NORTHERN BOOT CO.

Auckland Star, Volume XXX, Issue 208, 2 September 1899, Page 3

NORTHERN BOOT CO.

At the annual meeting of shareholders iv the Northern Root and Shoe Manufacturing Company, held yesterday afternoon, the following discussion took place after we went to press: — The chairman, Mr R. C. Carr, in moving the adoption of the report and balance sheet (already published) said this was the sixth consecutive year the Company had paid a dividend since the great strike. He might mention that within £50 they had paid the same amount as for the whole 12 years previously. The balance sheet"shovved that the balance at profit and loss, if added to the £750 reserve for doubtful debts, would cover within £000 the whole of the liabilities, including the amount still due on the property, which he considered a most satisfactory position for the Company to occupy. On the other side was the item £1350, plant and machinery. He might explain that there was not one piece of the old plant now in the warehouse. It was all new and up to date. Ten per cent, was written oft" the plant every year, no matter if the machinery had only just been purchased. The stock had also been carefully inspected, and he could vouch himself for it ali being in first-class order. The Company had never been in a better position than at the present time. The aim of the directors and manager had been to have everything of the best style and design, as no doubt they noticed at the Exhibition, where the Company took first prize. He had seen stock in the warehouse since then that excelled the articles shown at the Exhibition.

Mr Maxwell seconded the adoption of the report. Mr Green advised the directors to make an alteration in the form of the auditors' certificate. He considered an expert should value the stock, as he did not believe entirely in book values. '

Mr Mitchell thought they should wipe out the £1200 debt on the property. Tlie Chairman said that would mean a call.

Mr Bagott said it would be better to make the call and clear off the debt.

The Chairman said the interest was only 4. per cent., and asked if it was the wish of the shareholders a call should be made.

Mr Green said there would be no economy in paying it off at that interest, but if the directors had more money in the till they might save a good deal in discounts perhaps. Mr Bagott said they had every confidence in the directors to look after the interests of the Company, and the matter was dropped. , Mr Heron said the building and land were good value for £5000, and it showed the care taken when it was written down to £3500.

Mr Hodg-son said that after paying the dividend they had about £3000 for contingencies. He was very hopeful of the future of the Company, because its foundations were secure, and he had every man with him in the factory. He would in the future, as had been his custom in the past, be most careful in guarding the interests of the Company. The stock was taken in classification of departments. He chocked the bulk of the stocks himself before putting his name to the balance sheet. The report was then adopted. Directors.—Messrs E. C. Carr and W. G. Winstone, the retiring directors, were re-elected, and Mr C. A. Jonas was re-appointed auditor. Mr Bagott moved a vote of thanks to the manager and secretary, Mr T. Hodgson; the factory mstnager, Mr Osborne; • and the staff for the able manner in which they had attended to the interests of. the Compa.ny. < This was agreed to, and the Chairman added, "and believe we have the best staff of employees in the colony, after which Mr Hodgson acknowledged the vote on behalf of the staff.