RIVERHEAD PAPER MILLS COMPANY.

New Zealand Herald, Volume XXXVIII, Issue 11630, 18 April 1901, Page 6

RIVERHEAD PAPER MILLS COMPANY.

A meeting of shareholders of the Riverhead Paper Mills Company was held in the company's office, Bank of Now Zealand Buildings, Queen-street, yesterday. There was a good attendance, although the technical quorum was not actually reached. In response to the wish of the shareholders, the balance-sheet and directors' report were read. Tho directors' report stated: —"The company started active operations in March of "last year, when merchants and shareholders had an opportunity of being present at tho opening ceremony. Your directors aro pleased to state that the initial difficulties are practically over, and everything is now running smoothly, and paper and paper-bags of a good quality are boing turned out. It has been found necessary to add considerably to the plant, and a new 150 horse-power boiler, as well as another boating engine have been put in. A new bagroom has also been erected, which will enable the company to cope with the increasing demand for sugar and other bags. Agents have been appointed throughout Now Zealand, and a satisfactory amount of goods is being . sent cut of tho Auckland province. Your directors recommend the payment of a dividend at the rate of five nor cent, on the paid-up capital of the company. Colonel Henry Burton and Mr. John Owen retire from the Board, but, being eligible, offer themselves for re-election. The auditor, Mr. Scoring Matthews, also retires, but offers his services again to tho company." The Chairman (Mr. John Brown) stated that although only five per cent, was being paid, .shareholders must remember that great difficulties had been experienced for the first three or four months, and it was really for eight months or so that any profit had been made. Ho took this opportunity of thanking the Auckland merchants and storekeepers for the assistance they had rendered during the past year. They had been lenient with any errors made by the company, and nearly everyone now were customers. He intimated that a dividend at tho rate of five per cent, on the. paid-up capital of the company would be payable on and after Monday, 22nd inst. in accordance with tho articles of association, the meeting was adjourned for a week.