THE D.I.C.

Dominion, Volume 11, Issue 35, 5 November 1917, Page 8

THE D.I.C.

iNNUAL MEETING.

The annual meeting of shareholders in the Drapery and General Importing Companv was held in Dunedin.* last woek. Mr." E. I. Hallenstein presided over a fair attendance. . The chairman, in moving the adoption of the annual report and balance-sheet, said the patriotic spirit displayed by their staff since the declaration of war had continued to bo manifested, Tory few.of those eligible for service having waited to be called m the ballot; the roll of honour now contained fifty-eight names. Eight 'had, unfortunately, laid down'their lives, three of them since they met last. Others had been wounded, some of them badly, but he trusted that era long most of them might.be back in the company's eervico. The ladies of tho staff had been indefatigable in helping along every good movement, and he would particiilnrly liko to mention the D.I.C. Girls' Club, which met regularly to knit and sew for tho boys at the front. The net profits for the year amounted to .£21,588, and although these were .£3056 less than in the preceding year, tho directors ventured to consider this result under present conditions eminently satisfactory. The turnover had grown in all three branches, and .their gross profits were frreater by .£6613 than last year, but their expenses bad increased by .£9666. Income tax had been a heavy charge on tho company a profits, and would be very much heavier in tho current year. For some time the directors had pursued tho policy of providing for the coming year's income tax before striking the yearly balance, and tho whole of the estimated taxes for next year were already provided for. Apart from taxation, expenditure had grown under practically every heading, and was likely to continue to .grow still fnrfGer during the currency of the war. The directors recommended the payment of the usual dividends and bonus on shareholders purchases,, and the addition of <£3000 to the reserve fund,; which would then amount to To this fund might ! be added ,£21,000 of undivided profits proposed to be carried forward to next year's account, making ,£BI,OOO in reserve. The only noteworthy alterations in the balance-sheet figures were that their sundry creditors had decreased by £10,500, while amongst the assets their stocks were .£IO,OOO heavier, and sundry debtors .617,000 less than a year ago. Stocks were the heaviest in. the company's history. Not only were tho prices of almost all commodities still rising by leaps and bounds, but every month it was becoming increasingly difficult to buy most goods at all, and, when delivery had been secured, the scarcity of shipping, high freights, insurance, and charges of ail sorts helped to swell the landed cost.

Captain Sundstrum seconded the, motion. He complimented the directors on having carried on the business so satisfactorily. Ho said that the shareholders could rest assured that the direotora would conserve their interests. The fact that the net profit for the year was -J521.588 IBs. 9d. was indicative of the large volume of business done. It was pleasing to note the caution exercised by the drectors in setting aside so much the reserve fund. ■ The motion was carried. Messrs. H. E. Hart and W. Pels were re-elected directors, and Mr. J. S. U'lnnes was're-elected auditor. On tlio motion of Mr. Wilson, votes, of thanks'were accorded to the directors, managers, and the staff for their work during the year. On the motion of Captain Sundstrum, a vote of condolence was passed to the members of the company who had suffered so much as a result of the war. Tie specially referred to the supreme sacrifice' inane by the sons of Messrs. de Beer and "Pels, both of whom were killed in action.