THE D.I.C.

Taranaki Daily News, 9 November 1917, Page 7

THE D.I.C.

ANNUAL MEETING,

The annual meeting of shareholders in the Drapery and General Importing Company was held in Dunedin last week. Mr. E. J. Hallenstein presided over a fair attendance The chairman, in moving the adoption I o£ the annual report and balance-sheet, said the patriotic spirit displayed by their staff since the declaration of war had continued to be manifested, very few of those eligible for service having waited to he called in the ballot The roll of honour now contained fifty-eight names. Eight had. unfortunately, laid down their lives, throe of them since they met last. Others had been wounded, some of them badly, but he trusted that ere long most of them might be back in the company's service. The ladies of the staff had been indefatigable in helping along every good movement, and he would particularly like to mention the D.I.C. Girls' Club,' wnich met regularly to knit and sew for the boys at the front. The net profits for the year amounted to £21,583, and although these were £3osfi less than in the preceding year, the directors ventured to consider this result satisfactory. The turnover had grown under present conditions eminently in all three branches, and their gross profits were greater hy £6613 than last year, but their expenses had increased by £906(1. Tncome tax had been a heavy charge on the company's profits, and would be very much heavier in the current year. For some time th directors had pursued the policy of providing for the coming year's income tav before striking the yearly balance, and the 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 further during the currency of the war. The directors recommended the payment of the usual, dividends and bonus on shareholders' purchases, and the addition of £3OOO to the reserve fund, which would then amount to £iio,ooo. To this fund, might he 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 £17,000 less than a year ago. Stocks were the heaviest in the company's history. Not only were the 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 ol shipping, high freights, insurance, and charges of all sorts helped to swell the landed cost.

Captain Sundstrum seconded the motion. He complimented the directors on having carried on the business so satisfactorily. He said that the shareholders could rest assured that the director* would conserve their interests. The fact that the net profit for the year was £21,588, 18s'0d was indicative of the large volume of business done. It was pleasing to note the caution exercised by the directors in setting aside so much to the reserve fund. The motion was carried. Messrs H. E. Hart and W. Fela were re-elected directors, and Mr. J. S. Mlnnes was re-elected auditor. On the 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. He specially referred to the supreme sacrifice made by the sons of Messrs de Beer, and Fels, both of whom were killed in action.