UNION OIL, SOAP, AND CANDLE COMPANY.

New Zealand Herald, Volume XIX, Issue 6567, 4 December 1882, Page 1 (Supplement)

UNION OIL, SOAP, AND CANDLE COMPANY.

The first general meeting of shareholders of the Union Oil, Soap, and Candle Company (Limited) was held at the Insurance Buildings on November 29 at noon. Mr. C- J. Stone was voted to the chair. The Secretary (Mr. \V. A. Ryan) read, the retiort and balance-sheet The renort to as follows :— In accordance with the articles of association, the shareholders have t ceH ctlled together for their first meeting, and the directors, who have managed the affairs of the company since Gth July last, retire from office. They have now to lay before the shareholders, together with tho accounts for four months ending 31s& < 'ctober last, a report upon tho general position ©C their affairs. At present the oil-making branch of the business is continued in b'reeman's Bay. The building in lower Albert-street is used as a store and office. The "Vic-toria-street Factory has been closed, and the business, transferred to Parnoll Works, where the plant Is la>s» enough to meet all present demands. Permanent Site—A decision as to the final location of the works is becoming urgent, as preparations, must be made for receiving the candle-making plant expected from England, and your directors bare gradually become convinced that it will be best fertile company to extend their premises in Parnell,aßA there to erect both the oil mill and the stcararo woiks. there bein? sufficient in our possession to admit of this being done. Soap.—The soap-making business has been, pror*fitably carried on and slightly extended. On. —The oil mill has been kept at work, andjyucor directors have mr.de arrangements for the manufacture of linseed oil, as soon as the crop of seed new growing is ready for treatment. Notice has beta. ?iven the Government of the company's intentioat« claim the bonus of £tioo offered for the first 10,00 ft gallons of oil and 50 tons of cake made from linseed, grown in tho colony. Stkakixk.—Your directors lost no time in preparing for establishing this, the most important br&ncli. of the company's business. After full enquiry aad. the receipt of much valuable information from, their manager (.Mr. Bell) and a practical chemist (Ifc. Crawford), they arranged with Mr. Pickering, wko has some experience in manufacturing eogineerßftft. to proceed to America and England, supplementing* the data given him hero such observations as hsl could make in California, New York, and E\iroo«» and to obtain the neces-sary plant for the compssay.. Last week, a cablegram of a satisfactory satore ins received from Mr. Pickering, who was instructed to purchase the plant referred to r.nd ship at once, and. your directors hope that, before the next general meeting, the company will have its works in M operation. Balance-sheet.—'There are 13,250 shares act yt& allotted. These, it is expected, will be readily when required. The amount of the bank overdraft \rili t 'pguished when the next c&U of Is per share auc». The preliminary- «'xp2E >os—£ls6l9s 13d -iuTQ been off profit s«<d loss account, remaizii a small b&lance of prc* : t to carry fo*-lazA 2a tho new account. Tho plant slid machinery is » excellent order, and cs-pf-blo of tities sufficient for all requirements. Tie nnpsJd calls on the 31st of October consist mainly of azuorats not actually due til l , the 10th instant, and which have all, with tho exception of £355, been paid aincAtbe date of the accounts. Shareholders materially assist in securing Tho prosperity for the company, by promoting its interests each in his own sphere, and it is to be hoped this point will not be lost rf. The meeting of shareholders has to elect seven directors in placo of the retiring Board, wfco are eligible for re-election, and an and itor or auditors for the ensuing twelvemonths. For the directors, C. J. Stone, Chair omul. Auckland, 29th November. 1882. The Chairmax, in moving the adoption «£ the report and balance-sheet, said thecomp&ay had been only five months in business, anrf 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 com* pany's works were in full operation as far as regarded candle, oil, and soap-making. The works were in an efficient state, and were capable of producing a large quantity «£ material if they could only find a market for it. The candle plant had been ordered, and it was hoped that in twelve months it would be in full work. M r John Batger seconded the motion for the adoption of the report and balance-* sheet. Mr. F. J. Farrell said he noticed by reference to the balance-sheet that the coats of manufacturing was more than 50 per cent., and having some experience in the mann* facture of soap, oil, &c., he thought it cobH be done at much less coat. The Chairman, in reply, said it mturfcbe 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 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 <So all in their power to reduce expenditure, tras 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 itenia of expenditure under the heading of "cost of manufacture," and asked if information waa required as to any particular item, to whicft Mr. Farrell replied in the negative. Mr. Batger said the cost of manufacture seemed large, bat that was owing to c£a*Zficatioo, and the cost was not so groat «■ 16

appeared in the balance-sheet. The expenses ■were very much lower than when three separate businesses exieted. A very material •aving had been effected by the company. The report and balance-sheet were adopted. DIKKUTOKS. On the motion of -Mr. Ai.kx%ni>kk SkisStkr, seconded by Mr. A. I'oktek, the retiring directors were rc-clccted. The Chairman saiil lie could only assure the shareholders that the energies and efforts of the directors would be given in the future, as in the past, to make the euteryrise :i success and a credit to Auckland. ArDITOKS. On the motion of Mr. A. I'oktkr, seconded hy Mr. J. Batokr, Messrs. Joim James and T. L. White were elected auditors. On the motion of Mr. l"..i;Ti'.J* a vote of thanks was passed to the Chairman, and the meeting separated.