RIVERHEAD PAPER MILLS COMPANY.

Auckland Star, Volume XXXIII, Issue 115, 16 May 1902, Page 3

RIVERHEAD PAPER MILLS COMPANY.

ANNUAL MEETING

The second annual meeting of the Riverhead Paper Mills Company, Ltd., was held at noon on May 15, at the office of the company, Bank of New Zealand Buildings. Mr J. H. Upton (chairman of directors) presided. The directors' annual report, presented to the meeting, was as follows:— " Your directors have the pleasure to report that the year's operations have been very satisfactory, and that the. business of the company continues to grow in a manner highly encouraging for the future. The machinery and plant have been kept up to a high standard of efficiency, and are producing a most satisfactory output. The profit for the year is £2023 5/2, which, with £G7 9/6, the balance brought forward from last year, leaves £2090 14/8 to be dealt with. Your directors recommend that this sum be apportioned as follows: —Write off the expenses of formation, £500: write off plant and machinery, £500; dividend at the rate of 11 per cent. £981 1/6; directors' honoraria, £100; leaving a balance to he carried forward of £0 i3/o Messrs John Brown and Joseph C. Macky, who retire by rotation from the Board of Directors, are eligible, and offer themselves for re-election. It will be necessary for the shareholders to elect an auditor The report and balance-sheet were adopted. __________