UNION SASH AND DOOR SAWMILL COMPANY.

New Zealand Herald, Volume XVIII, Issue 6147, 30 July 1881, Page 6

UNION SASH AND DOOR SAWMILL COMPANY.

fIE thirty-fifth half-yearly meeting ot the. nion Steam Saw; "Moulding,-Sash, , and Door Company (limited) was held'yesterday afternoon, in the company's office, Mechanics'. Bay. There was a large and influential attendance, and Mr. W. S. Laurie was called to the chair. . ;.-;... . ;■ The Secretary (Mr. Waymooth) read tho advertisement calling the meeting, and the minutes of lost meeting, which were confirmed. He then read the directors' report as follows:— - '

Tho directors have ranch pleasure In submitting the following as the result of the operations of the hall-year ending 30th June, 18S1: Net profit, LT6O3C3 61; add undivided profit at 31st December last, L 2707 10s SI: tbtsi, LID.S7I2s 7d. Available for dividend, the following appropriation of which is Tocommended: To payment of dividend at the rate o( 12} per cent per annum, 1.5072 3<Js 4d; to balance carried to profit and loss (new account), L4398C3 3d: total, 110,371 is 7d. You will have to eloct a director in tho room of Mr. Joseph Howard, who retires by rotation, but is eligible, and offers himself for re-election; and also an auditor for the ensuing year, and fix tho amount of his remuneration. The dividend will be : payable on r.nd after Tuesday next, the 2nd August, 1881,— G. S. Kisar-ino, Chairman. ; Balance-sheet from Ist January, IS3I, to 30th June, 1831:—Debtor, June 30,1881 : Capital—l9,32o shares at L 5, L 90,030; less unpaid, L 441 175—1,96,188 3s; premium on shares sold, L 38.625 10s; amonnt owing br company, L54,6C517a lOd ; profit and loss available for dividend, L 10.371 2s 7d: Total, L 199.850 13s 6d. Creditor, June 30, 1881: Mills, plant, machinery, wharfs, boom 3, dam 3, boata, &c, L 45.825 Is 7d; leaseholds, L 250; vessels, L 3691 12s 0d; consignments. 1962103 Id; properties, ~Lt 1,345 6s 8d; sundry debtors, LI2,BSS 10a Sd; stock tool 3, goods, stores, &c L 85,434 03 10d : bills receivable, L 2283 14s 6d; cash in band, L 3109 17s 7d—L5453 12s Id : Total, 1199,85013s sd. : Pkoft xsv Loss.—Dγ. June 30, 1881 : Wages, 114,902 43 lid; Sundries (repairs, packing, &c), L 334 143 Od; property tax, 1/401 Gs 6d; rent and taxes, L7l 6s 4d: bad debts, L4521452d: depreciations L5lO 10s 6d; discounts, 1510 15s 6d; insurances, L23317s 3d; balance, L 10.371 2s 7d: total, 123 34S 12s id Cγ. June 30, 1831: Balance from laathalf-year, L2.70710s 2d ; amount recovered from bad debts, Ll2 12s Gd; transfer fees, Llfl 6s ; rent, 1300123; commission, LS9l2s 10d; vessel's earnings, 1249 19s; {Toss profits, L 24.851 14s 10d: total, 1≤3.34812s 4d. Balance, L 10.57123 7d. The Chairman , , in moving the adoption of the report, said: The report which the directors now present, is one with which I feel tho shareholders have every reason to be satisfied. Under authority of the special general meeting held on the 15th December last, authorising the directors to issue debentures to the extent of £40,000, they have disposed of £30,000 of these; this amount they consider will be sufficient to meet' the requirements of the company. The debentures bear interest at the rate of 7 per cent, per annum, and have been disposed of at par, without any expense for negotiation. They have a currency of seven years ; but your directors have thought it prudent to stipulate that the royalty on the timber felled, which is written off by the company every year, should be applied to their reduction. The advantages of this arrangement are an annual reduction of the amount payable by way of interest, and diminution of principal. The improved state of the timber market enables us on this occasion to meet the proprietors with a better statement of profit and loss than for some time past. Taking into consideration the rapid advance of the Australian colonies, we have every reason to hope for a continuation of the improvement. The mills are all in good order, and we have never been in a better position as regards the supply of timber. Mr. L. D. Nathan said he had much pleasure in seconding the adoption of the report. Mr. Savage said he had a question to ask, in reference to the report. That was, why the amount owing by the company had been increased this year ? The Chairman said it was owing to larger , bush operations, contracts, Jfcc. Mr. Savage thought it a pity that the debt of the company should be increased. The Chairman said they must keep up the supp'y of logs, or they could not cut them up and dispose of the sawn timber. Mr. Vickers said he would -wish to ask One or two questions. It was reported that one of the gentlemen on the Board of Directors was interested in other saw-mills. If so, it should be known. He would not mention any names. The Chairman said he was not ignorant of the nature of the question. The gentleman more particularly to whom the question referred was preeent. He had spoken to him on the subject, and was informed by him that he was not connected Tvith any other saw-mill when he joined the Board. He reported the remarks which he had heard to the gentleman in question, and the matter was now left with him. He assured them that he had no interest in any other timber company. Mr. P. CoirisKEY said he was very much obliged to Mr.- Vickera for bringing this matter forward. He was the man referred to. It was said that he was connected with 3ome other timber company. He was sure the meeting would accept his statement that he was not co:inected -with any other timber company either in the province or in the colony, nor had he a shilling interest in any other either directly or indirectly. This company had his best services, and as long as he remained a director or a shareholder, it would continue to have them. If he joined any other he would be dishonourable and dishonest if he did not first resign his seat on this Board, but in the meantime he couldSrith a clear conscience say that he was doing his best for the interests of this company. (Cheers.) ■ . Mr. Vickebs asked if Mr. Comiskey was not interested with Dr. Campbell ? . • Mr. CdS»SKEY said he only hurriedly took Dr. Campbell's place in his absence, during hie visit to England. There was no connection whatever between Dr. Campbell, and Dr. Campbell would be the hist man to place faimin the position referred to. When Dr. Campbell was going Home he gave a power oE attorney to Mr. Matthews, his manager, in all timber matters, and he (Mr. Comiskey) only took the charge of Dr. Campbell's )ther business as head of his house during ds absence. ; A Shareholder asked was there not mother director said to .be interested in lomfe other company ? The Chairman said yee, Mr. Hughes. Mr. Hitches said when the Auckland Timber Company-was formed his firm.was iffered, "and accepted, the solicitors'work of. he company, but he had nothing to'jdo with heir "timber interests, and' never talked imber with anyone connected with that ompany.

