NORTHERN BOOT AND SHOE COMPANY.

New Zealand Herald, Volume XXX, Issue 9306, 15 September 1893, Page 6

NORTHERN BOOT AND SHOE COMPANY.

ANNUAL MEETING.

The annual meeting of the shareholders of the Northern Boob and Shoe Manufacturing Company (Limited) was held at the company's offices, Lower Hobson-street, yesterday afternoon. Mr. J. Elkin presided. The following report was presented by the directors :— In accordance with the resolution passed at the last annual meeting, your directors now present their report and balance-sheet, made up to July 31, from which it will be seen there has been a slight improvement upon the two previous years' trading, resulting in' a net profit for the nine months of £401 14a Id, out of which £200 has been written off plant and machinery account, in addition to the usual 10 per cent, for depreciation, thus leaving £201 14s Id to carry forward to profit and loss account, which will then stand at £2036 Is 3d on the credit side. This course is rendered necessary, from the fact that some of the company's machines are unsuitable for our present trade requirements, and need replacing by machines of a more modern type calculated to turn out better work, at a less cost of production. The excessive keenness of the competition in the manufacturing boot trade still continues, and in view of a contemplated increasing business—much as they desire the payment of a dividend—your directors are unanimous in recommending that none be declared on this occasion. They, however, entertain the belief that (with further expected economies) at the end of the ensuing year the company's position will be strengthened, and its liabilities further reduced. The Board recommend your sanction to its honoraria of £60, for services rendered. Two of your directors, Messrs. Elkin and Winstone, retire by rotation, but are eligible for reelection. The auditor, Mr. Charles A. Jonas, retires, but is also eligible, and offers himself for re-election. |' Balance-sheet for NtNE Months Ending Juir 31ST, 1893. / Dr. & st. 0. 15,000 .sharesat £1 each .. .. .. 15,000 Ufo Less 2378 shares.unallotted .. ». 2,378 o|o 12,622 0 0 Less capital uncalled, 12,012 at 6s Cd f (10 shares being fully paid up) .. 4,093 lii 6 Capital paid up .. .. .. .. 8,523 i o Rills and account payable .. .. 5,398 0 7 Loan on property .. 2,000 0 0 Reserved for doubtful debts .. .. 250 Jo Balance at credit of Profit and Loss Account 2,036 I 3 £18,207 8 10 CR. £ id. Freehold property 3,4<>0 0 0 Bills receivable .. 8-1 $ 8 Accounts receivable 4,320% 3 Cash in hand .. .. .. .. 93 & 0 Plant and machinery .. £9. 0 0 f Additions 94 18 3 j 1,040 IS 3 | Less for depreciation « 78 18 3 j 968 O o ! Deduct £200 for special I depreciation .. .. 200 0 0 ! 70S 0 0 Stock of material, boots, etc 8,732 8 11 £18,207 3 10 Profit and Loss Account. PR. £ s. d. General trade charges, advertising, printing, travelling expense-), etc. .. 834 IS 4 Discount and interest accounts.. .. 878 12 (i Bad debts 828 17 10 Depreciation on plant 78 IS 3 Special depreciation on plant .. .. 200 0 0 1,821 0 11 Balance at credit .. „ „ „ 2,030 1 3 £3,857 8 2 Cfl. £ s. d. Balance from last year .. ». „ 1,894 7 2 Less honoraria .. .. .. „ GO 0 0 1,834 7 2 Transfer fees .. 050 Gross profit on manufactures and sales 2,022 10 0 £1,857 8 2 I have examined the books of the Northern Boot and Shos Manufacturing Company, Limited, compared them with the vouchers, and found the same correct. In my opinion the above is a full and fair balance-sheet, and exhibits a true and correct state of the company's affairs as on July 31st, 1893. (Signed) C, A. Jonas, Auditor. The Chairman moved the adoption of the report and balance-sheet. This was seconded by Mr. J. I* Wilson. Some discussion dealing with the past, present, and future of the company, ensued, in the course of which Mr. Maxwell expressed his dissatisfaction at not receiving a dividend, and Mr. Oliphanb stated that tho reporb and balance-sheet should have been printed and circulated amongst the shareholders previous to the meeting. He moved that the meeting should be adjourned to give shareholders time to consider the balance-sheet, but tho motion was rejected by a large majority. In answer to Messrs. Maxwell and Fleming, the Secretary pointed out that since last meeting the company's position had improved by £3000. The company was in a better position ab present than ever before, though its capital was to a certain extent locked up. An excellent business was being built up. The Chairman said thab the,position of the company had been strength filed year after year. Though no dividend had been paid for some time, the liabilities had been steadily reduced. Taking all things into consideration, the shareholders ought to be thankful there had boon no loss. Messrs. Winstone and Elkin were unanimously re-elected directors, and Mr. Jonas was re-elected auditor. On the motion of Mr. Fleming, a vote of thanks was tendered to the directors and officers of the company, / The meeting then separated.