McLEAN PICKLE COMPANY.

Press, Volume XL, Issue 5755, 28 February 1884, Page 3

McLEAN PICKLE COMPANY.

The first annual meeting of the shareholders of the above was held at the Corn Exchange, on Thursday night, February 14th.There was a go#d attendance of shareholders. The chair was occupied by Mr T. Grantham, the chairman of directors. The first business was the holding of a special meeting to consider certain alterations in the rules, comprising an increase of capital from £2000 to £20,000, and adding six consulting directors. These alterations were unanimously Agreed to. The Sbcmstabt (Mγ -C. Scholfleld) read , the report of the Directors, as follows :— j Geatlemen,—We come before you to- ' night with a considerable amount of satisfaction, for it is our pleasant duty in presenting this, the first yearly balance ; eheet, for your consideration and approval, J to announce the fact that the concern hae succeeded beyond our moat sanguine expectations. After allowing for depreciation of • plant, &0., to the extent of 12jr per cent., we find there is surplus profits of more than 25 per cent. Oat of this we recom- ! mend a dividend to be declared on the paid j up capital of 10 per cent., and to carry for j ward the balance, more than 15 per cent., !to the current year. The success has been attained in a manner that reflects-a considerable amount of credit upon the manager, Mr Maclean, for without anticipating such unprecedented results, he has been greatly restrained in his operations, j owing to the limited amount of capital at ; bia commend. This, and the continued ■ and increasing demand for our goods from all parts of the colony, j>rove the necessity of immediately extending our operations, and with that <view hay - concluded to recommend the issue ot 18,000 additional shares, a resolution for which will be ■ brought forward presently. Upon reference to the books of the Company we find that merchants in other towns are repeating their oiders, and from the number at present on hand we conclude that our manufactures are steadily advancing in public estimation, and that the time is not far off when we shall have the satisfaction of knowing that they have entirely superseded the imported article. Xn-order to provide for a larger supply of articles at present manufactured to meet the increasing demand, and also to extend the operations of the Company by adding to their present, manufactures that of vinegar, mustard, jam, and, perhaps, glass bottles, the last being extensively used, and at present imported at much expense, risk, and frequent delays, the present available capital being insufficient, we recommend the increase by the issue _of 18,000 additional shares upon terms which will be an' inducement to capitalists to invest, and also to compensate present shareholders by the issue of fully paid-up shares on an equitable basis. . . . . Your Directors remind you that when electing the six resident Directors that it would be advisable to nominate gentlemen of business capacity and who would be likely to take an active interest in the Company. They ako suggest that the selection of consulting Directors be left to them. In conclusion, the Directory congratulate you upon the success of the undertaking, and trust that with the extended capital at their command they may by the eu<l of another year have the gratification of presenting you with comparatively satisfactory results. The Auditor's report congratulated the shareholders on the success attendant upon the enterprise, the result of the year's working being a profit of 10 per cent, on paid-up shares, and a balance carried forward to profit and loss. The report tpoke in the highest terms of the Manager and Secretary, and also recommended the adoption of the proposal of the Directors to issue 18,000 new shares, which he was confident would.turn out euecessfally; The balance-sheet, duly audited, was submitted. . On the motion of the Chaibman, the report and balance-sheet were unanimously adopted: I The following gentlemen were then elected on the Eesident Board of Direci tors, viz : —Messrs Acton Adams, A. Dallas, W. S. Smith, J. G. Clark, J. Aulsebrook and Dr. Fussell. Mr Bowker was elected as Shareholders Auditor. An apology was received from Mr A. G. Howland for non-attendance, and stating that Captain Bridge, of H.M.S. Espiegle, had been so impressed with the quality of the articles exhibited by the Company at the recent Industrial Exhibition that he had ordered supplies for the ship. On behalf of the Industrial Association, Mr Howland also thanked the Company for their splendid exhibit. It was mentioned that Mr W. Pratt, who is proceeding to England, had agreed to accept the/position of one of the Consulting Directors, and also whilst in England aad on the Continent would visit jam and vinegar factories, and also inspect the latest machinery used in the manufacture of pickles and jam. The Mayor of Wellington has also consented to join the Consulting Directorate. Votes of thanks were carried unanimously to the retiring Directors, Manager, and Secretary; and before the meeting closed 1040 new shares were taken up.