m Mr. li. D. Nathan said he was connected Hnth another timber company—a small sawMnill on the Thames River, on a kahikatea Hbush. It wa3 ; always leased, and the rent Brent for repairs, &c. To that extent he was Spterested in another company. ■ . ] '.■ .-.■; H Mr. Boabdmax said that this, was an irHtagular discussion. . He wished to follow up She remarks made by Mr. Savage as to.the Hlebt of the company. Two or three. years Kgo Mr. Reader Wood proposed that the Iwebt of the company should be reduced, but was asked on that occasion not to press it. Spe(Hr. Boardman), as one of the directors, Sgreed with Mr. Wood's remarks that, it was SBnpplitic for - a company to work with a {ajebt due-to a money corporation, ani he Hid what' he couldi to carry out his Hiews. They put on the market, a large ■amber of shares, which realised £40,000. ©'he . debt was then £50,000, but now.:they BJnd that, notwithstanding the sale: of those j Spare!?, the debt was-£54,000; .In.'J.une, 5879, it was £52,000, but' in December the Hame year-it had increased;: to £58,900.' glast half-year it had'been decreased: to ©52,000, bat now they; found that it ; .had. fflhereased .again to £54,000.. >, He. believed She-causes for keeping up this debt, were ; Ktalp-tb' the interests . of > the .'company. |Shles3 the debt; was .worked oft-.-;by igicreaged. capital. lithe company, was /to. ageiin debt at all, let it be to. their .own &areholdersjlnot /to a ;money corporation,., Bn'd'vigorous efforts should be made by : the to reduce the. debt; J. He believed- thej Stocks of'thepompanyiwere not; all profltr, fflole,-and the directors had sold off sojne of ghemj butto a.very limited A large; ||$oeKoi timber on hand means; paying 9 per tessnagg i;|ato.th ey ,reoulred, ; this^ r g| :;W S. S£>seaaoned.. .timber, to.comi>ete with' m?. k liompimies,; but -he-belie^d BJrajpanyiat.. jof the g|ot :good -.a price as.they did, and Kp|hout ; this heavy expense.; He" urged "that B'.ae'stcakierafc oHce:: reduced. • la.addition B in .Kaipara might be; turned S|t<>'c33hi,* sure, ike', directors rand .give-;him.; credi|ifcfc noj; BS|jiPDg : forwariifthese, affairs in. anyjSarpVMm§tiiir6ctiionil ! si- T^bi^^tregardiotociihe; iSIr,: Moak, was first-class as. the time; the ■■ machine" : referred

