NORTHERN BOOT COMPANY.

New Zealand Herald, Volume XLI, Issue 12653, 6 September 1904, Page 3

NORTHERN BOOT COMPANY.

ANNUAL MEETING. The annual meeting of the shareholders of the Northern Boot and Shoe Manufacturing Company was hold at the company's Hobson-street, yesterday afternoon. Mr. George Winstone, chairman ,of directors, presided, and there was a fair attendance of. shareholders. The annual report and balance-sheet was read by the manager and secretary (Mr. T. Hodgson), as follows: Tour directors have pleasure in submitting the balance-sheet for year ending July 31 last. The net profit for the year amounts to £678 9s fid, which, together with the amount- brought forward from last year'a balance at credit at profit and loss account, shows a total at credit of £2374 15 3d. Your directors recommend the payment of a dividend at the rate of five per cent, per annum, and the usual honorarium. This will leave a balance of £1709 16s 8d to be carried forward. Ten per cent, baa been written off the plant ana machinery account for depreciation, the liabilities of the company total £0237 17s 2d, and assets £19,362 4s od. The business shows an all-round improvement, and the demand for our own manufactured boots and shoes is steadily increasing, and the various departments are In good working order. Mr. Robert C. Carr, director, retires by rotation, but, being eligible, offers himself for reelection. Mr. Chas. A. Jonas, auditor, also offers himself for re-election.—(Signed) GEO. WINSTONE, Chairman. The accounts showed that of the total expenditure of £2503 17s 6d, the sum of £1152 13s 8d was expended on advertising, trade charges, and repairs; £033 10a 2d in discounts and interests; *547 2« Od allowed for bad debts; and £230 lis 3d for depreciation. £1590 5s 9d was carried forward from last vear, and the gross profits for the year totalled £32*41 19s Cd. The Chairman, in moving the adoption of the report and balance-sheet, expressed pleasure at the fact that the company was again able to pay the old rate of dividend of five per cent. _ The motion was seconded by Mr. K. L>. Carr.. and carried unanimously. Mr R. C. Can, the retiring director, was re-elected, and Mr. C. A. Jonas was relelected auditor,