AUCKLAND FIBRE MANUFACTURING COMPANY.

New Zealand Herald, Volume XXIII, Issue 7649, 28 May 1886, Page 3

AUCKLAND FIBRE MANUFACTURING COMPANY.

Yistebday at noon the annual meeting of shareholders in the Auckland Fibre Manufacturing Company was convened at their offices, Stanley- to receive the directors' report and balance-sheet for the year, and other business. Owing to there being an insufficient representation of members, the meeting was adjourned until noon next day. The following report was prepared for presentation to the meeting, but was not read:— Directors' Report, April 30, 1880. Your directors report th»t the result of the past year's trading has not realised the hopes expressed when last they had the pleasure of meeting you. The credit balauce then appearing has had, unfortunately, to give place to a debt of £492 5s 3d. Not only was there a further falling off In the acreage of land under (train, but the long continued dry season caused th« harvest to be an exceedingly light one, and consequently our trade in binder twine was most disappointing. Steam having so largely superseded sailing vessels, both in the home, coastal, and Island trades, there is not now the demand for rope and cordage that existed until quite recently, and unfortunately we cannot see where much improvement is to come from in this connection. Depression in trade brings with it weakened prices and reduced value of stocks, and this has been no unimportant factor in bringing; about our present unsatisfactory position. Not having succeeded iu reducing stock to the extent anticipated, the amount paid in Interest, storage, and insurance is abnormally heavy. Had the demand realited expectations, together with the reduction made in amount of goods manufactured during the yoar, the stock account would now have been In reasonable compass. To bring it Into this position, and put an end to the large payment of interest, we have still further reduced production, and hope by this means to speedily effect the desired object. Tha protracted depression in the grain trade, and consequent low prices for wheat, oats, and barley, seems to have roachnd the turning point, and better prospects appear to open up to our agricultural friends. Should this happily eventuate, and the area of land put under crop reach the figures of former years, we may safely anticipate an improvement in the demand for binder twine The quality of our productions continue to give satisfaction, and we can only hope for a larger outlet for them during the coming year. Two of your directors (Mr R. C. Barstow and Captain H. F. Anderson) now retire, but offer themselves for reelection. Your auditor (Mr. John Milne) also retires, but seeks re-appointment.— J. M. Clark (chairman), Wm. Johnston (manager). In the course of an informal conversation the chairman (Mr. J. M, Clark) and tha manager (Mr. W. Johnston) expressed considerable confidence as to the future prospects of the company, when the full result of the measures adopted by the directors had been given time to realise, and when the extended area of corn growing in the agricultural districts came into operation.