AUCKLAND FIBRE COMPANY.

New Zealand Herald, Volume XXVI, Issue 9379, 31 May 1889, Page 6

AUCKLAND FIBRE COMPANY.

The annual meeting of the Auckland Fibre Manufacturing Company was to have been held yesterday, at noon, at the offices, but as there was not a quorum present the meeting had to be adjourned till next day at the same hour. There were present on Thursday : Messrs. J. M. Clark (in tho chair), B.arstow, McLachlan, Bell, Green, Warren, and Wren. Although the meeting was informal, the directors' report and balancesheet were read, as follows :—

Your directors have pleasure in reporting that the improvement anticipated when last you met has been to a considerable extent realised, the grO3S profit on the business clone during the year having amounted to £3421 15s 2d. Deducting from this sum the amount paid on general expenditure account—repairs and renewals, £st>3 5s Id ; discount, £333 Is Id ; and insurance again.it fire, £100— leaves a net profit of £2420 Cs. This profit would have been increased by a substantial amount but, for the unfortunate loss of 50 tons Manilla hemp, the product of which would have been sold—in fact, was sold. Our inability to execute orders in consequonce oi this loss of raw material caused considerable inconvenience to our friends, and which we very much regret. Arrangements have been made which will prevent the recurrence of so untoward a circumstance. Out of the above amount, of net profit we ha*e paid on interest account of iil64S 16« 4d • and, debiting the profitand-loss account with £310 Is Id bail debt, and £133 11s 2d loss on old consignment, both of which belonged to the previous year, leaves £327 ITs 6d to be credited to prorit-and-lo3s account. Of the amount appearing us due to us on 3W.h April, £2200 ha* been since received. We anticipate a good business for coming year. Two of your directors now retire, Mr. R. C. Barstow and Captain Anderson, but both are eligible and offer themselves for re-election. Your auditor, Mr. Jno. Milne, also seeks re-election. — J. M. Clakk, chairman. . Capital axd Liabilities.—Capital, 25,000 shares at £1 £25 000 ; shares subscribed and fully paid up, £18 795; sundry creditors, £29,023 14a Id: total, £47,818 Hs 4<i. Property and Assets.—Land, buildings, and machinery, £30,292 lls 8d; stock on hand, manufactured and unmanufactured, £5,003 lls 3d ; sundry debtors, including goods in agent's hands, £5555 Is Id ■ stores and unexpired insurances, £:iS3 9s Id; bills receivable, £431 6s Sd; cash on hand, £4T 2a 10d; profit and loss account, £6116 lla 9d: total, £47,818 14b 4d. PROFIT AND LOSS ACCOUNT. Dr.—Balance from last year, £8320 13s 2d; les3 amount at credit of suspense interest account, £1676 4s, £6444 9s 2d ; general expenses, repairs and renewals, £568 5a Id ; discount, £333 4s Id; Insurance, £100; bad debts and loss on old consignments, £442 12s 3d; interest paid, £1648 16s 4d ; £9537 6s lid. To balance brought down, £6115 lls 9d. Cr— By gross profit on sales, £3421 16s 2d; balance, £6115 lls 9d : total, £9537 6a lid. The Manager (Mγ. Johnston) explained, in reply to a question, that the valuation of the stock had been written down to a value which it would realise if sold at once. Mr. Green asked whether the directors could give the meeting information about any negotiations proposed. The Chairman said the negotiations were informal, and the condition of the company at present did not admit of any proposals for reconstruction. Their prospects had improved, on account of the high price of sisal fibre, so they had not to contend with it in the sale of reaper and binder twine. The principal improvement, however, wa3 in the colony itself. There was a largely increased area of land under wheat and other crops, so that the demand for reaper and binder twine would certainly be largo. The Auckland Fibre Company was in aa good a position as any in the Australian colonies to supply this demand, and if there wsis no recurrence of the misfortune of being two months without Manilla fibre they would be able to show a better balancesheet next year. Affairs, however, were not far enough advanced for the directors to submit any scheme of reconstruction to enable the shareholders to carry on the Company, and eventually pull some of their capital out of the fire. They had hopes, however, of doing this in time. Mr. Barstow said there was one tiling to remember, even their sales of rope this year had been £1200 more than last year. In reply to a question the Chairman said the Company had no fault whatever to find with the treatment it had received from it« bankers, the Bank of New Zealand. The Company had not been crippled in any way. In reply to Mr. Bkll, Mr. Johnston said he thought the present high prices of fibre would last for twelve months, but not longer. After some further desultory discussion, tho meeting was adjourned.