NORTHERN BOOT AND SHOE MANUFACTURING COMPANY.

New Zealand Herald, Volume XIX, Issue 6570, 7 December 1882, Page 6

NORTHERN BOOT AND SHOE MANUFACTURING COMPANY.

The first anneal meeting of shareholders of tho Northern Boot and Shoe Manufacturing Company, Limited, was held at tho company's office yesterday afternoon. Mr. Graves Aickin was called to the chair, and apologised for the unavoidable absence of the chairman of directors, Mr. C. J. Stone. The Secretary (Mr. Thomas Hodgson) then read the report and balance-sheet as follows :—

First report, from October 17, ISBI, to October 31, ISS2-— The directors have pleasure ia presenting their first annual report and balance-sheot. Although the balance of protH amouat, £493 10s Sd, will not permit placing a large amount to a reserve fund, your directors have to inform you the business is in a very promising condition, and they recommend the payment of a dividend at tho rate of 1» percent, made up to the 17th of October, leaving a balance of £174 10s 8d to be carried forward to the current year. The operations have been seriously inconvenienced for want of light, consequent on the large addition to tho Herald office premises In closo proximity to our making and finishing departments, and tho output on that account has aot been up to the standard. Your directors having this iu view, took tho earliest opportunity of purchasing a large and useful site, having two frontages, situate in Hobson and Customhousestreets. A. three-storied brick building, specially designed for the trade is now in tho builder's hands, and will be completed early in the new year. Arrangements have been n.ade for addiiional machinery and other facilities of the most improved kind, with a view of executing orders in the very best style and despatch, and the directors have every reason to believe this company will continue a regular dividendpaying enterprise. The lumber of unallotted shares at date is 3UOO, and your directors have decided to ofbir the same at 2s fd per sharo premium. Messrs. C. J. Stone and A. Laybourn retire from the directorate, but tho latter gentleman does Dot offer himself for reelection owing to pressuro of his own business arraogements. Mr. C. J. Stone is eligible, and offers himself for re-election. Mr. W. S. Wilson offers himself as a candidate, having given the requisite notice. The auditor, Mr John Milne, also retires, but is eligible, and offers himself for re-el«ction. The dividend will be payable on application at the company's office, 17, Wyndham street.—For tho directors, C. J. Stohe, chairman. Balance-sheet BNDina October, 31, 1532. Dr.—Capital, £15.000—15.000 shares of £1 each ; 10 shares paid-up at £1 each, £10 ; 11,458 shares at 12s 6d each, £7161 5s (less unpaid, £68 10s). £7092 15s; bills payablo, £1512 9s 3d; accounts payable, £204 Is Id; provision for contingent liability—bills discounted and in hand, £200 ; 10 per cent, on Auckland accounts, £199 5s Gd *, Wanganui accounts, £16* ISs sd; manufactured stock, £25S lis 7d; loan on property, £1000 ; balance profit and loss, £490 10s ad: total. £11.216 lis 6d. Cb Freehold property, £1318 7s ; bills lodged with Bank of New Zealand, £207 Is Sd ; bills held in hand. £399 2s 6d ; cash in hand, £5 12s ; cash in Bank of New Zealand, £156 7s 9d ; accounts receivable, £2157 13s 9d; stock of boots, uppers, leather, &c, £6274 16s lOd; machinery and plant, £697 10s : total, £11,216 lis 6d. Pkofit and Loss Acco»st. Da.—Wages, salaries, and commission, £4173 3s sd; rent, advertising, printing, ic, £249 13s 4d : discounts and exchange, £182 lis Id; general trade charges, £192G*6d; bad debts, £121 ISs Sd ; depreciation of machinery and plant, £77 10s ; loss on realising stock from Wanganui, £184 16a 2d; balance, £496 10s Sd : total, £5683 14s lid. Cb—Gross profits on sales, £5669 15s 2d; interest, £13 5s 3d ; transfer fees, 9s 6d; articles of association, 5s : total, £5633 14a lid.

Mr. Aickin, in moving the adoption of the report and balance-sheet, said the directors had taken up the industry—a very good one in this colony, and particularly in Auckland—with vigour, and intended to carry on the enterprise with energy. They had had several difficulties in the way, and a good deal to contend with at first, but these had been gradually overcome by the usual foresight of business men. They had provided new premises, which he considered very suitable, being convenient to the shipping, and they were likely to have good light, which was a very important matter in this business. The property also had been bought at a very good time, and he believed they could now get a profit on it. As to the matter of skilled labour, more especially of women's work, which could not really be got without a great deal of trouble and considerable difficulty, the directors had looked ahead as regards that, because they could compete with good houses down South, who had had considerable experience in the business ; and it was necessary, if an enterprise was to be successful, that they should be able to compete with others. The directors had aent Home to the agents of the company in the Old Country, to get out skilled labour, and should they succeed in getting the hands they expected from Home, they would then be in a position to turn out really first-class work. The directors desired to make the articles turned out by the company second to none as regards workmanship, and to turn out an article equally cheap, if not cheaper, than others competing in the same lipe of business. These matters had received the attention of the directors during the year, and they had taken thenecessary steps which he hoped would bear fruit in good time. The balance-sheet was really a good one, and it represented honestly the footing of the company, and its financial position. There was nothing to be afraid of as regards their future, and shareholders might look forward confidently to reeeiving very handsome returns for their investments, and at the same time have no difficulty in recommending the company to their friends as a permanent and safe investment.

Mr. B. Tonus had very great pleasure in seconding the adoption of the report and balance-sheet. To him, so far as he had picked up the figures as they were read, it appeared to be a. very satisfactory one ; especially considering the fact that in the first year's operations of any company or new enterprise great difficulties were always to be mot; and although this wa3 not a new business, still he thought they might congratulate themselves that the directors had successfully overcome the difficulties experienced in the first year's operations of the company. Motionjput and carried. • IRECTORS. Mr. E. Carr then moved "That tho whole of the directors retire." Seconded by Mr. Heron, and carried. Mr. Tosks moved "That the whole of the retiring directors be re-elected, with the exception of Mr. Laybourn, who had previously retired, and that Mr. William Scott Wilson be elected to a seat on the directorate, in place of Mr. Laybourn." Seconded by Mr. Jessop, and carried. auditor. Mr. E. Cabr proposed, and Mr. Hkxon seconded, the re-election of Mr. John Milne, as auditor.—Carried. The Chairman stated that Mr. Milne had given considerable attention to the accounts of the company, and they were much indebted to him in the matter. VOTES OF THANKS. On the motion of Mr. Fleming, seconded by Mr. Milne, a vote of thanks was passed to the directors. On tho motion of Mr. Gittos, seconded by Mr. Carr, a vote of thanks was passed to the manager (Mr. Austin), the secretary (Mr. Hodgson), and to the employes. Messrs. Austin and Hodgson briefly replied. A vote of thanks to the chairman terminated the proceedings.