Bruce Woollen Manufacturing Company

Bruce Herald, Volume XXIX, Issue 3016, 29 November 1898, Page 6

Bruce Woollen Manufacturing Company

— — — ~» ANNUAL MEETING. : - ''The annual meeting of the Company, held in- St George's Hall, Milton, last evening, was attended by about 80 shareholders. Mr W Moore presided, and on the platform were Messrs J Soanlan, J A Duthie, J Allen MH E, A E Stewart, and M. Henderson. The Seoretary read the minutes ' of previous meetingp, which were' confirmed; The Chairman Baid he presumed all present bad received a copy of the balancesheet. In order to save time he asked whether some shareholder would move the following report and balance-sheet be taken as read. Annual Repobt and Balance- Sheet. The Direotors beg to snbmit to Shareholders their Report for period ending October 19, 1898. Owing to delay in arrival of maohinery it was late in February before a start waa made to manufacture. Since that date all departments have been gradually got into full working order. Your Directors, while fully justified in charging a large .portion of the expenses and wages in the earlier half of the year to preliminary expenses and plant aocount, th-ugh showicg ho shortage, have thought it advisable to let the manufacturing accouo% Biooe we otarted in February, bear the whole ohargea, and carry forward the balance against next year's manufaoturing aooount. During the year we have added to buildings a wool room, drying room, and warehouse, and have found it necessary to order several more machines. Some of whioh are in full work and others to arrive shortly. Aa provided by the Articles of Association, Messrs Jas. Allen and W. Moore retire on the present occasion, and being eligible offer themselves for re-election. The anditors Messrs Jas. Brown and H. M. Marryatt also offer themselves for reeleotion. £bd £ a d Capital 25000 shares at £1 25000 0 0 Leaa Unallotted ahareo, 7707 at £1 7707 0 0 Lesa Calls unpaid 119 3 4 — — 7826 3 4 17173 16 8 Plus application on 5416 shares a t3s4d 902 13 4 Plus callß reoeived in respect to shares not yet allotted ... 81 13 4 18158 3 4 Cash on Deposit 2600 0 0 Interest Accrued ... ... 82 7 8 Outstanding Accounts (including account on book debts and wages owing ... ... 269 4 4 Bank of New Zealand ... 6270 5 0 £27380 0 4 ASSETS. £ b d Plant Account 12,637 7 2 Premise?, Ground, and Office Furniture ... ,„ ... 5572 4 9 Unexpired Value, Insurance Pr-miums 76 9 0 Bills Receivable 49 13 4 Preliminary Expenses Account 815 11 4 Petty C«h 2 70 Book Debts 1559 16 4 Stock Mannfac ured, in Prooesp, and Raw Material ..„ 5749 811 Profit and Loss 917 2 6 £27,380 0 4 PROFIT AND LOSS ACCOUNT. To Working Expenses, Salaries, etc., 652 13 5 „ Interest Account 436 6 4 £1088 19 9 By Goodß Account 169 17 3 „ Transfers 2 0 0 „ Balance 917 2 6 £1088 19 ~9 The balance-sheet was examlaed and certified to by the auditors, Messrs H. M. Marryatt and Jas. Brown, F.I. A N.Z. Mr Hoilick proposed and Mr Ransome seconded accordingly and tie motion was agreed to. Tho Chairman said in rising to move the adoption of the report, he did not think it necessary to Bay very much. The report, though brief, was very expressive. Of course, as they were all aware, after laat meeting, there waa some delay before they got started to work. They did not oommenoe work until February ; and even then, though they had steam up on the lßt February, they oould soarcely expect to run at a profit on the 2nd. Though they had all the heads of departments to take oharge of the works and its varied details, at the beginning not more than 15 per cent, of the employes had ever previously seen a woollen mill— they were totally unexperienced ; consequently all present would understand that under such circumstances, the directors could hardly bring out to the shareholders a credit balanoe for the remainder of the year. All the employes were now, and for some time paßt, fulfilling their duties to the satisfaction of the manager. During the year the direotors had held 23 meetings, and on each of these occasions the aubjeot of ways and means had been discussed ; and it was the constant endeavor of the directors to save every shilling possible for the benefit of the shareholders. They had, as stated In the report, found it advisable to increase the building accommodation, at a cost of something like £1200 They had alao received tew machinery, and more waeon the way, the cost of which wa* absot a similar sum. The object in proouring new machinery, wa», as it were, to balance the works. Certain machines they had were not able to keep up with the work, so they had to have overtime eight and day. When all the new maohinery arrived, the directors hoped to have the works better balanced ; then there wonld be less overtime Aa a result of the extraordinary meeting of shareholders, held Borne time ainoe, the director 1 had been able to dispose of 7000 additional shares to original shareholders, wbiph faot placed the Company in a very muoh batter posi. tlon than when the direotors last met share holders. He was glad, la one sense, that at tbia meeting, the attendance of shareholders wa,s small ; aa it evidenced a general **^' ge 0 ] aatisfaction with the dlr.^ on the^ &tb sharohoidAv; gtm tfaey wonld I|fee every shareholder present to aooord prai»€ to the directors if it was due them ; and ii the directors were deserving of censure they would be only too happy to try and squeezs out of it. He would not detain then longer, but would now move the adoption ol fcbe report and balftnes.abeet,

