NEW ZEALAND IRON AND STEEL CO.-(Limited.)

Auckland Star, Volume XXVI, Issue 4525, 29 November 1884, Page 2

NEW ZEALAND IRON AND STEEL CO.-(Limited.)

The first annual meeting of the shareholders of this Company was held yesterday after*"> noon in the offices, Fort-street, Mr John Chambers (Chairman of directors) presiding.; There was a large attendance. Mr James Maofarlane submitted the following balance-sheet :— BALANCE-SHEET OF THE NEW ZEALAND IrOR~ and Steel Company (Limited) November 18th, 1881. \ Liabilities. — Dr.: To capital account (40,000 shares at L 5), L 200.000; less unallotted! shares (28 000 shares at L 5), LU0.000: less unpaid capital, L28.770-L31.230; bills payable, L2,0641tt! Td^ Chambers and Gardner, L 3.000: tradt* account, L1613s M : transfer fees. LI 15s; sundr?". credits, LTlfl Us Id. Total: L3?,204 4a sd. " Assktb.-Ct.:. By buildings, property, and plant account, including buildings ana BntnS machinery and tools, canal and railway Biding freehold and leasehold laud, &c, L31.13515a 10a* patent rights, concessions, and lease account (paid for by 2,280 shares paid up t» W), LS.IHJSi" charges nccount, LS29 3s lid; scraairon account.'* L 1.600 las 7d; account due to UoYnpany LU^ 12s; Bank of New Zealand, 11,187 Us lOd; cash in hand, Ll3 Is Od -. +1,300 16s Id. Total*

The Chairman,in moving the adoption of i'the rejppjt and balance-sheet, expressed his a gratification at meeting so many of . the i shareholders. Both he and tho directoW? were convinced that the Company was in-». most satisfactory position, and in a very short time would be turning out iron, anal that of the first class. They hoped at one/? time to be making iron about the present § date—the end of November—but it seemed, that they were cutting it rather too fine.'l They hadonedelayin the spring through nofc* getting a suitable brick forthefoundatkmsJl The whole plan was working towards ona end, viz., to be ready at one tiise, and they i hoped shortly to get the whole plant ready': for work. After a reference to the first" manager's trouble, and paying atribnfce oil respect to thesecond (Mr Otway), the Chair* man said tha,t In securing Mr Hesketh a»f manager tkey had secured a gentleman whohad f^rmany years managed the largest? , WOi-ks in Great Britain, and second s only to Krupp'B. in Germany— 4 j man who was acquainted with} tie! 1 moat modem improvements known to'; science in connection with this industry, i The Company's works wore befog carriea out with all the most modern iwMWvemantel'' of coarse on a smaller segj*.. There Soulfl be a saving of fueland, labour, and they w£|» satisfied, having I^uel. at a moderate prica (anditwouldl^clj^per), tiey wouldbe'sM* to mak.£Bseel and iron ascheapas itwasi^jiif Will ajuri aidp it to England, where its I I Jgonlrt letch tho same price as Swedish iron, ■ I The oanoessions to the Company were'pti great value. They had sb? stiles of beach" 1 between Waitara and N%vr Plymouth; four miles at the north fepad of the Manios»tf'l Harbour, with $a,ntf hills at the back ;"'#&>- miles at th.£ Sfouth Head; 1,000 acres at Hm North, He^ad, forming the, lighthouse with timber; t\seelve miles o» the Awhitu shore; six and a-quartef* acres of the foreshore at Onehungs^with a right to, had coal and. other. I material required free of wharf dues;? They ted also put in an application forth*/ Qo,vern.ment bonus ofLI.OOO. A competed engineer had been employed to select proper machinery in England, and it wa»i 1 on its way out. Some time ago it was di** Cided to call up 1,42,000, and the share list I would close jn December. The calls hithertqii : had;bee% Jjernvkably M-gU paid. ; S| JAr Ware soconded the re3olutio», and iupplomentod the Chairman's remarks -with i §Ojne.ohsarvations upon the Rookaway iiob1: wp>;k;S in America, which he had recently visited. The sand originally contained; ffom 15 to 25 per cont. 0$ oro. The sand/ hare contained ahaut V) per cent.'- Xni-" America the sand was brought fromEocfe, 1 Island, 2OO.«viV3s by water,, and forty isiiiear by rail, J4 oost at t!ie mill 10 dollaw-2£ ; cen^o pe* ton cleaned. The cost of prodWrj 3pg one ton of blpoms was 35 dollars 60e^iU,and, its market value was 50 doUars. i'jfhW cost of ths ore. for this eetairn was 20 dollars 50 cents, or rather more thanS-.. I half thQ whole cost of the metal. At these works the price of the necessary' ?And_ |ormed one-hali'of the Cost of pro^ d^ufjtion, whila here the sand would onlyj fornione-eighth of the cost. ■ :,C.:'i'i A couple of questions having been pni- | and answered, the resolution was put and1 carried.

On the motion of Mr J. Wallace, seconded \ by Mr Dunwoodie, tl\© retiring directors, Messrs C. J. Stono jvnd Hios. Morrin, were re-elected.

Messrs $. X, Davis and J. Waymooth weva auditors upon the motion tf Mb- T. Morrin, seconded by Mr B. 0. Clark. .

The Chairman asked all shareholders'wko wished to visit the works to call at thft , office in Auckland, and get letters of intro* duotion to the manager. Mr Dunwoodie moved a vote of confidence ;. in the directors and manager. He knew, as; a resident of Oaehuaga, that they had lad , great difficulties to contend with, and that they were now about to reap the success, they deserveJ. The motion was seconded by Mr E. Par-, sons and carried. t '• Mr Morrin, in acknowledging the compliment, expressed the hope that the direc-; tors would be enabled to meet the share-? holders next year with a dividend. , A vote of thanks was then passed to the j m Chairman, and the meeting dissolved. .