to statistics/' tho capital' • employed/ • the' profits,! &c, of the company. •'-■■- ' The f Chairman said; the. remarks just made by Mr. Boardman would have fallen in a different manner from another, but Mr. Boardman had been himself on the Board, ■and knew how the business was conducted. •The directors were' always pleased to know the wishes of the shareholders, bat he must remind them of the crisis which occurred in, the South last year, which cut off their principal market, and he felt quitis sure they would: rather have 4 per cent, than an absolute loss of capital. He alluded to the arrangements made for tho reduction of the sinking fund. As to the stock, they were assured ■by their, manager that it was required'; and a3 ■ to. tne other matters referred to- by Mr. Boardman, he thought they might safely be left in the hands of the directors. . '.. ■ . ■; ■"

Mr. Vickers asked what was the quali : fication of a director, as he meant to move a resolution that it be increased ?

The Chairman said the qualification was that he must be the holder of fifty shares. Mr. Hughes pointed out that the resolution suggested by.Mr. Vickers could only, be .moved, except at a special meeting, and confirmed at another.

The Chairman then put the motion for the adoption of . the report, and it was carried unanimously. Mr. J. L. Wilson proposed; " That Mr. Joseph Howard be re-elected a director." Mr. Hughes seconded the resolution, and took the opportunity to reply to the remarks of Mri Boardman.

Major George said he had sent in notice of his: intention to offer himself for election on the Board under the impression that Mr. Howard held less shares than he held. He now withdrew, but he still thought ' the qualification too low. The directors ought to have taken this matter up, and not have left it to the shareholders.

Mr. Howard said, in reference to the remarks made by Major George, he had been grieved at a rumour which was circulated that he was not qualified to be a director. .They must have seen by the advertisement and report that he being eligible offered himself for re-election, and that [should have weighed with any person readiDg the advertisement, unless they suspected gross collusion between the directors and the secretary. He (Mr. Howard) had now been on the Board 17 years, and with, all due respect to Major George, he could claim to have some experience, and that his services would be more valuable to the shareholders than those of Major George. It was only on Tuesday that he heard that Major George had sent in notice of hi 3 intention to offer himself for election. - Up to that time he (Mr. Howard) had not troubled himself in the matter, but he then told the directors not to nominate him or support him, as he was determined to be elected not as the nominee of the directors but of the shareholders, and he now requested the directors not to support him. But he had in his possession proxies of 4000 shares which he had obtained in less than half a-day, and he was happy to say he had only received one refusal, thus showing whether or not the shareholders had confidence in him. "He was therefore pleased to think that he was virtually a shareholders' nominee rather than holding office under the Board's influence, for it was not by any meane pleasant to be told that the directors keep themselves in office sometimes against the wishes of the shareholders.

Major Geobge said he had made no personal allusion to Mr. Howard, and" drew no comparisons. The motion was then put, and carried unanimously. On the motion of the Chairman, seconded by Mr. Howaed, the auditor's remuneration was fixed at £30; and on the motion of Mr. Nathan, Mr. John Buchanan was re-elected auditor.

After the regular business had been transacted, a discussion arose as to the propriety of increasing the directors' qualification. A resolution was proposed, seconded, and carried, " That the directors, as soon as convenient, will call a special meeting to consider this matter, and take early action to carry out the wishes of the shareholders present." The business of the meeting was brought to a termination by a vote of thanks to the officers of the company, and the chairman, on the motion of Mr. D. Nathan.