NORTHERN BOOT AND SHOE COMPANY.

Auckland Star, Volume XXVI, Issue 4531, 6 December 1884, Page 2

NORTHERN BOOT AND SHOE COMPANY.

Tjie annual meeting of this Company was held yesterday afternoon, Mr Stone presiding. From the report presented, it appears that "the work during,the yearTiaa been difficult, but the exertions made have won for the Company a name for the high' acj uniform quality of their manufactured goods, which is exhibited by the increased business during the last six months, and^ the new ground ■we are now opening up. This, together with the removal of last yeai'a debit balance of £612, and an item of £150 written off the plant, account for depreciation, may bo looked' upon as very satisfactory. '■ We: have also- written off £421 .for bad' debts made during the past year, leaving a balance of £5 profit. Although 'this item is small, tko business is sound, and with the prqspects before us we may now confidently anticipate regular, dividends being paid to the shareholders'. Shortly after last' annual meeting 'your directors found it necessary to take over 2.3G1 shares from Mr J. J. Austin in settlement of "an account due to the Company. Tho shares in'question were offered to1 the whole of the shareholders at a very low figure, but only about 480 were taken up. The directors therefore took up the remainder, thereby largely increasing their holding and at the same time squaring off the account' mentioned." In congratulating the. shareholders upon the success of the Company's operations during the past year and tho brightness of its prospects, tho Chairman said they had been onabled this year to write off the balance, to provide, for a considerable amount—bad legacies of the old state of things, £426—and to show a trifling balance, £5 0s 4d; still, it was a balance on . ■tho right side, and also to provide for a .small rcßervo fund, £106, as increased .value on tho property, which now stood at £5,000. He bolieved if they had'asked an estate valuator.-he would have 6et it down at from 16,000 to £7,000. The report was adopted, Messrs E. Mitehelson arid J."Gittos roclected directors,: arid Mr J. Milne auditof. A voto of thanks tfas passed to Messrs .Jones (manager),- Hodgson (secretary), and tho employes of-the Company. •'