D.I.C.

Dominion, Volume 9, Issue 2605, 29 October 1915, Page 8

D.I.C.

ANNUAL MEETING YEAR OF GREAT DIFFICULTY AND ANXIETY The thirty-liiot aunual meeting of the olHirelioKlers in tlie JJrapsry and tltneiial I Imporiing Company was hci'.l in the Xew Zealand Kxnrets Company's . buildings, Uuncoin. on FriCay ul'tcruuon lasu, Jlr. 13. 1. lisillanstein presiding. Tn« chairmun said tiral immodiatety on the outbreak ol' t.liu \v;ti' the company deemed to place any oi' itw cmpioyecs volimteeriiig for nutivc . service on hulf-pay, I ami to reinstate them on their return to the Dominion in similar positions to tlloso Hay previously oct-upied. This offer of h«lf-pay. which in the case of slnEle men wnuoui <lei;cndents was limited to « period of six months from enlistment had, he believed, stimulated recruiting among the employees. Twenty-three of their men hurt joined, the lortce, <uul had either gone to the front or were stilt in training preparatory to departure. Kince the report was in print two more hnd been accepted, and would shortly be called tip. .>o 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 lighting at Gallipoli. Several others had been wounded. • The-' 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 t.ho 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 the t.hreo branches, and lie 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 pelcent. Adding the credit balance brought forward—£l3,o6o—they had now at their disposal £35,355. Tho interim dividend had been paid, and the directors now recommended the declaration of the usual dividends of 6 per cent, on preference and V pi'.' cent, on ordinary shares; the payment of 2{ per cent, bonus to ordinary shareholders on their purchases; the addition of £1990 to the reserve fund, which would then stand at £52.000; tile allocation of £1000 for contributions to patriotic funds; leaving a balance of £16,692 (less the amount of the bonus) to bo carried forward to next year. This carry forward was more than sufficient to pay a full year's dividend on both classes of shares. (Heal', hear.) During the year the company had paid out over £1100 in donations to various patriotic funds, and ia half-pay to employees on active service. He felt sure that the recommendation to now set aside a further uum of £1000 to be contributed to patriotic funds during the coming year would be heartily approved by every shareholder. This allocation was additional to the lialt'-pay to the employees, which would be debited against the general fund. Tho balance-sheet tigures presented some considerable variations from last year. On the liabilities side sundry creditors stood at £29,570, «,s compared with £65,776 a year ago, or less than half. The reduction had been effected by the repaymtait on their due dates of loans on some oi our properties. It was a matter for satisfaction that the whole of our properties were now unencumbered, aijd that outsido the usual trade debts they had no liabilities of any description beyond a. few email deposits, mostly from their own employees. On tho assets side the stocks stood at practically the same figures as last yoir, and were as low as the direc-, tors should care to see them. Sundry debtors at £68,492 were nearly £29,000 less than laet year, when they had large sums temporarily invested, which had now been called in and used in paying off mortgages. Properties and futures stood £2250 lower, and they had £2200 more on deposit with the ba.nk than; tlicy had last year. The company was now reaping the full benefit of the conservative policy pursued for many years by the directors. It had never beeu in so" strong ami unassailable a financial position, and he thought ho might add that it had never stood higher in the estimation of business people, and of the public generally. During the year oxteusive alterations and additions had been made to the Chriistchurch waroliouse, giving largely-increascd accommodation to the shotv-rooms and furnishing departments. This expenditure was fully justifying itself, and they were getting increased returns from the departments affected, lie had much pleasure in moving the adoption of the balance-sheet and report, and the payment of dividends and bonus as therein proposed. (Applause.) Mr. J. M'Goorgc seconded the motion, and said lie thought shareholders would agree that the icport disclosed «. very gratifying state of affairs. The usual dividends had been paid, and nearly £2000 added to the reserve fund. Considering the far-reaching effects of tho terrible war now being waged and the consequent dislocation of business, the result of the puet year's transactions spoke volumes, not only for. careful management, but for tlie confidence the public placed in tho firm as a. trading concern. The motion was carried without comment. Messrs. P. L. Hallenstein and Alfred Fels were rc-elected directors, and Jlr. J. S. isi'lnnes auditor, the latter at the same remuneration as last yeai. Oaptain Snndstrum moved a hearty vote of thanks to the directors and staff, which was carried.

The chairman, in acknowledging the compliment, e:iid he was sorry Mr. Crow wa/s not present to respond on behalf of himself and his staff. They had all had an exceedingly hard year, and they bad done thoib work as only tried men could have done. In regard to the London staff, the past yeair had certainly been the most difficult year in its history. The difficulties had buen enormous, and to the London staff was due credit for a largo measure of the ouccess attained during the year. Members of their London .staff had not been backward in offering their ssrviees for the front, and among those offering had been one of the chief buyers.