UNION STEAM SAW, MOULDING, SASH, AND DOOR COMPANY.

New Zealand Herald, Volume XVI, Issue 5370, 1 February 1879, Page 5

UNION STEAM SAW, MOULDING, SASH, AND DOOR COMPANY.

The half yearly general meeting of the Union Steam Saw, Moulding, Sash, and Door Company (Limited) was held yesterday | afternoon, at the offices of Messrs. Tothill and Stoddart, Shortland-etreet. Punctually at the time appointed there was a large and influential attendance of shareholders, and Mr. G. S. Kissling, chairman of directors, presided. The minutes of last meeting were r«*ad and confirmed, and the report and balance-sheet for the half-year were submitted as follows: Directors' Report.—The directors, in submitting to shareholders the result of the operations for the h*lf-year ending 3lst December, 18/8, have to congratulate them on the continued prosperity of the company. After making full and ample allowances for all bad and doubtful debts and depreciation, the net profit amounts to £9827 Os 2d ; add to which, the undivided profit at 30th June last, r\z* % £760 12s 7d : giving the sura of £10.587 12s 9d available for dividend, the following appropriation of which is recommended :—To payment of dividend at the rate of 20 per cent, per annum, £G423 ; balance carried to profit and loss new account, £4164 12a 9d—£10,587 12a 9d. The dividend will be payable at the office of the company, on and after Monday next, the 3rd February. The meeting will have to elect a director in the room of Mr. G. S. Kissling, who retires by rotation, but is eligible, and offers himself for re election.—G. S. Kisslixg, Chapman. BALANCE-SHEET. Dr. —Capital, £64,230; 5000 shares at £2 lOseach, 10,346 shares at £5 each : total, 15,346 shares; number of shares forfeited, 170; number of shares purchased, 10; amount paid for forfeited shares, £382 10s; premiums on shares Bold, £26,835 10s; Bank of New Zealand, £3G.95G 8s lid; open credits, £17,722 8a 9J ; balance available for dividend, £10,587 12s 9d : total, £156,332 0s sd. Cr. —Mills, plant, machinery, wharves, dams, booms, and tramways, £51,173 13s Gd, less depreciation £9,099 14s 10d—£42,075 18s 8d ; leasehold property, £700, less depreciation £400 —£300; properties, £48,512 Is 2d; stocks on hand (timbor, goods, tools, and stores), £51,615 Is lid ; sundry debtors, £13.434 12s 3d ; cash in hand, £396 6s 5d : total, £15G,332 0a sd. PROFIT and loss account. Dr.—Bad debts, expenses, wages, rent, taxes, insurance, interest, repairs, &c., £19,143 16s 10d; depreciations, £2891 15s 2d; balance carried down, £10,587 12s 9d : total, £32,623 4s 9d. Cr.—Balance from last half-year, £760 12a 7d; debts recovered, £50 2s 7d ; transfer fees, £20 ; rents and commissions, £406 9a lOd ; gross profits for half-year, £31,385 19s 9d : total, £32.623 4s 9d. Balance brought down, £10,587 The Chairman briefly moved the adoption of the report and balance-sheet.—The motion was unanimously agreed to. Election of a. Direotor.—Mr. Kissling said the next business of the meeting was to elect a director. He retired by rotation, but offered himself again for re election, and he would now retire from the chair, and ask the meeting to elect a chairman.—Mr. S. E. Hughes was elected chairman.—Mr. Tonka proposed that Mr. Kissling be re-elected director. He spoke of the great services which Mr. Kissling had rendered to the company.—Mr. Boardman, in seconding the motion, spoke to the same effect.—The motion was put to the meeting, and passed unanimously, amidst applause.—Mr. Hughes then vacated the shair, and it was resumed by Mr. Kissling, who said that any service he had been able to render to the company, he did so willingly, but he was not prepared for this ovation. The success of the company was the greatest mark of thanks which could be rendered to the directors, and although one of them himself, he would say that the direstory they had was porhaps the best they could get. The experience which was necessary for successfully carrying on the business of a company like thia was not to be picked up in a day or two. He looked forward with coufidencc to the future success of the company, and trusted that there were many future days when they would be able to congratulate themselves. Ho thanked them for the honour they had done him in re-electing him to a seat od the Board. New Issue op Shares. — Mr. Cawkwell asked for an explanation regarding the new issue of shares, and at whose instauce it had been done.—The Chairman s«id the proper time for Mr. Cawkwell to have asked this question was when the adoptiou of the report was before the meetiug. He might, however, point out that there was an item in the accounts that there was a sum of £39,000 due to the Bank of New Zealand. It was to wipe off this 1 overdraft, and to work the company on their own instead of borrowed capital that the new issue of shares was made. The matter was discussed ' at a meeting of the board of directors, and it | was at their instance that the new issue of I shares was agreed upon. Mr. Cawkwell said he did not ask the question in any factious spirit, but he represented a very large number of shares, although holding few himself, and he wished to be in a position to write home and give a reasou for the course which had been adopted. Votes op Thanks.—Mr. Stark moved a cordi tl vote of thanks to the company's ollicers for their able and zealous services during the past year. He was sure that a great deal of the success of the company was due to the faithful manner in which the officers hud performed their duties.—Mr. Lawrie seconded the motion, and it was unanimously agreed to. —Mr. Monck, the company's general manager, roplied, and said that he took the thanks of the meeting as intended for all the employees of tho company, as their energy and industry have contributed much to the success of tho half-year's business. Ho luped the company would never be winting in an ample staff of servants, over- | flowing with zeal and loyalty in its interests, : and, as to meet the requirements of the rapid , settlement that is taking placo in the colony, | there will bo a constant strain upcu their faculties for development and adaptation, eo he trusted it would be met by their iucreasing experience and skill. A vote of thanks was accorded to tho chairman, and the meeting terminated.