MrJ. Oolllok seoonded the motion, am would have done bo with greater pleasure < the direotora had seen their way to deolarc a small dividend. At the same time he could quite understand that in ; anon a> largi ander taking many, unforseen contingencies arose and he thought it wise; policy on theii part to prooeed aautioualy. He alao bore in mind that the directors were large shareholders, and if a .dividend oould prudently be deolared it would be manifestly in their interests to do so; and he thought' they deserved gredft for deplining to deolare a dividend until they oould do so in the interests of all concerned in the undertaking. -. M r ii P Palmer said be bad been very sorry to learn that the Woollen Factory was not paying the employes a living wage. He believed "many of the workmen were not receiving a fair wage. Of coarse he oould not say whether that was absolutely correct . but, aa a shareholder, he would like to draw attention to the mitter. The Chairman replied that the directors did not look upon tb'afc subject as coming within the Eoope of their dutiea — tbeyhd the manager and others who looked after that. But- personally he might say he had not heard a complaint as to wage 3. It had been pointed out to him that the average wage of the laborers employed at the faotory waa 30a per week ; whether that was a living wage aa good as farm laborers — Mr Palmer : No it is not a living wage. Mr Scanlan; What wages do you pay your employees on the farm ? Mr Palmer: A pound a week and found) and that is better than 30s a week. Mr bcanlaa said he did not hold that opinion. Mr Foster : Can a man keep himself and pay boose- rent on 10s a week ? The Chairman : We are drifting away from the business of the meeting and — Mr Palmer : Keep to the wages question. lam a shareholder of this Company, and I don't like to see a man starved. I believe in giving my men a fair wage and know you do the same, Mr Moore. I would not like to get a dividend at the expense of the working men. Mr J A Duthie : It is the working men who get a dividend this year. The Chairman : You can rest assured that before the directors declare any dividend the rate of wages will be higher than at present. Mr Palmer : That is all right-, then. The motion for the adoption of the report and balance-sheet was then agreed to. The Chairman intimated the next business—the election of two directors. Only two had been nominated, Mr Jas. Allen and the speaker. The election of the gentleman named having been agreed t'-, The Chairman thauked all thareholders present ard absent, for the confidence shown in the men they had elected to represent them. Aa in the paßt they and the other directors would endeavor not to waste anythicg, bqt do everything for the benefit of the shareholders. Mr J. AtleD, M.H.R , only wished to express his thanka &Ibo. He should have been glad to be relieved of his duties t" director ; at the same time he did not think it would bo wiee or proper to go tff the directorate just now. He thought it better to go off the directorate af'.er a dividend had been declared. Mr Palmer : We shall not object, if you like to go tff. On the motion of Mr W Taylor, seconded by Mr W Dao->, Mesaiß H M Marryatt and Ja9 Brown (Dunediu) were rt-slected as auditors. It waa agreed on the motion of Mr W Taylor, seconded by Mr Lookhart — "That the Auditors' remuneration be the same as heretofore — L 55s each, with reasonable travelling allowance." The Chairman aid that finished the business of the meeting ; but there was an extraoidinary general meeting, whioh he would call for a few minutes. Aa they wonld Bee the object was to make some alternation * in the Articles of AssooiatioD. They would remember that at the last statutory meetii g, it was agreed that the number of directors should be seven, instead of nine. At that time their then working manager waa a director. Since then, however, Buoh ciroumttanoes had arisen, that he could not remain as a direotor — having severed his connection with the mill altogether. They had been carrying on th.o business with six director?, and Wire of opioi n that that number waa ample. Mr W. Taylor proposed and Mr A. M'Kecbnie seconded a motion in the di; eotioa indicated by the ohairman ; and this was agreed to. The moating then proceeded to deal with the alterations in the Ar tides of Association Mr W Taylor as^ed the Ohairman to explain the reason for the alteration desired. The Chairman said the intention, in the firet instance, when the Company was being formed, waa that the working manager for the time being was to be one of the directors. Tne agreement that first existed was the key -note when canvaesing for shares ; and those who acted in promoting the Company worked upon that agreement for a considerable time. The agreement was further to the effeot that four of the employees, Messrs DaVel, Walker (2), and Moroney were buppoeed to pat between t em L2OOO into the concern; and wete also Bnproaed to woik for nominal wpgas unil the shareholders were paid 6 per Ofnr. Tnat agreement waß now praotfoally.void ; as the piincipal man in connection with it (VJrDa'zel) was no longer oonneoted with the Compir y ? and was not a shareholder. As a matter of faot there were now only two shareholders who bad their names attached to that agreement. For these reasons the dire tors thought .it quite unnecessary to have the Articles of Association hampered with each conditions, the agreement had practically worked itself out. A motion altering the Artioles of Aarociation in the manner explained was agreed to, its proposer being Mr W. Dunn, and seconder, Mr A. Wilson. Mr J, Holliok proposed — " Tha.t a hearty vote qf tban^a te accorded the direotora." Although they had not been able to give shareholders a dividend, they had worked hard for the Company, T^ey bad attended 33 or 2fl meetings ( and iridepead.e.ntly o' theirlcettiqie.no d,pgbt tber* "■ . deal vf toubU •»'»--- w ™ » Sopd %ha*» -*■ " - anxiety conneoted with „ o.utks. i The motion waa carried by acclamations, f The Chairman Bald that judging from the way in which the motion was 3 received, it wonld be quite unnecessary foi 3 him to put it to the meetiDg. Oa behalf of f the direotora he sincerely thanked the r shareholders for their nnanimous and 3 hearty expression of renewed confidence. The directors trusted j if they could not 1 declare a dividend, when they next met I the shareholders that at anyrate, there would, be a little btlrace on the other side.