AUCKLAND OIL COMPANY.

New Zealand Herald, Volume XIX, Issue 6296, 21 January 1882, Page 5

AUCKLAND OIL COMPANY.

The seventh half-yearly meeting of shareholders of the Auckland Oil Company, Limited, waa held yesterday afternoon, at 3 o'clock. Mr. Gr. B. Owen occupied the chair. The directors' report was read as follows:— Seventh half-yearly report of the directors, being for the six months ending 31st Dscombcr, 1881: The directors submit the accounts for the hal-vear ending 31st December, 1881, showing a net profit of £283 3a lOd. This it is proposed to appropriate as follows * 1. To payment of dividend, at the rate of lo per cent, per annum upon 60 > shares, upon which £5 per share is paid, £150; 360 shares, upon which £2 per ohare was paid, on 10th August, 1831, * 27: to reduction of mill and machinery account, £106 3s lOd: total, £243 3s lOd. The business has been carried on during the past half-year in the old premises, and without any additional facilities or appliances, but the directors have taken the nccessary steps to give effect, as far a 9 possible, to the changes authorised by resolution of the shareholders at the. last general meeting. The new issue of 400 shares baa all been taken up at par, principally by the original shareholders of the company, and the final instalment of capital payable upon these shares, falls due on the 10th proximo. The site in Albert-street has been Acquired, and a new engine, as well crush* ing 'and pressing plant ordered from England. Finding that it will be more convenient, ana ultimately more economical, to erect a new mill thau to remove the buildings now in use* as had been proposed, the directors have caused plans to _bo prepared, and intend to c U 'or tenders at once for b-iilding a plain and fuba*«iitlal brick mill at & cost of about £760. This will be sufficiently advanced to receive tho new machinery on Its arrival in March* In the estimates submitted at last meeting-the sum of £850 was mentioned as the probable cost of removing and re-erecting the buildings and plant now in use, and the directors expect to realise enough by selling the old site and buildings to provide, with the £350 above-mentioned, all necessary rands for the now building, except perhaps £100, which sum they think will be the extra cost of their now plan. The new mill may be expected to be in fall working order before the next general meeting, thougn tno beneficial effects of the proposed changes cannot begin to be felt until the next financial period. Taking advantage of tie low price at which copra nas been obtainable, larger purchases usual have beea made, so that the value of raw maUrlal and stock now in hand amounts to £2150 10s 3d. On the otbw hand, the liabilities of the company are very light, being only £494 lis 74. Mr. Thoi. BiOl, formerly manager to the company, liarlng returned to tho colony after twelve months absence in America, the directors have re-engaged him, and the werks are now again under his management: The Chairman, in moviue the adoption of the report, congratulated the shareholders upon the steady success of the enterprise they had in hand. Although their operations were not extensive, they had been able toopennp a new industry, andtowork, under great difficulties, owing to the limited market for their products, at a fair profit. Tho company had been able to pay dividends at the rate of 10 per cent, per annum for some years paat, and it was hoped that when the new premises, to be built for tho company, and the improved machinery now on the way from England, were available, a great increase of business and of profits would result. The adoption of the report vraa seconded by Mr. Batgeb, and carried. The Chairman announced that the. half* yearly dividend -would bo payable at tho company's office after the SOui, mst. . Mr. Tuomas Morris* proposed a vote o£ thanks to the chairman, -erhich was seconded by Mr. Clam, and carried. This terminated the business, and the meeting separated,