He says Davies retains the same enthusiasm he has always had for the Whites, and was delighted to see that rewarded with a profit in the January transfer window.
"He's still happy," said Gartside of the club's owner.
"Eddie has shown his further commitment this year because he was prepared to release funds for the January window and that was important to us.
"The other side is that we actually showed that we made a profit in the window and to see that probably gives Eddie a bit more comfort to see that we are actually running it on a business base."
Meanwhile Gartside has also praised the contribution of Academy chief Jimmy Phillips and stressed the importance of continuing to invest money in the youth set-up.
He added on the club's official website: "Jimmy has done a similar job to when Gary (Megson) came in. He has now got to the stage where he's got his own people around him. He's set it up in a style and structure that he wants and we're hoping now that we're going to see the Academy progress.
"Even before Lostock was set up and opened last year- we were spending towards £2million a year for the past few years. I'm not saying that we're looking for the best players but at the same time we've got to be mindful that we want home grown players.
"It's important that for a club like Bolton to have our own players in there through the Academy system."