NORTHERN BOOT AND SHOE COMPANY.

Auckland Star, Volume XX, Issue 289, 5 December 1889, Page 5

NORTHERN BOOT AND SHOE COMPANY.

A SATISFACTORY REPORT.

The annual meeting of the Northern Boot and Shoe Company was held at three o'clock this aiternoon.

Directors' Report.—The directors' report was read as follows :—Your directors have again the pleasure of submitting to you a favourable balance-sheet on another year's business. The balance at credit of profit and loss account is £1,610; of this sum £909 is the neb profit for the year ending 31st October last, and which result they consider due to economical : and experienced management. The introduction of our specialties in ladies' and gentlemen's high-class boots and shoes, from superior brands of calf, glace, and glove kid, and kangaroo, has been suitably appreciated by the trade, and the improved shapes, fittings, and finish of our goods generall> has made our " Northern " brand more popular. Due provision has been made for all known bad and doubtful debts, and depreciation on plant, leaving the balance of £1,610 above seated. From this sum the directors recommend the payment of a dividend at "7 per cent,' per annum, and that the sum of £105. bo allotted to the Board for eorvices rendered to the Company, leaving a balance of £909 to be carried forward to the ensuing year. The stock at £5,697 has been carefully valued, and is in excellent condition. Two of your directors (Messrs JV L. Wilson aud George Winstone) retire, but being eligible offer themselves for re-election. In consequence of the death of our late esteemed auditor (Mr John Milne), it will be necessary for this meeting to appoint an auditor for the ensuing year.—For the Directors, Jonathan Elkin, Chairman.

Balance-sheet for year ending 31st Oc-, tober, ISB9 :—Debtor: Capital and liabilities—To 15,000 shares at £1 each, ,£15,000; less 2,378 shares unallotted, £2,378 — £12,622; loss capital uncalled, 12,612 shares at ,6s 6d, £4,098 18s; capital paid up, £8,523 2s;.' bills payable, £1,8861655 d; accounts payable, £570Hβ7d; loan on property, £3,350 ; reserve for doubtful debts, £150; balance at credit profit and loss, £1,610 15s 4d: total, £16,091 5s 4d. Assets: By "freehold property in Hobson and Customs-streets, £3,960; billsreceivable, £770 19s 8d; accounts receivable, £4,003 4a 8d ; cash, at bank and in hand,- £628 4s 3d ; plant and machinery account, October 31st, 188S, £1,172 2s 2d; additions, £12 lie 9d —£1,184 13s lid; sales, £38 10a — £1,146 3s lid,; less depreciation afa 10 per cent. £114 12s 5d — £1,031 Ha 6d; stock of materials, boots, shoes, etc., £5,697 5s 3d: total, £16,091 5s 4d. Profit arid Loss Account :—Dr.-:■ To wages and salaries, £5,035 9e; travelling and general trade charges, £1,030 10s 3d ; discounts and interest, £273 9s3d; depreciation on plant, £114 I2esd ;>bad debts, £673 11s 7d ; balance, £1,61015s 4d: total, £8,738 7slod. Cr.: By balance fromlastyear, £1,402 14s 6s; less dividend paid at 7 per cent, and honorariums, £701-. 12a 4d—£?ol 2s 2d: Rent of allotment in Customs-street, £15 12s; share transferees, £2 10s ; gross prph'b ou eales, £8,019 3b 8d : total, £8,738 7s 10d. , :.?