RIVERHEAD PAPER MILLS COMPANY.

New Zealand Herald, Volume XXXIX, Issue 11954, 1 May 1902, Page 3

RIVERHEAD PAPER MILLS COMPANY.

The annual meeting of shareholders iu the Riverhead Paper Mills Company, Limited, I was hold at. the company's office. Bank of j New Zealand Buildings, yesterday at uoon, j Mr. .T. 11. Upton (chairman of directors) pre- : siding. The directors' report for the year | ending March 31 stated that the year's opera- | tions had been very satisfactory, and that the business of the company continued to "row in a manner highly encouraging for the future. The machinery and plant, had been kept up to a high standard of efficiency, and were producing a most satisfactory output. The profit for the year was £2023 5s 2d, which, with £67 9s 6d, the balance brought forward from last year, left, £2090 14s Sd to l.«« dealt with. The Board recommended that the sura be apportioned as follows: — Write off the expenses of formation, £500; write off plant and machinery, £500: dividend at the rate of 73,- per cent., £981 Is 6d ; directors' honoraria, £100; leaving a balance to be carried forward of £9 13s 2d: total, £2090 14s Bd. 'The balance-sheet was as under: — Liabilities: To capital—ls.ooo shares at 208 (£15,000), less unallotted 1919 shares at 20s (£1919), £13.031; sundry creditors. £519 15a lid; National Bank of New Zealand, Limited, £57 li)s 8d; pro/it and loss, £2090 14s 8U: total, £15,549 5s 51. Assets: Buildings, plant, land, and machinery, £11,733 8s 5d ; petty cash. £4 0s 9d; stocks. £1407 15s 2d; office furniture, £23 13s lid; duty on machinery to be refunded, £41 us; bills receivable, £50 17s lid; tariff deed agreement deposit account. £100; sundry debtors, £1638 7s Id: formation expenses, £500: total, £16.549 5s 3d. i Profit and Loss Account. Dr.: General charges. £111 Us 3d; printing and .stationery, £52 5s M ; advertising, £6 lis 6d; discount and allowances. £221 2s; agents' commission, £206 9s 3d; rates and taxes. £54 IGs; salaries. £585 1£? 4d; repairs and renewals. £565 Is 2d; insurance, £169 6s 9d; balance, £2090 lis 8d: total, £3853 7s 7d. Amount written oft' for depreciation on machinery and plant. £600; formation expenses, £500; balance. £1090 14s 3d: total, £2090 14s Bd, Cr.: Balance. March. 31, 1901, £350 19s 3d. less dividend (£602 7s 3d), directors' honoraria (£100). and. formation expenses '£181 2s Id), £893 9s 9d—£67 9s 6d; rent, £60 19s: transfer lees. 13s: gross profits, £5724 6s Id: total, £3853 7* 7d. By balance, £2090 14s Bd. In moving the adoption of the report and accounts the Chairman said the mill was now working' continuously on two shifts, and orders were coining in freely, thus indicating that the future prospects were in every way encouraging to the shareholders. The company's employees at the mill and the member.-, of the office staff hail worked in perfect harmony, and had served the company most faithfully, while the directors on their pari had done everything possible to forward the interests of the company. Mr. L. D. Nathan seconded, and Mr. ,T. Thornes spoke in support, congratulating the directors on the. success that had attended the company's operations during the past, year, and referring to the very satisfactory state of affairs shown by the balance-sheet. The report and accounts were then unanimously adopted. f Messrs. John Brown and Joseph 0. Maoky, who retired by rotation from the Board of Directors, but, offered themselves for re-election, were unanimously re-elected, and Mr. Reering H. Matthews was re-appointed auditor to the company. The Chairman, on behalf of the shareholders, thanked the office staff and mill employees for the good work they had done during! the year, and .Mr. (George Elliot (secretary) replied on behalf of the workers, assuring the shareholders that one and all would continue to do their utmost to advance the best interests of the company. The dividend, at the rate of 7'? per cent., is now payable at the company's office'. i