NORTHERN BOOT AMD SHOE COMPANY.

Auckland Star, Volume XXXI, Issue 209, 3 September 1900, Page 2

NORTHERN BOOT AMD SHOE COMPANY.

DIVIDEND OF 5 PER CENT.

The annual meeting of shareholders in the Northern Boot and Shoe Manufacturing Company was held at 3 o'clock this afternoon at the office, Lower Hobsonstreet. There was a fair attendance of shareholders, Mr George Win-tone presiding.

Annual Report—The manager (Mr Thomas Hodgson) read tlje directors' annual report as follows:—"Your directors, in submitting their annual .report, have to state the factory has been kept busy during the whole of last year, and in many instances we have had to work overtime to try and keep pace with the orders for our own manufactured goods. Unfortunately, the net profit is below the average, but which is accounted for by the many sudden advances in all materials connected with boot and shoe manufacture, and we have been unable to recover the full extra cost of production without sacrificing the quality of our products, and as we have built up the splendid reputation of "The Northern Light" brand of boots and shoes by uniform quality and sterling value, we have carefully guarded the Company's interests as much as possible in the recent hides and leather crisis, and we have more than held our boot and shoe business connections, although not so profitable as all concerned would have wished^ The business, however, is sound, and we have written the full 10 per cent, off plant and machinery account, although the later additions and improvements have only been about (i months in use. The total amount at credit of profit and loss account la £2629 10/!., and your directors recommend the payment of the usual 5 per cent, dividend on the paid-up capital, also the honoraria. Two of your directors (Messrs W. 8. Wilson and C. B. •Stone) retire "by rotation, but, being eligible, offer themselves for re-election. Mr C. A. Jonas (auditor) also retires, but, being eligible, offers himself for reelection."

Statement of Accounts.-^The balancesheet showed the net profit for the year amounted to £507 1/8, which, with the net balance brought forward from last year, makes a total of £2629 10/9 at the credit of profit and loss account. The advertising, travelling, general trade charges and repairs totalled £1262 12/3, discounts and Interest £402 G/10, bad debts £263 4/7, and depreciation on plant .6208 1/3; total £2136 4/11; balance £2629 10/0. The balance from last year was £2702 8/8, loss dividend at 5 per cent, and honoraria £579 19/7, leaving £2122 9/1, transfer fees £1, gross profit on manufacture and sales £2642 6/7. The assets of the Company are: By freehold property £3400, accounts receivable £4726 19/2, bills receivable £494 10/11, cash at bank and in hand £235 12/7, plant and machinery, additions, improvements, £2082 1/3, written off for depreciation (10 per cent.) £20S 1/3, stock of material, boots, etc., £7691 16/ S. The capital and liabilities were set down as follow:—Canital paid up to July 31st. 1900, £10,099 .12/, bills payable £3638 10/, accounts payable £55 6/7. loan on property £1250, reserve for doubtful debts £750, balance at credit of profit and loss account £2629 10/9; total, £18,422 19/4.