MILNE AND CHOYCE.

Auckland Star, Volume LXXI, Issue 222, 18 September 1940, Page 9

MILNE AND CHOYCE.

BUSINESS EXPANDS. BONUS TO LONDON STAFF. "This year's trading has shown a substantial increase, which is all the more gratifying when one considers the altered conditions brought about by import, exchange and other control and war conditions," said Mr. J. S. Milne, chairman of directors, when moving the adoption of the report and balance-sheet at the 39th annual meeting of Milne and Choyce, Ltd., held at the office of the company this morning. "It speaks well for the capacity of our buyere that they have so successfully adapted themselves," he continued. Mr. Milne said it was an opportune time again to emphasise the company'*! appreciation of the consideration that had been accorded the firm by various suppliers throughout the Dominion. Including income tax accretions, mortgage creditors and depositors, the company's liability totalled £122,888, and against that there were assets in the form of stock, debtors and cash amounting to f222,455. The reason for the payment of extra income tax had been fully explained in the balance-sheet which shareholders had received. Mr. Milne said the staff numbered 506 and composed a loyal and efficient body which 'would again share in the company's profits. It was interesting to note that the company worked under 10 separate awards. The first bonus distribution to the staff was made in 1910, and on 22 different Occasions since then allocations had been made, the total so distributed exceeding £45,000.

During the year alterations were made in several departments, notably the showroom, children's and underwear sections, and these in the opinion of visitors compared most favourably with anything overseas. In a few days a new shoe section would be opened embodying many new features. "Before concluding, I must pay a tribute to the London office," said Mr. Milne. "The cheeriness of their letters, the celerity with which they handle our business, and their calm courage in the face of all that they are passing through is a wonderful example, and I am sure that the allocation of a bonus to them will have your full support. Last week they were cabled to that effect." The report and balance-sheet were adopted without discussion. The retiring directors, Messrs. * Bruce Elliot and H. V. Choyce, were reelected.