D.I.C.

Dominion, Volume 13, Issue 35, 5 November 1919, Page 10

D.I.C.

ANNUAL MEETING

The thirty-fifth annual meoting of shareholder.-; in the Drapery and General Importing Company ni lic]<l in tlio New Zealand Express Company's board l'oum, Duncdin, on October SI, and was attended by about ton shareholders. Mr. J'!. 1. .Ihillonslein, who occupied the chair, in moving the adoption of Hie report and baUmco sheet, c:aid it was a pleasure to meet shareholders, freed from the shadow of war which had hung over New Zealand on the occasion of (heir last five annual gatherings. There iros still much fighting going on in Europe, while the whole, world was experiencing great .social and industrial unrest. It must be to tlio advantage of all classes to allay this unrest as speedily as possible, and to settle down to a policy of greater production and greater activity in trade and industry, to help to allay tlio sufferings from war and to bear the financial burdens which Ihe war had left behind it. In New Zealand nothing was wanted but good will and pulling together bv. employers and employees (o ensure- a continuance of the prosperity that was being enjoyed, and to send the Dominion ahead as it should progress. The record of the employees of the firm in tlio war was a most honourablo one. Altogether 5S of them had been engaged on active service, of; whom 11 had unfortunately lost their lives in action, one had died in camp, and two had died sineo their return to New Zealand. The memory of these brave men would ever he held in high esteem. There was a fairly general opinion held that our bovs, after their experience in camp and field, would not easily settle down to business life. He was happy to say that this had not been the company's experience. Tlio great bulk of its employees, on their return, had been anxious' to get into harness again, and were proving themselves not only as good, but better, men than they -wore before they went away. It was a great pleasure to be able to bear witness tn that fact. Since the cessation of hostilities, money had been nlentiful, and business prosperous in the Dominion. Tlio company had shared .fully in this general prosperity, and each of the three branches had had a largely increased turnover—much in excess of any former year. Expenses had also grown Very considerably, but the net profit, amounting to £30.8.53. was satisfactory. The bonus which the hoard had voted to the staffs would, he felt sure, be welcome to tlio recipients, and be approved bv shareholders. If the proposals laid before the meeting were carried, the Teserve fund would amount tn .270,000. and the carry forward to .£28,000. With these substantial figures at their' back the directors felt justified in recommending the pavment of a bonus of 2 per cent." in addition to the dividend of 8 per cent., on ordinary shares. The company had now been in existence for ,15 rears, and if. would bn the first occasion that it had distributed 10 per cent, on capital. That return was but a moderate ono in n concern such as theirs, dependent on the general prosperity of the people and Ihe.ups and downs of fashion, and, considering the large amount of ninnev thev had sunk in stocks, book debts, land and buildings.. Their stocks, which had been taken with the usual care, were rather lower than last year, but, thanks to the vigilance of the managers and the departmental bends, they w-ere ample and well assorted. With the end of the war most people had expected to sec a gradual easing in prices. This expectation, un to the present, had been quite falsified. On the contrary, during the oast year prices of practically all goods had continued to rise, and were to-day at a higher level than ever. Not onlv this hut the difficulty of procuring goods, and, where orders had been accepted, of getting delivery, were greater than ever, so shareholders would understand that there were still some worries connected with the running of the business. Their London buyers had advised that, up to the present, they saw no siens of any alteration in this state of affairs. During the year the company had taken up a further amount of -CIO.OOO in New Zealand Government War Loan, and now had iCSS.OOO invested in these securities.

Mr. ,T. C. M'Gcorgo seconded Mm motion, and said it mu'f be highly gratifying to (he directors and staff lo know of the success concerning their efforts. He had hoard of one shareholder who had been looking for 30 years for this 2 per cent, bonus. The motion was envried without comment, the chairman remarking that it would carry with it dividends and appropriations. Messrs. F. T. Ttallensfnin and T. S. Do Beer were re-elected directors, on the motion of Mr. I\. W. Olcndinine, seconded l>v Captain Rnndstnim, end Mr. J. S. M'Tnnes was re-elcted auditor on the motion of Cantain Snndstrum, at the same remuneration. The chairman expressed his appreciation of tlic woi'k done by the officers and stuff. Tie also eulogised the way tli" auditor had carried out. his duties. Mr. A. James moved a vote of tbanVs to the directors, managers, and staff. Fe referred to the disappointment experienced over there not having been a reduction in the cast of foods, nirliculnrlv drapery. However, they had had a fair c:!-n..„ ( .f prosperity. . Mr. TT. Tsancs seconded the motion.' Slid •.•aid tliit the balance-sheet reflected cr~'it o" the staff. The chairman returned thanks on behalf of the direclnrs. .-ml Mr. G. Crow, who if was inentionnd, wit« making n Mr, within a fortnight to America nml London on behalf of the conmanv, resnonded for the manasers and staff.— (Published by arrangement.)