THE D.I.C.

Dominion, Volume 6, Issue 1584, 30 October 1912, Page 8

THE D.I.C.

ANNUAL MEETING OF SHAItEHOLDEIIS. At the 23th annual meeting of.. the Drapery and General Importing Company at Dunedin last week, Jlr. H. E. Hart occupied the cha.fr, and, in, moving the adoption-of the report and balance-sheet, spoke as follows:— " . ' The main thing claiming our attention to-day is the result of our year's work, and you will have seen from tho figure) iit the report that we have had a very good twelve months, so that we are enabled to put before yon what we hope will be considered a most satisfactory Ijnlanec-shcL't. The accounts represent hard facts, inasmuch . as thoy show increased gross profits, 'while the simplicity with which the figures have been stated by your auditor enables shareholders to understand them almost at a glance. A satisfactory point to me in connection with the nccounte k> that they prove that your directors were justified in recommending at the lust annual meeting an increased 1 dividend'to tile ordinary shareholder.". In the curly part of the .year Mr. Corrisan, who had graduated from the Dunedlu staff to the position of manager in Wellington, derided to enter into business on his own account. Your directors, in recognition of his Z5 years' service with, the company and in evidence of their goodwill, praunted him with a substantial cheque. Mr. Corrigan carries with him in his new sphere of action the best wishes of the company. Turning now to the balance-sheet, you will sec that the net profits are £20,994, or £522 less than last year, although the gross profit ie £2535 more. Our expenses, however, have grown by £5159. In regard to this item I desire to Bay that a Inreer amount than usual has been spent during the year on the maintenance and improvement of the company's buildings end iixturos. Vie have also had heavy legal expenses in connection with our Wellington lease. These • sums, togother with a special amount of £800 written off the fixtures account and the vote to Mr. Corrigan, so many years manager of the Wellington branch, have been debited to expenses. They aio non-recurring, and represent the bulk of tho increase in expenditure. Had it not been for the>=e ciccptional outgoings, tho net profit would have shown an improvement, over the previous balance of nearly £2000. The pain-up capital account ie £1157 10s. more, eomo shareholders having paid up in full, thereby reducing the uncalled capital from £9285 to £6047 lCfi. A particularly good feature this year is that suudry creditors stand at £10,343 less than at, tho laet balance date. On the assets sido yoro will notice that stock it! £4724 les.?, and that there Ifi <i small advance of £1304 in sundry debtors, brought about, you will easily understand, by the increased business we have done. Fittings iind fixtures have beon reduced by £2026. a wise provision, as explained by the chairman of last. meeting, against ii depreciating asset. I think tho result of tho year's working raiinot he considered otherwise than satisfactory to shareholder, for I bavc shown that tlie net profits arc steadily improving in (-nitc of the licen and iin-rc.i?inj: competition w« have to meet. The pret-uut outlook la hopeful, font in sayinc this 1 nni.not suggesting that the .directors ore likely to recommend an increased dividend in the near future, for they have ahvavs rat themselves against the bait of folg dividends, preferring that customers, so many of whom are shareholder, sIiCT-ld receive profitable returns all the year round through the advantage of hisrh quality and low prices. Indeed, tho public recognise*? mole and more that safe investments nro preferable to inflated dividends, which sooner or later weaken the , stability of a business. Consentient upon the retirement of the Into Wellington manager, your (lireclors. after a most careful search in the Dominion and Commonwealth for the be3t man available, decided upon appointing to the vacant, petition Mr. W. Simm. t7Q9 had very imrcoijfullv maungrrt for nine y«Lrj tho buMnws of jreinri. Blyihe. .Ltd,, of Sapier. It U with ploajuie ram

! directors Me able to elate (.hat in (heir opinion the company has been most fortunate in securing the services of Jfr. Simm; their short experience of that gentleman already atroi-dini! them ample endorsement, of the remarkably high credentials which he carried from the directors of Jlcfers. Blythc, Ltd. If I may trespass a, few minute; further on your time you will be good enough to allow me to refer to the • services of our capable and loyal staff of managers, buyers, and assistants, the directors earnestly desiring to acknowledge their hearty nnd zealous coopemtiou, which has, beyond doubt, contributed largely to the successful result we are able to show.

Jfr. \V. Ilurnett seconded the motion, and referred to the fact that be had hco:i connected with the company since its inception, and, with other shareholders, was very gratified at receiving a 7 per cent, dividend. : He thought the company filled a Jong felt want in llnncilin in supplying <l very good article at a reasonable price. It was a etep towards what he considered national prosperity; that was co-operative trading. A very satisfactory feature was the. addition to the reserve fund. Ho thought it was good finance, and also a. way of equalising dividends in the event of a bad year. The motion was carried unanimouely.