UNION OIL, SOAP, AND CANDLE COMPANY.

New Zealand Herald, Volume XIX, Issue 6564, 30 November 1882, Page 6

UNION OIL, SOAP, AND CANDLE COMPANY.

MEETING OF SHAREHOLDERS. The first general meeting of shareholders of the Unron Oil, Soap, and Caudle Company (Limited) was held at the Insurance Buildings yesterday at noon. Mr. C. J. Stone was voted to the chair. The Secretary (Mr. W. A. Rjau) read the report and balance-sheet. The report is as follows :— In iccordince with the articles ef association, the shareholders hare :«» called ;ogelh-r for th-ir firsi Djj««in?. and the directors, who have manage i the af»irs ot the company since Clh July last, retire Irani oSbce. They have now to lav bef-jre the shareholders, together urith the accounts fcr four months ending 31st October last, a report upon the general position of their affairs. At present the oil-making branch of the business is con-inued in Freeman's Bar. The building in lower Albert-street is used as a sti.re and office. "The Vic-toria-street Factory has been closed, -nd the business transferred to Parnell Works, whera the plant is large enough to meet all present demands. I'kkmanest SrrE—A decision as to the final location of the works is becoming urgent, as preparations must be made for receiving the candle-making plant e\pe.!-.ed from England, and your directors have gradually became convinced that it will be tiesr for the company to extend their premises in P.iruell. and there to erect both the oil mill and tue stearine works, there being suCicitnt in our pjisessien to admit of this being done. S-i a p.—The sOAp-iuaking business has been profitably carried on and slightly extended. Oil —The oil mill has been kepi al work, and your directors have made arrangements for the manufacture of linseed oil, as soon" as the cro;. of seed now growing is ready for treatment. Notice has been ..iven tne Government of the company's intention to claim the bonus of £600 olfered for the first lu.ooo gallons of oil and SO tens of cake made from linseed srown in the colony. Stkakise—Your directors lost no time in preparing for establishing this, the most important branch of the company's business. After full enuuirv and the receipt of much valuable information from their manager iMr. Cell) and a practical ch-.mist (Mr. Crawford), they arranged with Mr. Pickering, who has some experience in manufacturing engineering, to proceed to America and England, supplementing the data given him here with such observations as he could make in California, New York, aad Europ*. and to obtain the necessary plant for the company. Last week, a cablegram of a satisfactory nature was received from i!r. Pickering, who was "instructed to purchase the plant referred to and ship at once, and your directors hope that, before the next general mieting, the company will haro its works in full operation. Balasck-huset.—There are 13.250 shiris not yet allotted. These, it is expected, will be readily placed when required. The amount of the bank overdraft will be extintinguished when the next call of Is per share becomes due. The treliminary expenses—£lso Ills lOd— have been written on" profit and loss account, and there n mains a small balance of profit to carry fo:ward to the new ace unt. The plant and machinery is in excellent order, and capable of manufacturing quantities sufficient for all requirements. The unpaid calls on the 31st of October consist mdnly of amounts not actually due till the 10th instant, anil which Kave all. with the eiception of £3a5, been paid since the date of t'ne accounts. Shareholders can materially assist in securing the prosperity for the company, by pr-iruoting its interests each in his own sphere, and it is to be hoped this point will not be lost sight of. The meeting of shareholders has to elect s=von directors ir. plai-e of the retiring Board, who are eligible iVr re-el-;ction and an auditor or auditors for the ensuin; twelvemonths, for the directors. C. J. Stone. Chairman. Auckland, 29th November, 1532. The Chairman, in moving the adoption of thereport and balance-sheet, said theeompany had been only five months in business, and he did not know that any remarks that he might make would at all add to the information which had been placed before the shareholders. As the report disclosed, the company's works were irr full operation as far as regarded candle, oil, and soap-makin?. The works were in an efficient state, and were capable of producing a laree quantity of material if they could only find a market for it. The candle plant had been ordered, and it wa3 hoped that in twelve months it would be in full work. Mr John" IJatgkk seconded the motion for the adoption of the report and balancesheet. ?,.Mr. F. J. Farrki.i. said he noticed by reference to the balance-sheet that the cost of manufacturing was more than 50 per cent., and having some experience in the manufacture of soap, oil, etc., bethought it could be done at much less coat. The CiiAir.MiN, in reply, said it must be patent to all shareholders that, in commencing an undertaking, there were many expenses incurred during the first three or four months that would not occur again during the succeeding years. The utmost care had been taken to reduce the expenditure to the lowest possible extent. Mr. Farrell knew the directors would do all in their power to reduce expenditure, but he would like them to look into it and see that too much was not expended in the manufacture of goods. The Chairman read over the items of expenditure under the heading of "cost of manufacture," and asked if information was required as to any particular item, to whicn Mr. Farrell replied in the negative. Mr. 15at.5EK said the cost of manufacture seemed large, but that was owing to classification, and the co-t xvas not so great as it appeared in the balance-sheet. The expenses were very much lower than when three separate businesses existed. A v. ry material saving had been effected by the company. The report and balance-sheet were adopted. I>IIiE<TOIL'. On the motion of Mr. Alexander Skinner, seconded by Mr. A. Porter, the retiring directors were re-elected. The Chairman said he could only assure the shareholders that the enc-rcies and efforts of the directors would be given in the future, as in the past, to make the enterprise a success and a credit to Auckland. auditors. On the motion of Mr. A. Porter, seconded by Mr. J. Uatgkr, Messrs. John .lames arrd T. L. White were elected auditors. On the motion of Mr. Porter a vote of thanks was passed to the Chairman, and the meeting separated.