the dominion in similar positions to those they previously occupied. This offer of halfpay, wh-icfi in the case of single mcn_ without doxjendcnts was limited to a period of six months from enlistment had, he believed, stimulated recruiting among the cmxjloyocs. Twenty-three of their men. had joined tho forces, and had either gone to tho front or were still in training preparatory to departure. Since the report was in print two more had been accepted, and would shortly be called up. No doubt others would follow this good example. Unfortunately, he had to record the death of three of the staff, all of them killed in action gallantly fighting at Gallipoli. Several others had been wounded. Tho past year had been one of great difficulty and anxiety to all business men, certainly not least so to those conducting businesses of the character and magnitude of this company’s. Under the circumstances, the directors felt much gratification in being able to place before shareholders such an exceedingly satisfactory balance sheet. This had been achieved only by the untiring efforts of the managers and their staffs in tho three- branches, and he could not speak too highly of the manner in which one and all had put their shoulders to the wheel. The net profits for the year amounted to £22,295, as compared with £24,250 for tho previous year, a falling off of just 8 per cent. Adding tho credit balance brought forward —£13,060—they had now at their disposal £35,355. The interim preference dividend had been paid, and the directors now recommended the declaration of the usual dividends of 6 per cent, on preference and 7 per cent, on ordinary shares; the payment of 2J. per cent, bonus to ordinary shareholders on their purchases: the addition of £1990 to the reserve fund, which would then stand at £52,000; the allocation of £IOOO for contributions to patriotic funds; leaving a balance of £16,692 (less tho amount of the bonus) to ho carried forward to next year. This carry forward was more than sufficient to pay a full year’s dividend on both classes of shares. —(“ Hear, hear.”) During the year the company had paid out over £lloo in donations to various patriotic funds, and in half-pay to employees on active service. Ho felt sure that tho recommendation to now set aside a further sum of £I9OO to bo contributed to patriotic funds during the coming year would be heartily approved by every shareholder. This allocation was additional to the half-pay to the employees, which would bo debited against the general fund. The balance sheet figures presented some considerable variations from last year. On tho liabilities side sundry creditors stood at £29,570, as compared with £65,776 a year ago, or less than half. The reduction had been effected by the repayment on their duo dates of loans on some of our properties. It was a matter for satisfaction that the whole of our properties were now unencumbered, and that outside the usual trade debts they had no liabilities of any description beyond a few small deposits, mostly from their own employees. On tho assets side the stocks stood at practically the same figure as last year, and were as low as the directors should care to see them. Sundry debtors at £68,492 were nearly £29,000 less than last year, when they had large sums temporarily invested, which had now being called in and used in paying off mortgages. Properties and fixtures stood £2260 lower, and they had £2200 more on deposit with the bank than they had last year. The company was now reaping tho full benefit of the conservative policy pursued for many years by the directors. It had never been in so strong and unassailable a financial position, and he thought he might add that it had never stood higher in the estimation of business people and of tho public generally. During the year extensive alterations and additions had been mtide to the Christchurch warehouse, giving largely-increased accommodation to tho show rooms and furnishing departments. This expenditure was_ fully justifying itself, and they were getting increased returns from tho departments affected. He had much pleasure in moving the adoption of tho balance sheet and report, and the payment of dividends and bonus as therein proposed.—(Applause.) Mr J. M'Gcorgo seconded tho motion, and said ho thought shareholders wouid agree that tho report disclosed a very gratifying state of affairs. The usual dividends had been paid and nearly £2OOO added to tho reserve fund. Considering the farreaching effects of the terrible war now being waged and the consequent dislocation of business, the result of the past year’s transactions spoke volumes, not only for careful management, but for the confidence tho public jilaccd in the firm as a trading concern. Tho motion was carried without comment. Messrs P. L. Hallenstein and Alfred Eels were re-elected directors, and Mr J. S. MTnnes auditor, the latter at the same remuneration as last year. Captain Sundstrum moved a hearty vote of thanks to the directors and staff, which was carried. Tho Chairman, in acknowledging tho compliment, said ho was sorry Mr Crow was not present to respond on behalf of himself and his staff. They had all had an exceedingly hard year, and they had done their work as only tried men could

have done. In regard to tho London staff, the past year had certainly been tho most difficult year in its history. The difficulties had been enormous, and to tho London staff was duo credit for a large measure of the success attained during the year. Members of their London staff had not been backward in offering their services for the front, and among those offering had been one of the chief buyers.